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National-Bank-of-Kenya

National Bank’s H1 profits up 32pc on cost management

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National Bank of Kenya has recorded a half-year profit before tax of Sh 1.248 billion, 32 percent up from the Sh 944 million posted same period last year.The lender’s Managing Director and Chief Executive Officer Munir Sheikh Ahmed said the growth was as a result of improved revenues from balance sheet growth, cost management and better management of credit risk.

“We are pleased with these strong first half results, which are as a result of the operational improvements that we have made across the business and the new businesses and products that we have introduced. This is a testimony that our five year transformation agenda is strongly on course. Our focus on efficiency has also brought the cost-income ratio down further. ”

“All business units have contributed to this robust performance, particularly Business Banking and National Amana which continue to show strong growth. We look forward to continuing this performance in the second half of the year,” he added.

Net interest income grew 15percent over the same period last year, driven by the growth in customer loans and advances. Customer deposits also registered significant growth driven by CASA and transactional banking solutions in line with the bank’s strategy.

“Our priority is to strategically position the business to focus on diversified customer revenue streams and optimize and automate personal and business banking processes with specific focus on turnaround time and deepening of client interactions. We aim to maintain our market share momentum through quality service and product innovation,” said  Ahmed.

The five – year transformation program which began in 2013, entails a number of projects that broadly include organizational structure changes, innovation and development of products and customer value propositions.

Also part of the strategy is deployment of an effective sales model, expansion of the distribution network, centralization and automation of service delivery, enhancing the Bank’s risk management capabilities and diversifying the bank’s portfolios, among other things.
National Bank’s H1 profits up 32pc on cost management Reviewed by on . National Bank of Kenya has recorded a half-year profit before tax of Sh 1.248 billion, 32 percent up from the Sh 944 million posted same period last year.The le National Bank of Kenya has recorded a half-year profit before tax of Sh 1.248 billion, 32 percent up from the Sh 944 million posted same period last year.The le Rating: 0

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