NIC Bank to open 8 more branches targeting SMEs

NIC Bank Group is targeting to open 8 more branches as part of its strategy to service its growing customer base in Kenya.

“As part of its strategy to service its growing customer base, the Bank intends to open 8 new branches in key centres along the Coast, Nairobi, Nanyuki, Narok and Kitale,” read a statement after it released its half year financial results.

In February, the Bank opened its 34th branch in Rosslyn Riviera Mall, Limuru Road.

At the end of July 2017, the Bank opened its 35th branch in Kiambu, at Ciata City Mall.

The Group Managing Director for NIC Bank, John Gachora says, “During the period under review, the Bank saw its customer account numbers increase by 11 percent. The Bank attributes this growth to its continued investments in new branches and superior customer service.”

The increase in customer deposits saw the Bank’s loan to deposit ratio reduce to 88 percent, down from 100 percent a year earlier.  The Bank’s liquidity levels as at the end of June 2017 stood at 45.6 percent.

Gachora also notes that following the reorganization, the Bank will be known as NIC Group PLC and the Kenyan banking operation will be under NIC Bank Kenya PLC.  “The Group Reorganization is expected to have minimal impact on shareholders, customers and employees.”