(Last Updated On: May 9, 2016)
NIC Bank recorded a 0.3% decline in profit after tax due to a jump in loan loss provision by 212%. Net profit stood at Ksh990.7 million as compared to Ksh993.8 million in 2015.
Loan loss provision stood at Ksh1.3 billion and this drove a 53.6% increase in total operating expenses to stand at Ksh2.6 billion. 5 large clients accounted for 70% of the provisions.
Loan book expanded by Ksh6.4 billion to stand at 111.9 billion and this led to a 32.8% in total interest income to stand at Ksh5 billion. Interest expenses increased by 30.1% to stand at Ksh2 billion.
Non interest income including commissions and forex trading rose by 15.3% to Ksh1.1 billion.
Staff costs in NIC Bank dropped to Ksh637.8 million from Ksh681.8 million.