National Bank of Kenya (NBK) has reported a Sh729 million profit after tax as it announced its half year financial results on Wednesday.

The profit after tax announced by NBK, however, marked a significant decline compared to the Sh765 million which was posted over a similar period in 2021.

The bank says it realized a 13 per cent growth in total operating income even as operating costs went up by 11 per cent on the back of increased investments in strategic projects.

NBK Acting Managing Director Peter Kioko says the bank’s income grew steadily and projected a further increase based on its current digitization and operational investments.

“Our loan loss provision increased, highlighting the challenging lending environment of a tough economic period. Despite these challenges, the bank's loan book grew to Sh69 billion and customer deposits grew to Sh112 billion. We maintained a strong balance sheet; total assets grew by 4 per cent to Sh139 billion,” said Kioko.

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NBK’s net interest income also grew by 18 per cent to Sh4.8 billion during the period on the back of interest income, which grew by 17 percent to Sh6.8 billion due to increased uptake of loans and advances enhance level of debt recoveries.


During the same period, expenses on interest increased to Sh2.0 billion based on increased funding requirements of the bank.

The bank says it is implementing other internal strategies to raise organic capital including rigorous bad debt collection and growth of the balance sheet to enhance its profitability.

“We are on a steady growth trajectory and anticipate continued growth by supporting our clients and finding opportunities within the current environment. The Bank has a strong capital and liquidity base to support the growth of the business and especially through our digital offering. We have, therefore, embarked on a calculated strategy towards ensuring that we provide customer-centric and timely solutions to our customer segments,” he added.