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NIC Group profit rises to Sh4.2 billion

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The NIC Group which is set to swallow the Kenyatta Family owned Commercial Bank of Africa (CBA) has reported a 2% increase in net profit to Ksh4.2 billion for the full year ended December 2018 compared to the Ksh4.1 billion it posted the previous year.

During the period under review, the group’s banking wing (NIC Bank) reported a Ksh4.4 billion profit, a 6.2% uptick from the Ksh4.1 billion profit it posted the previous year.

The group’s total operating costs also ticked up marginally to Ksh9.395 billion from the Ksh9.33 billion in operating costs it incurred the previous year.

According to the audited results, NIC Group’s loan book shrunk to Ksh118 billion from Ksh119.7 billion it lent to customers the previous year.

Conversely, the group now boasts of total assets worth Ksh208.4 billion, Sh2.2 billion more than the total cost of its assets at the same stage the previous year.

Group Chairman James Ndegwa says that the board has approved a Ksh1.25 dividend per share for the year ended 31 December 2018 and a Ksh1.00 dividend for the full year ended 31 December 2017.

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“The dividend payment is subject to the approval of the shareholders at the forthcoming Annual General Meeting (AGM) and will be payable to the shareholders registered on the company’s register at the close of business on April 18, 2019 and will be paid on or immediately after May 6, 2019,” says Mr Ndegwa.

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On March 16, majority of CBA’s shareholders approved the share swap deal that was proposed in January.

The merger plan has received a high acceptance rate with 29 out of 34 investors in CBA having given greenlight to the offer as of March 11, 2019.
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