NIC Bank Limited has announced its financial results for the year ended 31st December 2011. The bank’s profit before tax has increased 39.078% from Kshs. 2,416,342,000 in the year 2010 to Kshs. 3,360,602,000 in 2011. The company’s total assets grew by Kshs. 18,805,389,000 to close the year at Kshs. 73,581,821,000 up from Kshs. 54,776,432,000 in 2010, a 34.33% increase.
The bank’s loans and advances to customers increased 35.69% from Kshs. 38,340,879,000 in 2010 to Kshs. 52,025,475,000 in 2011, a Kshs. 12.6 billion increase. This was buoyed by a 36.83% increase in customer deposits from Kshs. 45,317,661,000 to Kshs. 62,008,953,000.
The bank’s reserves increased too, up 36.489% from Kshs. 5,637,911,000 in 2010 to Kshs. 7,695,153,000 in 2011, following the trend observed among other leading banks in the country (read more on that here).
In summary the bank’s profit after tax increased 46.385% from Kshs. 1,730,397,000 in the year 2010 to Kshs. 2,533,048,000 last year. Not bad for a bank that only obtained a commercial banking license in 1995.