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Kenya's NIC Bank's nine-month profit jumps by a third
November 22, 2012 / 7:41 AM / in 5 years

Kenya's NIC Bank's nine-month profit jumps by a third

NAIROBI, Nov 22 (Reuters) - 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 Merriman)

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