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| NBK MD Paul Russo |
National Bank of Kenya (NBK) announced Friday a profit before tax of kes 675 million for the period ending 30th September 2019 representing a 45% increase compare to last year's similar period.
NBK, which is now a subsidiary of KCB Group following a successful acquisition, weathered a difficult operating environment to deliver the impressive results. The Bank’s rise in profitability can be attributed to growth in operating income during the period under review.
With the improved capital base, our focus is now on integrating NBK into the group, while continuing to deliver innovative financial solutions that are attuned to the dynamic needs of our customers. We are optimistic about the bank’s fortunes ~ Managing Director Mr. Paul Russo.
Operating income for the period stood at Sh6B, a 7% increase from Sh5.6B over the same period in the previous year. This was mainly due to growth in interest earned from loans & advances & other earning assets, coupled with continuing diversification of funding base.
Total expenses, however, increased by 4% year-on-year to KShs 5.4 billion, mainly driven by increased loan loss provisions. Operating expenses excluding loan provisions remained relatively flat at KShs 5.4 billion.
NBK achieved this level of growth against the backdrop of a challenging environment, both externally & internally. Our main focus has been enhancing customer experience, preserving & optimizing value while effectively mitigating risks through proactive risk management ~ Said Mr. Russo
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