National Bank of Kenya posts 16 pct rise in first-quarter profit

NAIROBI Tue May 27, 2014 6:14am EDT

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NAIROBI May 27 (Reuters) - National Bank of Kenya reported a 16 percent rise in first-quarter pretax profit to 588.5 million shillings ($6.70 million) on Tuesday.

The bank, which is preparing for rights issue to raise funds for expansion, said net interest income increased 20 percent to 1.55 billion shillings.

Shares in the bank were trading 3 percent down by midday, at 30.75 shillings, on worries over a 60 percent jump in bad debts during the period. ($1 = 87.9000 Kenyan Shillings) (Reporting by Duncan Miriri; Editing by David Goodman)

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