NAIROBI, Kenya, Mar 13 – National Bank of Kenya (NBK) has reported a new profit of Sh1.06 billion for the full year of 2024, a bounce back from a loss of Sh3.3 after-tax loss recorded during a similar period last year.
Revenue growth was driven by balance sheet optimization and digital transformation, the lender announced today.
“The year 2024 has seen the Bank bounce back to profitability despite the rough macroeconomic environment that we encountered,” NBK Managing Director George Odhiambo said.
“This is highly attributed to the improved efficiency in our systems, diversifying revenue streams and continuous improvement in customer service and experience,” he added.
“Looking ahead, we have set our sights on strengthening our relationship with our existing customer base and also enhancing product and service delivery to meet their ever-evolving needs.”
Operating income grew by 12 percent to Sh12.65 billion, with non-funded income contributing 23 percent of the total operating income. Likewise, its net interest income expanded by 24 percent to Sh9.8 billion.
However, interest expenses went up by 18 percent to Sh6.4 billion on increased borrowings and growth in funding costs, reflecting the high-interest rate environment.
“NBK remains committed to leveraging technology, operational efficiency, and customer-centric service delivery to sustain its growth trajectory,” NBK stated.
“The Bank will continue investing in innovative financial solutions and sustainability-driven initiatives that align with its vision for long-term prosperity.”
