Despite ksh4bn growth in its loan book, net interest income was flat suggesting either tighter margins or lower interest rates. Fees on these loans grew strongly however (45%).
As trailed sometime back, NIC is taking early action to comply with Kimunya's new capitalisation requirements for banks. They will be giving two bonus shares for each held and will also give shareholders the opportunity to buy an additional 1 share for each of 5 they hold. This should increase its capital to around ksh2bn.
NIC bank has been an innovative though niche player in the banking sector with products such as Move and is expanding slowly to cater to an expanding customer base especially for its farm equipment leasing business.
Although its been known they were thinking of doing the rights issue, price responded positively to the bonus issue as well.
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