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NIC Bank 2013 pretax profit up 11 pct, set bonus issue

28 February 2014, 22:20

Nairobi -  NIC Bank said on Friday it would issue bonus shares after it reported an 11 percent rise in full year pretax profit to 5.0 billion shillings, helped by growth in its net interest income.

Ranked in the second tier of Kenyan banks, NIC Bank said in a statement that subject to regulatory and shareholders' approvals, it would offer a bonus issue of one new ordinary share for every 10 fully paid up ordinary shares.

NIC Bank, which also operates in Tanzania and Uganda said that is net interest income grew to 7.3 billion shillings from 5.5 billion shillings.

NIC said earnings per share rose to 6.12 shillings from 5.50 shillings a year ago.

It said it would pay a final dividend of 0.75 shillings compared with 1.00 shillings in 2012.

Kenya's biggest bank by assets, KCB, and its largest lender by depositors, Equity, reported double-digit earnings growth last year, helped by increased lending across several African countries.

- Reuters


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