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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.