{"id":17420,"date":"2020-11-11T20:56:21","date_gmt":"2020-11-11T20:56:21","guid":{"rendered":"https:\/\/www.africa-press.com\/kenya\/?p=17420"},"modified":"2020-11-11T20:56:21","modified_gmt":"2020-11-11T20:56:21","slug":"nbk-profit-declines-to-sh87-million","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/economy\/nbk-profit-declines-to-sh87-million","title":{"rendered":"NBK profit declines to Sh87 million"},"content":{"rendered":"

AfricaPress-Kenya:<\/strong> National Bank of Kenya (NBK) has posted Sh87million in profit after tax for the nine months ending September 2020, a 77 per cent decline over a similar period last year due to the effects of the COVID-19 pandemic.<\/p>\n

The bank recorded a profit before tax of Sh535million representing a 7 per cent increase over a similar period in 2019.<\/p>\n

The corporate and retail franchises of the Bank remained resilient, amid a subdued economy and reduced activity across sectors, due to the crisis.<\/p>\n

\u201cThese results demonstrate the Bank\u2019s resilience, in the face of a very challenging operating environment. They have been buoyed by ongoing efforts to turnaround this institution that has however been slowed down by effects of the COVID-19 pandemic,\u201d said NBK Managing Director Paul Russo.<\/p>\n

The bank said in a statement that its non-funded income grew by 5 per cent from the previous year, on the increased focus on digital banking. Interest income stood at Sh 7.2billion, a growth of 9 per cent due to increased volumes in loans and advances as well as sustained recoveries. Comparatively, interest expense remained relatively flat at Sh2billion.<\/p>\n

Total operating costs increased by 14 per cent, largely driven by increased provisioning to cover for higher credit risks due to the pandemic in a period that also saw the Bank continue to drive cost management initiatives.<\/p>\n

On the balance sheet side, total assets grew by 21 per cent to Sh129.5billion from Sh107billion, majorly from net loans and advances which were up 12 per cent to Sh 53billion.<\/p>\n

It said this was also supported by increased customers and deposits which grew by 24 per cent to Sh102billion. Total non-performing loans and advances stood at Sh23.3billion, a 15 per cent drop from Sh27billion year on year.<\/p>\n

The Bank recorded improvements in key ratios such as the capital position. The liquidity ratio was at 47.3 per cent, compared to 35.7 per cent in 2019.<\/p>\n

\u201cWe remain cautiously optimistic about the future of the bank. We continue to invest in revamping our channels,\u201d Russo added.<\/p>\n","protected":false},"excerpt":{"rendered":"

AfricaPress-Kenya: National Bank of Kenya (NBK) has posted Sh87million in profit after tax for the nine months ending September 2020, a 77 per cent decline over a similar period last year due to the effects of the COVID-19 pandemic. The bank recorded a profit before tax of Sh535million representing a 7 per cent increase over […]<\/p>\n","protected":false},"author":84,"featured_media":17413,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[2217,1539,4248,3661],"class_list":["post-17420","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-central-bank-of-kenya","tag-covid-19","tag-kcb-group","tag-national-bank-of-kenya"],"yoast_head":"\nNBK profit declines to Sh87 million - kenya<\/title>\n<meta name=\"description\" content=\"National Bank of Kenya (NBK) has posted Sh87million in profit after tax for the nine months ending September 2020, a 77 per cent decline\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/economy\/nbk-profit-declines-to-sh87-million\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NBK profit declines to Sh87 million\" \/>\n<meta property=\"og:description\" content=\"National Bank of Kenya (NBK) has posted Sh87million in profit after tax for the nine months ending September 2020, a 77 per cent decline\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/economy\/nbk-profit-declines-to-sh87-million\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-11T20:56:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2020\/11\/nbk_profit_declines_5fabfb152fe03.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"562\" \/>\n\t<meta property=\"og:image:height\" content=\"290\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/nbk-profit-declines-to-sh87-million#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/nbk-profit-declines-to-sh87-million\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"NBK profit declines to Sh87 million\",\"datePublished\":\"2020-11-11T20:56:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/nbk-profit-declines-to-sh87-million\"},\"wordCount\":339,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/nbk-profit-declines-to-sh87-million#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2020\/11\/nbk_profit_declines_5fabfb152fe03.jpg\",\"keywords\":[\"Central Bank of Kenya\",\"COVID-19\",\"KCB Group\",\"National Bank of Kenya\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/economy\/nbk-profit-declines-to-sh87-million#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/nbk-profit-declines-to-sh87-million\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/economy\/nbk-profit-declines-to-sh87-million\",\"name\":\"NBK profit declines to Sh87 million - 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