National Bank has recorded a 42 per cent drop in 2018 pretax earnings to book KSh456 million from KSh785 million. The lender attributes the decline to a rise in loan impairment expenses and a staff restructuring exercise that it says cost KSh540 million.
The banks operating income went down 12 per cent to Ksh8.1 billion on the back of reduced lending due to capital constraints. Overall operating expenses went down by 10 per cent from KSh8.4 billion to KSh7.6 billion.
Customer deposits rose by 5 per cent to hit KSh98.9 billion while l
In a statement, the bank’s directors expressed their commitment to create high returns for their shareholders through the disposal of non-core assets, cost-cutting measures, and investment in new and efficient platforms.
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