(Last Updated On: July 31, 2015)
National Bank of Kenya recorded 123% growth in profit after tax to stand at Ksh1.72 billion mainly due to the gain in sale of buildings worth Ksh600 million. The lender said it had made revenues of around Ksh1.24 from the property sales and this helped it in its core capital ratio lifting it to 15.4% just a bit above the 14.5% of minimum statutory requirement.
All sub-optimal assets such as buildings except the head office at Harambee Avenue were sold and converted into financial assets. The bank is still awaiting its Ksh13 billion rights issue to be approved by Capital Markets Authority.
Loans and advances grew by 31% to Ksh71.44bn. Interest income grew by 32% to stand at Ksh6.4bn from Ksh4.8bn. Interest expenses was up 60% to Ksh3.8bn bringing net interest income to Ksh3.2bn which is up 18.7%. Non interest income was up 49% to Ksh2.4bn. Total operating income stood at Ksh6.2bn.