NBK pre-tax profit drops by 68 per cent
21 November 2012, 13:12
Nairobi - The National Bank of Kenya (NBK) has posted a 68 percent drop in pre-tax profit to KES 577 million for the third quarter ending September 2012.
According to Capital News, NBK Managing Director Munir Ahmed attributed the poor performance to the high interest rate environment that prevailed in the period under review, combined with the bank’s investment in overhauling its technology platform and branch expansion.
Ahmed said that during this period, the bank chose to cushion its borrowers and therefore did not pass the entire increase on the cost of funds to them.
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