This archive report was first published on 4 November 2019.
As of September 2019, National Bank, a subsidiary of KCB Group Plc, had posted a pre-tax profit of Sh 624.86 million, a significant increase from Sh 561.7 million in the first nine months of 2018.
Notably, the bank's total interest income rose to Sh 6.6 billion from Sh 6.3 billion in the previous year, a growth of Sh 300 million.
Moreover, the non-performing loan exposure of National Bank decreased from Sh 890 million in September 2018 to Sh 186 million at the end of the nine months, a notable improvement.
Following its acquisition by KCB Group, National Bank began operating as a subsidiary in October 2019, with plans to be fully integrated into KCB Bank Kenya Limited within two years.
Paul Russo was appointed as the managing director of National Bank during the transition period, with KCB Group indicating that it would not interfere with the daily operations of its new subsidiary.
Notably, the acquisition of National Bank by KCB Group was priced at Sh 5.6 billion, a steep discount, with the aim of consolidating the market position.
