The National Bank of Kenya (NBK) has recorded Kes 839 million in Profit After Tax for the first half of 2024 attributed to revenue diversification and operational efficiency.

This includes the recent migration of its core banking system to Temenos T24 Transact Release 21, providing customers with simplified access to various banking services.

Further, its net operating income rose 20% to Kes 6.6 billion, with its non-funded income contributing 26% of the bank’s total operating income.

NBK Managing Director George Odhiambo said total assets grew marginally by 1% year-on-year, reaching KES 153 billion, which reflects its continued commitment to maintaining a stable financial base amid challenges.

”Our strategic focus on income diversification has played a pivotal role in boosting our growth, strengthening market positioning, and building customer confidence.”

Did you read this?

  1. Family Bank Posts 8% Profit Growth To Kes 3.2B In Q3
  2. Absa Bank Posts 20% Net Profit Increase To Kes 14.7B
  3. Co-operative Bank Records 8.5% Net Profit Increase To Kes 26.8B

However, customer deposits declined by 14% to Kes 102 billion, which the bank attributes to a temporary fluctuation, confident that its ongoing strategy will lead to sustained growth in the long term.

Likewise, its loan impairment charges decreased by 9% compared to the previous year, totaling Sh 886 million.