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    Khusoko – East African Markets
    BANKING & FINANCE

    KCB Group to Inject Ksh 938 Mn into National Bank

    MuindiBy Muindi2023-03-17No Comments2 Mins Read
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    National Bank of Kenya posted a profit after tax of KSh 828 million for the financial year ending December 31, 2022.
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    KCB Group plans to inject an additional Ksh 938.8 million into the National Bank of Kenya (NBK) to help the subsidiary comply with the Central Bank of Kenya (CBK) capital adequacy requirements.

    NBK is currently in breach of its total capital to total risk-weighted assets, with the minimum statutory capital set at 14.5 per cent against the Bank’s ratio of 13.5 per cent, according to a report by Business Daily.

    However, the lender stated that the capital injection, whose format (equity or debt) is yet to be disclosed, depends on CBK approvals.

    If approved, KCB Group will be compliant with NBK capital adequacy requirements by the end of March, said KCB Group chief executive Paul Russo.

    The group has invested an estimated Ksh 8.45 billion in NBK to comply with capital requirements, including a Ksh 5 billion equity financing when buying the Bank out in 2019 and a Ksh 3.45 billion loan later converted to equity.

    National Bank of Kenya posted a profit after tax of KSh 828 million for the financial year ending December 31, 2022.

    The Bank maintained solid operational performance, reporting an operating income growth of 13% to KSh 11.7 billion compared to KSh 10.2 billion recorded in 2021. Both net interest income and non-funded income contributed impressive revenue growth.

    “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.

    “Our focus is to invest in and grow market-leading businesses and expand into new strategic areas to provide innovative and bespoke financial solutions to our customers.”


     

    KCB Group Plc National Bank of Kenya
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    Muindi

    Experience working on communication and marketing departments and in the broadcast industry. Interested in sustainable development and international relations issues.

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