NAIROBI, Kenya
National Bank has reported a profit before tax of Ksh953.3M for the half year ended 30th June 2013, up from Ksh.911.8M in the same period last year. Announcing the results at an investor briefing in Nairobi, National Bank Managing Director Munir Ahmed attributed the good performance to the ongoing transformation program and improved lending.
“The changes we are undertaking in the business are beginning to bear fruit. We expect to see sustained growth as we progress the transformation of the bank with a goal to being among the top five banks in Kenya,” said Mr Ahmed. The bank experienced net income rise of 12% from Ksh.2.5B to Kshs. 2.8B.
The loans and advances grew from Kshs.26.8B to Kshs.27.5B and the total assets grew from Kshs. 71.6B to Ksh74.7B. Total operating expenses remained flat from Kshs.2.95B to Kshs2.95 in the period under review.
Meanwhile, the Bank rebranded in May 2013, unveiling a new corporate identity and a fresh promise of “Bank on Better”. The rebranding entails more fundamental changes that will be rolled out over the coming three years, he said.
The bank is also eyeing opportunities in the regional market especially Somalia and Sudan, including the Diaspora which is still untapped. The prospects is to align its capital base with balance sheet growth, as the plans to raise additional capital through a rights issue targeting Ksh10 billion from shareholders.
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