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Kenya's National Bank reports profit up 32 pct on interest income
August 29, 2014 / 10:42 AM / 3 years ago

Kenya's National Bank reports profit up 32 pct on interest income

NAIROBI, Aug 29 (Reuters) - National Bank of Kenya posted a 32 percent rise in first-half pretax profit to 1.25 billion shillings ($14.14 million), helped by a rise in net interest income.

Banks in east Africa’s biggest economy have raked in higher earnings this year, buoyed by rising lending on the back of steady interest rates and economic growth.

The lender, which is 70 percent owned by the government and Kenya’s state pension fund, said interest income rose 15 percent to 3.2 billion shillings in the six months to June 30.

By 1014 GMT, the bank’s shares had risen 1.8 percent to 28.50 shillings.

The bank has historically held large holdings of government deposits but has been undergoing a transformation to focus on areas such as home loans and business lending. (1 US dollar = 88.4000 Kenyan shilling) (Reporting by James Macharia; Editing by David Goodman)

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