National Bank has more than doubled its net profit for the nine months
to September, aided by cheap deposits and a fall in loan loss
provisions. Photo/FILE
By David Herbling
National Bank
has more than doubled its net profit for the nine months to September,
aided by cheap deposits and a fall in loan loss provisions.
The mid-tier lender posted a net profit of
Sh880.09 million in the first nine months of this year compared to
Sh402.38 million in the same period a year earlier.
The present low interest regime helped National
Bank cut total interest expenses to Sh1.84 billion from Sh2.89 billion,
translating to savings of Sh1.05 billion that is higher than the
additional profit of Sh477.7 million.
The bank's share closed at Sh20.50 on Thursday,
having gained 18.84 per cent since the beginning of this year when it
opened at Sh17.25.
No comments :
Post a Comment