National Bank reports 275pc jump in Q1 profit

 National Bank of Kenya branch in Nairobi. [File, Standard]

The National Bank of Kenya (NBK) has reported a Sh1.03 billion profit after tax for the first quarter ending March 31, 2026, driven by net interest income and a substantial reduction in credit impairment charges.

The net earnings represented a 275 per cent growth compared to Sh275.7 million recorded during a similar period last year. 

Net interest income increased to Sh2.84 billion from Sh2.4 billion in the first quarter of 2025, a rise the lender attributed to disciplined asset pricing and improved funding efficiency.

“We have started off the year on a strong footing, driven by customer confidence, cost management and operations efficiency initiatives,” said NBK Managing Director George Odhiambo.

“We are reinventing ourselves in the market to come out stronger, and I am confident that by the end of the year, we will be at a higher level.”

Non-interest income remained resilient at Sh664.3 million, while operating expenses were Sh2.1 billion, supported by cost management and operational efficiency initiatives.

Meanwhile, loan loss provisions declined significantly by 92 per cent to Sh50 million, down from Sh618 million the previous year.

The bank’s balance sheet remained strong, with total assets increasing to Sh145.3 billion from Sh141.1 billion in December 2025.

Recently, Access Bank completed the acquisition of National Bank of Kenya from KCB Group as it continues on its Kenyan expansion drive.