July 23, 2014 / 8:58 AM / in 3 years

Kenya's NIC Bank profit rises on net interest income

NAIROBI, July 23 (Reuters) - Kenya’s NIC Bank Ltd posted a 10.7 percent jump in pretax profit for the first half of this year to 2.91 billion shillings ($33.12 million), the bank said on Wednesday.

The mid-tier lender, which also has operations in Tanzania and Uganda, attributed the profit rise to a jump in its net interest income, a drop in provisions for bad debts and an increase in fees and commissions.

Net interest income rose 10 percent to 3.78 billion shillings while loan loss provisions dropped 42 percent to 198.66 million shillings.

Operating expenses increased by more than 200 million shillings. ($1 = 87.8500 Kenyan Shillings) (Reporting by Duncan Miriri; Editing by Erica Billingham)

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