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NIC Bank Limited recorded net income of KES513 million for the nine months ended 30 September 2007, an increase of KE159 million, or 45 per cent, from KES354 million for the nine months ended 30 September 2006. Total non interest income for the nine-month period ended 30 September 2007 was KES547 million compared to KES374 million for the same period in 2006, an increase of 46 per cent. The increase net income was primarily attributed to a substantial increase in non-interest income.
Year over Year 9-Month Analysis – 2006 vs. 2007
- Net income was KES513 million for the nine months ended 30 September 2007, an increase of 45 per cent from KES353 million in the same period of 2006.
- Interest income was KES2.019 billion for the nine months ended 30 September 2007, an increase of 16 per cent from KES1.743 billion in the same period of 2006.
- Total Interest Expenses were KES838 million for the nine months ended 30 September 2007, an increase of 27 per cent from KES662 million in the same period of 2006.
- Staff costs were KES376 million for the nine months ended 30 September 2007, an increase of 1.4 per cent from KES371 million in the same period of 2006.
- Total Non-interest income was KES547 million for the nine months ended 30 September 2007, an increase of 46 per cent from KES374 million in the same period of 2006.
- Total assets were KES31 billion at 30 September 2007 compared to KES24 billion at 30 September 2006.
- Total interest bearing assets were KES25 million at 30 September 2007 compared to KES20 million at 30 September 2007.
| NIC BANK OF KENYA LTD Bank Income statement |
|
|
| FOR THE PERIOD ENDED |
30-Sep-07 |
30-Sep-06 |
06 vs. 07 |
|
KES.’000 |
KES.’000 |
% Change |
| Interest income |
|
|
|
| Loans and advances |
1,826,259 |
1,541,746 |
18.45% |
| Government securities |
115,889 |
173,404 |
-33.17% |
| Deposits and placements with banking Inst. |
76,033 |
24,324 |
212.58% |
| Other Interest Income |
1,539 |
4,118 |
-62.63% |
| Total interest income |
2,019,720 |
1,743,592 |
15.84% |
| Interest Expense |
|
|
|
| Customer deposits |
792,624 |
634,435 |
24.93% |
| Deposits and placements from the banking Insti. |
13,320 |
12,181 |
9.35% |
| Other Interest expense |
32,201 |
15,748 |
104.48% |
| Total Interest Expenses |
838,145 |
662,364 |
26.54% |
| Net interest Income/(Loss) |
1,181,575 |
1,081,228 |
9.28% |
| Other operating Income |
|
|
|
| Fees and commissions on loans and advances |
101,630 |
72,208 |
40.75% |
| Other fees and commissions |
205,570 |
128,952 |
59.42% |
| Foreign exchange trading income/(loss) |
160,844 |
101,729 |
58.11% |
| Dividend income |
- |
- |
|
| Other income |
79,769 |
71,384 |
11.75% |
| Total Non-Interest Income |
547,813 |
374,273 |
46.37% |
| Total Operating income |
1,729,388 |
1,455,501 |
18.82% |
| Other Operating Expenses |
|
|
|
| Loan loss provision |
85,638 |
91,223 |
-6.12% |
| Staff costs |
376,304 |
371,072 |
1.41% |
| Directors’ emoluments |
33,359 |
31,807 |
4.88% |
| Rental charges |
29,482 |
22,334 |
32.01% |
| Depreciation charge on property and equipment |
74,540 |
72,181 |
3.27% |
| Amortization charges |
20,783 |
21,027 |
-1.16% |
| Other operating expenses |
375,921 |
332,993 |
12.89% |
| Total operating Expenses |
996,027 |
942,637 |
5.66% |
| Profit /( loss) before tax and exceptional items |
733,361 |
512,864 |
42.99% |
| Exceptional Items |
- |
- |
- |
| Profit/(loss) after exceptional items |
733,361 |
512,864 |
42.99% |
| Current tax |
(220,121) |
(158,865) |
38.56% |
| Deferred tax |
- |
- |
|
| Profit/(loss) after tax and exceptional items |
513,240 |
353,999 |
44.98% |
| Earnings per share-Basic and Diluted |
6.23 |
4.30 |
44.88% |
| Dividends per share -Declared |
- |
0.80 |
|
|
|
|
|
|
|
|
|
| NIC BANK LTD Bank Balance sheet |
|
|
|
|
|
|
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| AS AT |
30-Sep-07 |
30-Sep-06 |
06 vs 07 |
|
KES.’000 |
KES.’000 |
% Change |
| ASSETS |
|
|
|
| Cash (Both local and foreign) |
325,912 |
278,897 |
16.86% |
| Balances due from Central bank of Kenya |
3,393,074 |
2,626,800 |
29.17% |
| Kenya Government Securities |
988,225 |
2,646,892 |
-62.66% |
| Foreign Currency, Treasury bills and bonds |
- |
- |
|
| Deposits and balances due from local banking institutions |
565,263 |
883,296 |
-36.01% |
| Deposits and balances due from banking Insti. abroad |
3,376,189 |
862,219 |
291.57% |
| Government and other securities held for dealing purposes |
- |
- |
|
| Tax recoverable |
- |
- |
|
| Loan and advances to customers (net) |
20,319,162 |
15,592,263 |
30.32% |
| Investment securities |
- |
- |
|
| Balances due from group companies |
3,815 |
- |
|
| Investment in associates |
- |
- |
|
| Investment in subsidiary companies |
90,501 |
80,501 |
12.42% |
| Investment in joint ventures |
- |
- |
|
| Investment in properties |
- |
- |
|
| Property and equipment |
458,608 |
473,219 |
-3.09% |
| Prepaid lease rentals |
8,031 |
8,156 |
-1.53% |
| Intangible assets |
43,046 |
64,658 |
-33.43% |
| Deferred tax asset |
- |
17,412 |
|
| Retirement benefit asset |
- |
- |
|
| Other assets |
1,046,104 |
151,199 |
591.87% |
| TOTAL ASSETS |
30,617,930 |
23,685,512 |
29.27% |
| LIABILITIES |
|
|
|
| Balance due to Central bank of Kenya |
- |
- |
- |
| Customer deposits |
25,778,320 |
19,174,956 |
34.44% |
| Deposits and balances due to local banking insti. |
- |
- |
- |
| Deposits and balances due to foreign banking Institutions |
- |
398,283 |
|
| Other money market deposits |
- |
- |
|
| Borrowed funds |
518,532 |
322,699 |
60.69% |
| Balances die to group companies |
46,865 |
46,565 |
0.64% |
| Tax payables |
42,073 |
42,454 |
|
| Dividends payable |
- |
65,932 |
|
| Deferred tax liability |
32,958 |
- |
|
| Retirement benefit liability |
- |
- |
|
| Other liabilities |
807,576 |
638,907 |
26.40% |
| Total liabilities |
27,226,324 |
20,689,796 |
31.59% |
| SHAREHOLDERS’ FUND |
|
|
|
| Paid Up/Assigned capital |
412,073 |
412,073 |
0.00% |
| Share premium |
299,944 |
299,943 |
0.00% |
| Revaluation reserve |
104,768 |
107,761 |
-2.78% |
| Retained Earnings/(Accumulated losses) |
2,424,671 |
2,041,891 |
18.75% |
| Statutory Loan Los Reserve |
150,150 |
134,048 |
|
| Propose dividends |
- |
- |
|
| Capital grants |
- |
- |
|
| Total shareholders’ Funds |
3,391,606 |
2,995,716 |
13.22% |
| Total Liabilities & Shareholders’ Fund |
30,617,930 |
23,685,512 |
29.27% |
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