Bank buoyed by rising lending levels across Kenya

24/02/2011 -
Bank buoyed by rising lending levels across Kenya

Lending levels within Kenya rose considerably over the course of 2010, newly-released figures from the country's NIC Bank suggest.

Likely to be warmly welcomed by investors looking to put money into Kenyan property, the bank's latest figures show that full-year profits for 2010 were 71 per cent higher than those recorded in 2009.

This was largely thanks to a marked upturn in lending levels, suggesting interest in property both in Nairobi and elsewhere in Kenya was strong over the 12 month period.

Releasing the figures, NIC Bank managing director James Macharia explained that, as well as healthy lending activities, all of its subsidiaries were profitable last year, with this news again likely to be welcomed by investors with assets in the East African country.

This comes in the same week that Barclays Kenya expressed its confidence in the Kenyan economy for the months ahead, having enjoyed better-than-expected profits in 2010, thanks partly to the sell-off of one of its business arms.

Posted by Bob Brunskill

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