National Bank posts 10.8pc rise in Q1 profit

Corporate News

National Bank branch in Nyeri town. The bank posted a 10.8 per cent rise in quarter to March 2014 net profit of Sh410 million. Photo/FILE 

By BD Reporter

In Summary

• The lender’s net profit stood at Sh410 million in quarter ending March 2014 compared to Sh370 million for a similar period last year.            

National Bank reported a 10.8 per cent rise in net profit for the first three months of this year.

The lender’s net profit stood at Sh410 million in quarter ending March 2014 compared to Sh370 million for a similar period last year.

             

Net interest income increased 20 per cent to Sh1.55 billion from Sh1.29 billion for corresponding quarter, with the loan book growing to stand at Sh47.2 billion from S27.1 billion.

Customer’s savings rose to Sh81.7 billion from Sh78 billion as at end of December last year.

The listed lender’s stock closed Tuesday’s trading at Sh30.25 down from Monday’s Sh31.75 on fears over 60 per cent rise in bad debts during the period.