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Kenya's NIC Bank reports nine-months profit up eight percent

By Reuters | November 25th 2015

Kenya's NIC Bank achieved an 8.5 percent rise in pretax profit for the first nine months of this year to 5.146 billion shillings ($50.43 million), the lender said on Wednesday.

The bank, which also operates in Uganda and Tanzania, said net interest income rose by more than 1 billion shillings to 7 billion shillings on the back of growth in lending.

Earnings per share edged up to 5.61 shillings from 5.58 shillings in the corresponding period last year.

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The performance was mainly driven by growth in interest income, particularly in the small and medium enterprises.