National Bank records Q1 profit
National Bank is back in the green, posting a first quarter profit of Sh334.6 million.
The bank’s result however dipped by close to a third compared to a similar period in 2015 when it posted Sh495 million in profit.
The banks performance was driven by increased customer deposits which stood at Sh99.4 billion up from Sh85.3 billion.
National Bank was earlier in the year forced to restate its accounts, after several audits found the bank had failed to make provisions for non performing loans. This saw the bank reverse a third quarter profit of Sh870 million to post a full year loss of Sh1.2 billion.
The unforeseen change in fortunes saw six senior bank managers suspended, culminating in the resignation of Chief Executive Munir Ahmed in April.
National bank has been in transition as it seeks to clean up its books and strengthen corporate governance.
During the period under review, NBK’s loan book declined by 5.3 percent to Sh85.3 billion.
By Sophia Jerotich
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