National Bank registers Sh150m 6-month profit

By Steve UMIDHA On Aug 30, 2019

National Bank of Kenya (NBK) Thursday reported a Sh150 million half-year net profit with the lender attributing the growth to savings on interest expenses, even though key revenue streams remained flat.

Savings from interest expenses were about Sh300 million, attributable to a reduction of nearly Sh5 billion in customer deposits.

NBK had reported Sh282 million in losses in a comparable period last year.

“The bank achieved this lever of growth against the backdrop of a challenging environment, both externally and internally,” said Chief Executive Wilfred Musau in a statement. NBK’s loan book also took a hit of Sh480 million.

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Steven Umidha is a data and financial journalist with over 15 years of work experience in journalism and communication.

He specialises in finance and economics reporting as well as on the causes, impacts, and solutions of global warming, conservation, pollution and sustainability, often blending scientific literacy with journalist ethics, while involving policy analysis and multimedia storytelling across various platforms in highlighting issues from biodiversity loss to ecological justice.

He is the founder of Financial Fortune Media, and a Co-founder of One Planet Agency (OPA). He has previously worked with the Standard Media Group, Mediamax Networks LTD, bird story agency, Business Journal Africa, and Financial Post among other outlets.

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