NICB Bank reports rise in profits

18/08/2011 - Kenya property & investment news Posted by Bob Brunskill
NICB Bank reports rise in profits

Kenyan lender NICB Bank has confirmed a first-half profit jump of 34 per cent as earnings from loans increased, Bloomberg has reported.According to the lender, net income rose to 1.1 billion shillings ($11.8 million) in the six months through June, up from 818 million shillings a year earlier.In a statement emailed by the city's stock exchange, it said that net interest income, the money banks earn from interest charges on loans, increased 33 per cent to 1.93 billion shillings."The results are appealing in that they indicate an all- rounded improvement in performance," Dyer & Blair Investment Bank Ltd explained in an e-mailed note to clients."We, however, expect a tougher second half for the banking sector resulting from a tightening liquidity environment."This comes shortly after Kenyan lender Family Bank Ltd confirmed that shareholders have approved the listing of the company's stock on the nation's bourse.Chief executive officer Peter Munyiri told reporters in Nairobi that the lender hopes to start trading its shares on the Nairobi Stock Exchange by October.