The National Bank of Kenya (NBK) has posted a Sh839 million in Profit After Tax for the first half of 2024.

The lender says the results, which mark a recovery from the previous year’s losses, are driven by revenue diversification and operational efficiency.

This includes the recent migration of its core banking system to Temenos T24 Transact Release 21, which will provide customers with simplified access to a range of banking services.

Its net operating income rose 20% to Sh6.6 billion with its non-funded income contributing 26% of the bank’s total operating income.

Managing Director George Odhiambo expressed pride in the bank’s resilience, stating, “Despite the tough economic conditions faced in the first half of the year, we’ve managed to turn things around and restore profitability.”

” Our strategic focus on income diversification has played a pivotal role in boosting our growth, strengthening market positioning, and building customer confidence.”

The bank’s total assets grew marginally by 1% year-on-year, reaching KES 153 billion, which reflects its continued commitment to maintaining a stable financial base amid challenges.

However, customer deposits declined by 14% to Sh102 billion, which the bank attributes to a temporary fluctuation, confident that its ongoing strategy will lead to sustained growth in the long term.

Likewise, its loan impairment charges saw a decrease of 9% compared to the previous year, totaling Sh 886 million.

According to the lender, this reduction is a direct result of the bank’s strengthened credit management processes, which has enhanced its financial resilience.