News Column

NIC Bank's Net Profit for First Quarter Up

May 9, 2014

Constant Munda

MID-TIER lender NIC Group yesterday reported its net profit has increased by 12.24 per cent in the first quarter ended March 31 compared to a similar period last year.

The earnings reached Sh973.98 million from Sh867.78 million in a comparative period last year, largely on the account of increased transaction fees and cheap deposits.

Statements filed with the Nairobi Securities Exchange yesterday show its net interest earnings over the period increased by a marginal 3.13 per cent to Sh1.73 billion from Sh1.68 billion, while non-interest income surged to Sh843.4 million from Sh741.85 million previously, a 13.69 per cent rise.

Its bad debts however doubled, rising by 97.66 per cent to Sh1.28 billion from the previous Sh646.86 billion.

The publicly traded bank advanced Sh14.85 billion more in loans compared to a corresponding period last year to close with a portfolio of Sh85.46 billion at the end of March.

Customers deposited a Sh13.986 billion during the three-month period, bringing the deposit base to Sh92.37 billion at the end of the quarter.

Its costs went up by 3.22 per cent to Sh1.22 billion in the period.

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Source: AllAfrica

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