National Bank of Kenya Posts KShs.117M in Q1 2023 Net Profit

National Bank of Kenya Posts KShs.117M in Q1 2023 Net Profit

National Bank of Kenya (NBK) has posted KShs. 117 million in Profit after Tax for the first quarter of 2023 ending March. The Bank recorded a strong growth in non-funded income which registered a 60% growth to KShs. 884 million compared to KShs. 551 million over the same period in 2022.

This was driven mainly by better performance in FX income, which registered an increase of 115%. Overall revenue increased by 1% for the quarter, as the growth in non-funded income was offset by a 14% reduction in net interest income, because of the challenging macroeconomic environment.

The Bank’s balance sheet registered a KShs.11.1 billion growth, underpinned by growth in both loan advances growth and customer deposits. Customer loans and advances grew by KShs. 7.2 billion to KShs. 75 billion which represents an 11% growth. Customer deposits rose by 1.2% to KShs. 100 billion during the period under review. Total operating expenses increased to KShs.2.2 billion, a 11% jump largely driven by increased investments in strategic Bank projects to enhance operational excellence and customer experience. NBK Managing Director George Odhiambo noted that Bank is fully committed to delivering on its key agenda which includes supporting its clients to fully unlock their financial potential through digitization and innovative solutions.

“The Bank’s foundation remains solid, reinforced by strong customer obsession and a highly liquid and well capitalized balance sheet that provides a platform for sustainable growth. We shall continue to deliver value and find opportunities that support inclusive long-term growth,” he said.

During the period, the Bank received an injection of additional Tier II Capital from the parent KCB Group PLC. This has ensured that the Bank is capitalized with sufficient capital buffers in line with minimum regulatory requirements. Looking ahead, the Bank believes that the ongoing global economic recovery efforts will strengthen as the year progresses. Considerable progress has been made on the priorities that include SME Banking as well as Agri and County Business.

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