NBK posts a pretax profit of Kes535Mn ON improved business atmosphere

By Isaac OGANGA

The National Bank of Kenya (NBK) has posted a pre-tax profit of KES 535 million in its Q1 financial results, representing a 217% increase compared to KES 169 million reported in a similar period last year.

The growth is attributed to increased operating income by KES 611 million mainly driven by lending income from growth in the loan book and higher yields

Commenting on the results, NBK Managing Director, George Odhiambo remarked “we are delighted to report a strong performance in the first quarter of this year.

Our continued investment in innovative financial solutions has continued to expand our reach and accessibility, consequently growing our top line.

We remain focused on customer-centricity and digital innovation to fully support and empower individuals and businesses to achieve their financial goals and aspirations.”

Odhiambo added, “Our continued growth is also attributed to demonstrating leadership in building industry expertise in key growth sectors, diversifying and differentiating our financial services and developing strategic partnerships with key enablers in the market.”

During the period under review, NBK successfully upgraded the Core Banking System to T24 marking a strategic move to enhance operational efficiency, security, and customer experience. The upgraded system has also helped optimizing internal processes, enabling NBK to deliver services more efficiently and effectively.

“As NBK we remain optimistic about our future. We are thrilled to see the positive impact of our efforts in the 1st Quarter of 2024 reflected in our strategic partnerships, and sustainable financing initiatives.

These milestones set the impetus for the rest of the year and underscore our commitment to driving positive change, fostering innovation, and delivering exceptional value to our customers and communities into the future.

Our digital transformation journey is far from over, and we will continue to innovate and adapt to meet the evolving needs of our customers,” added George Odhiambo.