National Bank of Kenya profit falls 74pc to Sh138 billion

National Bank of Kenya. (Photo: Courtesy)

National Bank of Kenya has announced a 73.5 per cent dip in profit for the nine months to September.

The drop was largely attributed to a decline in interest income, with earnings from loans advanced to its customers going down by more than half during the period.

The bank’s profit after tax went down to Sh138.1 million in the period to September this year compared to Sh521 million reported over a similar period last year.

The decline in loans advanced to customers was in keeping with industry trends where commercial banks have shied away from lending due to the interest rate capping law that came into effect a year ago.