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NIC Bank Says 9-Month Profit Up 16 Pct

28 November 2013, 08:49

Nairobi -  NIC Bank pre-tax profit rose 16.2 percent to 3.9 billion shillings in the first nine months of the year, boosted by higher net interest income, the bank said on Wednesday.

Earnings per share rose to 5.19 shillings from 4.41 shillings a year ago.

Most lenders in east Africa's biggest economy have reported a rise in profits due to a drop in interest rates from last year, which boosted demand for loans and cut interest expenses.

NIC Bank, which also operates in Tanzania and Uganda, only said the outlook for 2014 was "promising", without elaborating.

Net interest income in the nine months rose 36 percent to 5.4 billion shillings after a 16 percent increase in loans and advances to 77 billion shillings.

- Reuters


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