NIC Bank has reported a 2.1% decline in half year earnings to Ksh 2 billion on the back of a 30% growth in net interest expense to Ksh 4.4 billion as well as a 9% increase in operating expenses to Ksh 3billion.
Net interest income grew by 8.6% to Ksh 9.6 billion as the lender increased its investments in government paper by 25.7% to Ksh 55.7 billion.
Loans and advances to customers fell marginally by 1.5% to Ksh 115 billion while fees and commissions fell by 2% to Ksh 1.1 billion. Bad debts rose to 13% to Ksh 16 billion.
Non-interest income was up 7% to Ksh 2.1billion on th back of a 16.9 increase in foreign exchange and a 24.1% improvement in other income.
