NIC Bank lifted by rising interest income

Kenya: Rising interest income helped NIC Bank to a 24 per cent jump in full-year pre-tax profit, the bank announced yesterday, adding that it sees further growth being driven by targeting retail customers and small and medium-sized businesses.

The bank, which also operates in Tanzania and Uganda, said the 2014 pre-tax profit of Sh6.23 billion was helped by an 18 per cent rise in interest income to Sh11.4 billion.

Its loan book grew by more than a fifth to Sh102.04 billion, while total assets were up by 20 per cent at Sh145.78 billion.

Earnings per share rose to Sh7.07, up from Sh6.12 registered in 2013 and the bank recommended a dividend of one shilling per share, up from 0.75 shillings.