The bank has posted Sh334 million net profit in the period under review from a pre-tax loss of Sh1.18 billion recorded in the full year 2015/FILE
This is also 51 percent increase compared to Sh9 billion number as at December 2015.
The bank has posted Sh334 million net profit in the period under review from a pre-tax loss of Sh1.18 billion recorded in the full year 2015.
This was however a reduction compared to the first quarter of 2015 that recorded Sh498 million.
This comes even as the firm axed three suspended top managers that include the Chief Executive Officer Munir Ahmed, Chief Finance Officer Chris Kisire as well as the Executive Director in charge of corporate institutional and business banking Boniface Biko.
The three managers are part of the six other top officials who had been suspended last month and immediately proceeded on compulsory leave after they were accused of mismanagement and questionable transactions.
According to the NBK Board of Directors, the six had been surrounded by numerous accusations including illegal loan disbursement, high number of staff turnover and audit related queries.
Loans and advances to customers stood at Sh66 billion in the period under review down from Sh70 billion recorded same period last year.
Total assets went down to Sh115 billion compared to Sh117 billion recorded same period in 2015 and Sh125 billion as at the end of December 31, 2015.
Customer deposits stood at Sh1.2 billion while interest income was at Sh3.5 billion.
Staff costs dropped to Sh880 million in the period under review compared to Sh912 million recorded same period last year.
The board of directors did not recommend the payment of dividends.
Wilfred Musau is currently the acting CEO, while Henry Maosa took over as the Chief Finance Officer.
Reuben Koech is the Executive Director in charge of corporate institutional and business banking in acting capacity.
According to the Central Bank of Kenya, Kenyan banks’ non-performing loans rose to 8 percent of the total in March 2016 from 5.7 percent in the same period last year.
Gross loans for the industry stood at Sh2.2 trillion as at March 2016, up from Sh2 trillion in March last year.
CBK Governor Patrick Njoroge has made reporting requirements for banks more stringent, making them categorise bad debts accurately and provide for them fully.
