Nairobi, March 30 -- Britam Holdings has posted a Sh1.69 billion net profit for the year ending December 2022 on reduced costs, marking a recovery from Sh72 million earned in the previous year.

The rise in net profit was despite the diversified financial services firm posting a drop in its income from Sh40.2 billion to Sh38.2 billion.

Britam's bottom line was helped by a cut in expenses by 9.5 percent or Sh3.68 billion to Sh35.25 billion mainly on reduced operating costs which fell by 26 percent from Sh11.32 billion to Sh8.37 billion.

"The improved performance is attributable to a growth in top-line revenue as well as operating efficiency and cost management initiatives," said Britam.

"This together with improved dividend and interest...