Thursday, August 13, 2020

National Bank earns 62 Percent Profit Amid COVID-19 Pandemic

    August 13, 2020   No comments

NBK MD,Paul Russo
NBK MD,Paul Russo 

National Bank of Kenya (NBK) has reported a profit before tax of ksh 186 million in the first half of 2020, registering a 62 per cent jump compared to same period last year.

The Bank which is now under KCB management attributed the increase in profits to an increase in loans and returns from investments in government securities.

This lender seems lucky making profits at a time when almost all businesses are registering a fall in returns.

“We remained resilient during the first half of the year, despite the slowdown occasioned by the pandemic. We are focused on delivering valuable partnerships and solutions to our customers.” Paul Russo, the NBK Managing Director.

KCB which took over the National Bank on the other hand registered a 40 per cent decline in profits at ksh 7.6 billion after tax in the first half of 2020 compared to a similar period last year.

Mwabaya Katana

About Mwabaya Katana

Mwabaya Katana is a Finance Online Researcher and Writer.He is the founder of 'Loans Kenya' Blog.

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