NIC Bank recently released its results for the half-year that ended June 2019. The lender reported a pretax profit of Ksh 3.1 billion, a slight increase from Ksh 2.9 billion reported in the same period in 2018.
NIC Bank is in the process of merging with Commercial Bank of Africa, an exercise that has cost the tier two lender KSh255 million so far.
The bank’s total non interest income increased to Ksh 2.3 billion from Ksh 1.9 billion. This was due to the increase of fees on commissions and advances from Ksh 690 million to Ksh707 million, an increase of other fees and commissions from Ksh 453 million to Ksh 481 million, foreign exchange trading income increased Ksh636 million to Ksh 673 million and other income increased from Ksh215 million to Ksh442 million.
Operating income increased from KSh 6.5 billion to Ksh 7.4 billion. Similarly, total operating expenses went up from Ksh 3.6 billion to Ksh 4.2 billion.
NIC Directors approved an interim dividend payment of KSh0.25 for every ordinary share held.
