Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

Kenya

NIC also reports profits

NAIROBI, August 14 – NIC Bank Thursday reported a 38 percent growth in half-year pre-tax profits posting Sh650 million until June 30, against Sh470 million last year.

Managing Director James Macharia said despite the challenging market environment that was worsened by a political crisis early this year, the bank managed to post satisfactory performance on all the key financial indicators.

Its operating income grew by 26 percent while the operating expenses outside provisions for loan losses grew by a modest Sh70 million in spite of the high inflation.

The Bank’s loan book grew from Sh18.5 billion to Sh25.7 billion by June 2008 while the deposit base stood at Sh30.2 billion.

Foreign currency trading income had increased by a significant 80 percent relative to 2007.

“A 44 percent year-on-year growth in non-funded income is truly impressive,” Macharia boasted.

The board declared an interim dividend of 25 cents for every ordinary share.

The MD stated that their expansion program was on track after they opened two additional branches in Nairobi and two in Mombasa.

The bank intends to open new branches in Kisumu and Thika before the end of 2008.

Advertisement. Scroll to continue reading.

During the year, NIC Bank was one of only three local banks that receive recognition from Fitch Rating, a leading international rating agency of financial institutions.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...