The National Bank of Kenya (NBK) has recorded a Sh828m Profit Marking a 24.7% Drop for the 2022 Financial Year from the Sh1.1billion posted in 2021.
The revenue growth was contributed by both net interest income and non-funded income.
High lending rate for the year contributed highly to the 10% of the Bank’s net interest income.
The non-funded income stream registered a 29 per cent growth to Sh2.6 billion, mainly driven by growth from new businesses such as bancassurance and trade finance.
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“Despite a challenging operating environment characterized by a slowdown in business activity in an election year, rising inflation, currency pressures, and geopolitical risks that affected both the global and local economy, we delivered good results, demonstrating our continued strategic focus to deliver innovative and bespoke financial solutions to various customer segments,” said NBK Managing Director George Odhiambo.
“We are in a strong position to continue supporting our customers as a reliable financial partner in order to achieve their aspirations. Our focus is to invest in and grow market-leading businesses as well as expand into new strategic areas to provide innovative and bespoke financial solutions to our customers.” Mr Odhiambo added.