Kenya's National Bank 2014 profit hit by retrenchment costs

National Bank of Kenya's pretax profit fell by 28 percent to Sh1.3 billion last year despite higher net interest income after it incurred costs while paying staff who were being laid off.

National has been going through a revamp which has included job cuts to reduce overall costs in an effort to reclaim its position as one of the country's top three lenders after losing it in the past due to poor management.