NIC Bank Records KES 3.32Bn Decline in Profit in Q3

NIC Bank Records KES 3.32Bn Decline in Profit in Q3

By Soko Directory Team / November 23, 2017

NIC Bank Records KES 3.32Bn Decline in Profit in Q3

NIC Bank Limited (NSE: NIC) announced a 1.32% y/y decline in profit after tax to KES 3.32Bn in the first nine months of 2017 period.

The performance was dampened by a dip in Net Interest Income (-14.47% y/y) to KES 8.04Bn despite a slight growth in Non-Interest Revenue (2.86% y/y) to KES 3.16Bn.

As has been the industry norm, interest income from loans and advances declined 16.74% y/y to KES 9.86Bn whilst income from government securities grew by 29.43% y/y to KES 3.59Bn.

Total operating expenses dipped 11.95% y/y driven by a retreat in loan loss impairments (-32.89% y/y) although the rise in staff costs by 6.21% y/y remains a concern.

Assets ticked up 18.41% y/y to KES 195.70Bn bolstered by government securities and net loans and advances to customers which grew 59.32% y/y and 7.32% y/y, respectively.

Despite a 3.16% uptick in Gross Non-Performing loans (NPL) to KES 14.70Bn, NPL ratio fell to 12.40% from 12.90% recorded in a similar period last year.

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