National Bank third quarter profit up 40pc

National Bank has recorded a profit-before-tax of Sh1.794 billion for the third quarter ended September 30, 2014. This is an increase of 40 per cent from the same  period in 2013.

Managing Director and Chief Executive Officer Munir Sheikh Ahmed attributed the results to improved net interest margins and non-interest income due to increased business volumes.

He said the bank has managed to increase its market share remarkably, coupled with a significant increase in customer numbers, in both corporate and personal banking frontiers.

"Our strategy is on track and we continue to focus on network expansion in order to be felt in all counties, service and innovation," said Mr Ahmed.

"The improved growth has also been as a result of progressive process improvement, doing things differently and going back to the banking basics."

The bank's total assets increased by more than 28 per cent buoyed by increased lending to customers. Loans and advances increased by 83 per cent to Sh57.5 billion, from Sh31.4 billion in September 2013, partly explaining the increase in impaired loans.