NBK grows profit 20-fold to Sh407m after KCB takeover

National Bank branch along Kenyatta Avenue. The lender, which was recently bought by KCB, reported a 20-fold growth in profit. [File, Standard]

The National Bank of Kenya profit has surged after the take-over by KCB Bank. The lender on Friday reported that it had made a net profit of Sh407 million for the nine months to September this year, a 20 fold increase from Sh21.97 million made over a similar period last year.

The bank, which has a legacy of a huge non-performing loan portfolio, grew following rise in interest income. Despite the growth in its bottom line, the bank still faces daunting challenges key among them rising expenses and declining customer deposits.