European Investment Bank has given Kenya’s NIC Bank Ksh 5.6 Billion loan to fund its loan book extension and lend small- and medium-sized enterprises.(SME’s)
This is EIB’s second deal in less than two weeks given that it gave out Ksh 500 Million to Kenya’s ABC Bank also to fund the SME sector.
NIC Bank’s loan book is larger than its deposit base underlining its reliance on funding from international financiers to fund growth.
“As stated previously, we are accelerating our strategy to grow our Retail and SME Business. The EIB funding will support our push into the fast expanding SME sector,” said Mr. John Gachora, Group Managing Director, NIC Bank.
NIC Bank Balance Sheet Highlights As at 30th September
- •Loan book was at Ksh 102.6 Billion against a deposit base of Ksh 97.6 Billion.
- •Total borrowings at Ksh 14.6 Billion up from 2014’s Ksh 8.9 Billion
- •In Q3 2014, NIC Bank received Ksh 2 Billion subordinated debt from International Finance Corporation(IFC)
- •Raised Ksh 5.7 Billion from the first tranche of its Ksh 8 billion bond.
