National Bank of Kenya (NBK) recorded a gross profit growth of 217 percent to Kes 535 million from March 2024, compared to Kes 169 million in a similar period last year.
The lender has attributed the growth to an increase in operating income.
Lending income from the loan book and higher yields saw operating income grow by Kes 611 million while net operating income expanded by 22 percent to Kes 3.4 billion.
“Our continued investment in innovative financial solutions has continued to expand our reach and accessibility, consequently growing our top line,” NBK Managing Director (MD) George Odhiambo said.
“We remain focused on customer-centricity and digital innovation to fully support and empower individuals and businesses to achieve their financial goals and aspirations.”
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The lender’s asset base increased to Kes 157 billion, 4 percent up yearly, and customer deposits closed at Kes105 billion, 6 percent up year on year (YoY).
However, loan impairment charges grew by 35 percent to Kes 548 million.
“As NBK we remain optimistic about our future. We are thrilled to see the positive impact of our efforts in the 1st Quarter of 2024 reflected in our strategic partnerships, and sustainable financing initiatives.”
“Our digital transformation journey is far from over, and we will continue to innovate and adapt to meet the evolving needs of our customers.”
