NAIROBI Nov 22 Kenya's NIC Bank posted
a 33 percent increase in pretax profit for the first nine months
of this year to 3.43 billion shillings ($39.98 million), the
mid-tier bank said on Friday.
NIC Bank, which also operates in neighbouring Uganda and
Tanzania, attributed the earnings growth to a rise in both net
interest income and non-interest income, which includes
commissions, fees and earnings from trading activities.
The bank's net interest income rose by 1 billion shillings
to just under 4 billion shillings, while non-interest income
increased by half a billion shillings to 2.21 billion.
Kenyan banks have mostly posted stronger earnings this year,
compared with the year-ago period, even though high interest
rates have crimped demand for loans.
NIC wants to expand its network in Kenya and it may consider
acquiring smaller rivals to achieve that goal, its chief
executive said in August.
Last month, it raised about $24 million through a cash call
to fund its expansion plans.
($1 = 85.8000 Kenyan shillings)
(Reporting by Duncan Miriri; Editing by Drazen Jorgic and Jane