@BdAfrica

National Bank issues profit warning - 3 weeks ago, 12:04

Brian Ngugi

National Bank of Kenya (NBK) has issued a profit warning for the financial year ended December 2018 citing higher loan impairment charges and restructuring costs.

The Nairobi Securities Exchange listed lender now expects to post at least 25 percent lower earnings for the year ending December 2018 than the previous year.

The anticipated drop means its net profit for the period is unlikely to surpass Sh308 million.

“(This is) primarily due to increased loan impairment charges beyond initial projections due to a revision of valuations and values recoverable from the non performing loan portfolio,” said the firm in a cautionary statement.

“During the year the group incurred a one off restructuring cost (voluntary early retirement programme) as part of wider business alignment, the full benefit will be realized in 2019,” the statement added.

NBK has in the recent past registered a series of poor performance that has pushed its survival into an uncertainty mode.

The lender ...
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