NIC Bank profits rise by 9.1% to Ksh 3.6 Billion

EARNINGS RELEASE

 

-Kenya’s NIC Bank reported a 9.1 percent increase in profit after tax to Sh3.6 Billion for the nine months ended September 30, 2015 compared to Sh3.3 Billion posted during the same period last year.

-The bank, which also operates in Uganda and Tanzania, said net interest income rose by more than 1 billion shillings to 7 billion shillings on the back of growth in lending.

-The mid-tier Bank attributed its growth to an expanding loan book, which saw its interest income from loans and advances shoot up to Sh9.9 billion for the period compared to Sh8.2 billion during a similar time last year.

-E-arnings per share edged up to 5.61 shillings from 5.58 shillings in the corresponding period last year