By David Mugwe
In Summary
- NIC Bank has posted a 17.56 per cent increase in net income to Sh2.81 billion over the period ended September this year from Sh2.39 billion over the period ended September 2012
- Profit after tax for the Kenya operation rose by 21.57 per cent to Sh2.72 billion in the first nine months of this year from Sh2.24 billion in the first nine months of last year
- Its subsidiaries however posted a combined Sh91.85 million profit after tax in the first three quarters of this year, a 40.65 per cent drop from the Sh154.77 million profit after tax posted in the first three quarters of last year
NIC
Bank has posted a 17.56 per cent increase in net income in the first
nine months of this year, though its subsidiaries dragged its profits.
The bank, which has subsidiaries in Uganda and
Tanzania, a stock brokerage and an investment bank on Wednesday said
that its group profit after rose to Sh2.81 billion over the period ended
September this year from Sh2.39 billion over the period ended September
2012.
Profit after tax for the Kenya operation rose by
21.57 per cent to Sh2.72 billion in the first nine months of this year
from Sh2.24 billion in the first nine months of last year.
Its subsidiaries however posted a combined
Sh91.85 million profit after tax in the first three quarters of this
year, a 40.65 per cent drop from the Sh154.77 million profit after tax
posted in the first three quarters of last year.
Group interest income dropped marginally by 2.22
per cent to Sh8.56 billion in the first nine months of this year
compared to Sh8.75 billion in the first nine months of last year while
interest expenses dropped 34.34 per cent to Sh3.13 billion from Sh4.76
billion respectively.
NIC Bank’s loan book grew by 16.05 per cent to
Sh76.67 billion in the first nine months of this year from Sh66.07
billion in the first nine months of last year while deposits dropped
marginally by 2.52 per cent to Sh80.87 billion from Sh82.96 billion over
the same time period.
NIC Bank’s shares at the Nairobi Securities
Exchange on Tuesday closed at an average price of Sh60, a 56.86 per cent
gain from the opening price of Sh38.25 this year
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