NIC Group Net profit Up 2% to Sh 4.1Bn

NIC group recorded a marginal growth of 2 per cent in net profits from KSh4.1 billion earned in 2017 to KSh4.2 billion in 2018.

Interest income from loans and advances declined by 6 per cent to KSh12.3 billion while income from government securities rose by 31 per cent to reach KSh6.8 billion from KSh5.2 billion earned the previous year.

The lender’s total interest income grew by 5 per cent to KSh19.2 billion while its non-interest income grew by 11 per cent to reach KSh4.6 billion. Although the bank’s loan loss provisions declined by 21 per cent from KSh2.98 billion, its overall operating expenses remained at the same level they were in 2017.

NIC’s customer deposits went up by KSh5.5 billion to reach KSh136 billion while its loans and advances customers dropped by KSh1.3 billion to KSh111 billion.

In the period under review, NIC group recorded a 17.5 percent increase in gross non-performing loans from KSh14.3 billion to KSh16.8 billion.

The bank’s board members have recommended a total dividend of KSh1.25 per share which represents a 25 percent growth from the KSh1.0 paid out in 2017.

Related; 98% of CBA shareholders approve merger with NIC Group