NIC Bank has posted reduced profits for the full year ended December 2016.
The bank saw its net profits fall by 3.4 per cent as bad loans continued to pile. Net profit stood at Sh4.3 billion in the year compared to Sh4.4 billion the year before, with the provisions rising more than 2.2 times to Sh3.7 billion.
“In the period under review, the group’s net profit was weighed down by significant additional provisions taken to support the non-performing facilities of a few large corporate customers that were impaired in 2015,” NIC said in a statement. The stock of non-performing loans declined 5.3 per cent to Sh13.5 billion.
NIC declared a final dividend of Sh1 per share, having paid an interim dividend of Sh0.25 per share.
This brings the total payout per share to Sh1.25, same as for the previous year.
