NAIROBI, Kenya, May 25 – National Bank of Kenya’s (NBK’s) pre-tax profit grew 217 percent to Sh535 million in the three months to March 2024 compared to a similar period last year, boosted by an increase in operating income.
The lender’s profit before tax stood at Sh169 million between January and March 2023.
Lending income from the loan book and higher yields saw operating income grow by Sh611 million.
Consequently, net operating income expanded by 22 percent to Sh3.4 billion.
“Our continued investment in innovative financial solutions has continued to expand our reach and accessibility, consequently growing our top line,” NBK Managing Director (MD) George Odhiambo said.
“We remain focused on customer-centricity and digital innovation to fully support and empower individuals and businesses to achieve their financial goals and aspirations,” Odhiambo added.
Its asset base rose to Sh157 billion, 4 percent up year on year, with customer deposits closing at Sh105 billion, 6 percent up year-on-year (YoY).
However, loan impairment charges for the period grew by 35 percent to Sh548 million.
“As NBK we remain optimistic about our future. We are thrilled to see the positive impact of our efforts in the 1st Quarter of 2024 reflected in our strategic partnerships, and sustainable financing initiatives,” the MD added.
“Our digital transformation journey is far from over, and we will continue to innovate and adapt to meet the evolving needs of our customers.”
