NIC Bank recorded a 27% rise in profit after tax to Ksh4.1 billion, for the year ending December 31, 2014 up from Kshs 3.2 billion in 2013. Group Managing Director John Gachora says the rise was driven by robust growth in the balance sheet, enhanced business efficiency and strengthened performance from the bank’s subsidiaries.
The group recommended a first and final dividend of Ksh1, which will be approved during the Annual General Meeting on 20 May, 2015, amounting to Ksh 639 million compared to Ksh543 million in 2013, representing a growth in dividend pay-out of 17%.
Its subsidiaries which include NIC Bank Tanzania, NIC Bank Uganda, NIC Capital (Investment Banking), NIC Insurance Agents (Bancassurance) and NIC Securities (Brokerage).
“We are delighted with our results and remain optimistic that we will continue with this momentum into 2015. Our focus will be to deepen our penetration in the retail and small and medium-sized enterprises (SMEs) segments, as well as increase our footprint with new branches across the region,” said Mr Gachora.
Growth in the loan book saw interest income grow by 18% to Ksh11.4 billion, compared to Ksh9.6 billion the previous year. The loan book grew by 22%, from Ksh83.4 billion in December 2013 to 102.0 billion in December 2014. To fund this growth in advances, the deposit base increased to Ksh100.4 billion as at December 2014, reflecting a 10% growth from Ksh91.5 billion in December 2013.
