NIC Bank has earned a pre-tax profit of 2.3 billion shillings between January and June this year up 43 percent from last year’s 1.6 billion for the same period affirming the banks sustained financial growth.

Profit grew mainly on higher interest income which doubled to 5.6 billion shillings from 2.72 billion last year amidst a high interest rate environment. Assets also grew by 9.6 billion shillings to a value of 88.7 billion shillings from 79 billion in June last year.

NIC has sustained financial growth in the past five years, becoming one of Kenya’s fastest growing banks. It’s year-to-year annual profit has grown an average of 40 percent over the past four years to 3.6 billion shillings last year.

On Monday NIC will begin a rights issue set to raise 2.07 billion shillings further the bank’s local and regional expansion and upgrade its banking software. NIC already has subsidiaries in East Africa with NIC Bank Uganda and NIC Bank Tanzania. NIC Tanzania posted a pre-tax profit of 72 million shillings in the six months to June.

Read on the history of NIC Bank here.