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NIC Bank profit up 2pc, shareholders set for higher dividend - 3 months ago, 21 Mar 21:53

Charles Mwaniki

NIC Bank’s net earnings for 2018 rose by a slim two percent to Sh4.23 billion on the back of higher non-funded income and a cut in loan loss provision that offset falling interest income.

The mid-tier lender was able to reverse the profit fall that it had recorded in 2017 largely due to the 11.4 percent rise in non-interest income to Sh4.64 billion.

Interest income fell by 1.8 percent to Sh10.58 billion, on a contracting loan book that stood at Sh118.1 billion compared to Sh119.8 billion previously.

NIC instead turned to government securities to grow its lending portfolio, raising its holdings of the paper to Sh58.1 billion from Sh51.5 billion.

“The contraction (in interest income) suggests the bank lowered its interest charges on loans to support the falling loan-book,” said Apex Africa investment bank analyst Harrison Gitau in a note on the results.

“The bank has increased investment in government securities of late to insulate ...
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