National Bank of Kenya Registers Ksh 675 Million Profit for Q’3 2019

By Soko Directory Team / Published November 1, 2019 | 1:11 pm



National Bank of Kenya

The National Bank of Kenya has today announced profits before tax in the amount of 675 million shillings for the period ended September 30, 2019.

The profits posted by National Bank of Kenya represent a 45 percent growth from a similar period in 2018.

The bank, which is now a subsidiary of KCB Group plc following a successful acquisition, weathered a difficult operating environment to deliver impressive results.

The Bank’s Managing Director Paul Russo attributed the rise in profitability to growth in operating income during the period under review, adding that the future looks even more promising since it is now part of a bigger stronger family.

“With the improved capital base, our focus is now on integrating NBK into the group, while continuing to deliver innovative financial solutions that are attuned to the dynamic needs of our customers. We are optimistic about the bank’s fortunes,” Mr. Russo added.

Operating income for the period stood at 6 billion shillings, a 7 percent increase from 5.6 billion shillings over the same period in the previous year. This was mainly due to growth in interest earned from loans & advances and other earning assets, coupled with continuing diversification of funding base, which resulted in the reduction of interest expense by 8 percent year on year.

Total expenses, however, increased by 4 percent year-on-year to 5.4 billion shillings, mainly driven by increased loan loss provisions. Operating expenses excluding loan provisions remained relatively flat at 5.4billion shillings.

Customer deposits, reduced to 82 billion shillings as of September 30, 2019, compared to 93 billion shillings over the same period in 2018, driven by reduced customer flows and tight liquidity in the market. Net loans & advances declined by 150 million shillings to 47.8 billion shillings over the same period issued due to recoveries collections made on existing loans.

Total assets dropped marginally by 5 percent to 107.2 billion shillings compared to 112.45 billion shillings in the same period last year

“The bank achieved this level of growth against the backdrop of a challenging environment, both externally and internally. Our main focus has been enhancing customer experience, preserving and optimizing value while effectively mitigating risks through proactive risk management,” Mr. Russo said.

Read Also: Digital Lenders Adopt Self-Regulation, Ethics and Professionalism




About Soko Directory Team

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