Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

Finance

National Bank posts 42pc drop in profit

Total Assets remained flat at Sh116 billion while customer deposits hit Sh98 billion a 3 percent increase from the prior year./FILE

NAIROBI, Kenya, Jul 26 – National Bank of Kenya (NBK) has posted a 42 percent decline in net profit in its first of 2017 to Sh179 million compared to Sh311 million same periods 2016.

The decline is attributable to reduced earnings from Interest income that went down by 34 percent to hit Sh4.5 billion in the period under review compared to Sh6.9 billion in 2016 as interest rates capping bites.

Loans and advances reduced by 11 percent to Sh57 billion compared to Sh67 billion same periods 2016.

Total Assets remained flat at Sh116 billion while customer deposits hit Sh98 billion a 3 percent increase from the prior year.

Unconfirmed reports had intimated that the bank is set to be acquired by Kenya Commercial Bank (KCB) Group.

The reports indicate that KCB Group has formally approached the National Treasury and the National Social Security Fund, the major shareholders of NBK, with a written proposal of taking over the bank.

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...