Mayfair-CIB Bank posts first full year profit

Lender Mayfair-CIB has marked its first-ever full-year profit in five years of operations since 2017.

Mayfair’s bottom-line turned positive over a calendar year in the 12 months closing in December 2021 as it posted a Ksh.96.1 million from a loss of Ksh.379.3 million in December 2020.

The bank’s first profitable year comes 18 months after the acquisition of a 51 per cent controlling stake by Egypt’s Commercial International Bank (CIB) in May 2020.

The lender’s gains off the acquisition deal continue to mirror tidings of mergers and acquisitions (M&As) with the transactions also helping lift returns of other banks including the National Bank of Kenya (NBK) and Kingdom Bank, formerly Jamii Bora.

Mayfair-CIB Executive Director Hossam Rageh has attributed the lender’s profitable turn to cost management initiatives.

This included a pause on its expansion strategy until the smoke presented by prevailing uncertainties clears.

At the same time, the banking executive has identified trade finance and fixed income as key products for the bank.

The lender had an asset base of Ksh.13.5 billion at the close of 2021 including Ksh.5.3 billion in net loans and advances to customers.

Mayfair-CIB began life as the Mayfair Bank Limited (MBL) after CBK licensing in June 2017 and commenced operations in August of the same year.

The bank has set off with five branches in Nairobi, Eldoret and Mombasa with a target on high-net-worth individuals and the corporate market segment.

Mayfair’s first profitable year has been anchored on a 64 per cent jump in operating income to Ksh.891.5 million.

During its first year of operations in 2017, the bank had realized a net loss of Ksh.297.5 million.