The National Bank of Kenya (NBK) profit after tax has grown by 142pc to stand at Ksh 1.2 billion in the third quarter of the year to September.
The lender attributes the profit increase to prudent cost management, enhanced operational efficiency, and strategic revenue stream diversification.
“We are proud of the upward trend in our performance, which underscores the success of our strategic initiatives focused on operational efficiency, diversified income generation, and robust risk management. Our strong financial performance reflects our ability to adapt and thrive in a challenging macroeconomic environment,” said George Odhiambo, NBK Managing Director.
During the period, NBK registered a 16pc growth in total operating income which grew to Ksh 9.8 billion with non-funded income contributing 26pc of the total operating income attributed to diversification of revenue streams.
On the other hand, net interest income grew by a 22pcyear-on-year supported by increased lending activities and strong customer engagement.
Ronald Owili
Writes about business for KBC Digital.
More on Banking
BusinessEquity Bank, MSC ink deal to deepen financial inclusion in fisheries sector
·Ronald Owili
BusinessStandard Chartered to cut thousands of roles as AI use increases
·Ronald Owili
BusinessEquity Bank tops ranking of Kenya’s Most Valuable Brand
·KBC Digital·Updated
BusinessBankers lobby central bank’s MPC to hold benchmark rate
·Ronald Owili