National Bank To Be Delisted From The NSE

The National Bank of Kenya will be delisted from the Nairobi Securities Exchange (NSE) on November 25. This is according to the announcement made by the NSE.

“The delisting follows the successful takeover of 100 percent shareholding by KCB  Group Plc and NBK shareholders’ approval,” the NSE said in a notice to the public.

The move has been approved and issued by the Capital Markets Authority. NBK was acquired by the Kenya Commercial Bank (KCB Group) and is now a subsidiary.

KCB Group had said it would not delist the bank but suspend the stock from Sept. 2  2019 after NBK failed to list it as part of the resolution during the 14 June 2019 Annual General Meeting.

The subsidiary recorded a twelve-fold increase in profit for Q3 2021 to Ksh 1.1 billion on the back of a 14 percent growth in operating income to Ksh 7.7 billion. Its total interest income grew by 23 percent to Ksh 8.9 billion.

The lender’s total assets grew by 13 percent to KSh 146 billion, majorly from net loans and advances, which were up by KSh 12 billion to KShs. 65 billion. National Bank participates in Corporate Banking, Business Banking, Retail Banking, and Islamic Banking.