12 November 2008

Good News for Kenyan Economy

National Bank’s earnings rise
By JEVANS NYABIAGE Posted Wednesday, November 12 2008 at 17:34

The National Bank of Kenya has announced a 35 per cent increase in pre-tax profit for the first nine months of 2008.  The bank recorded Sh1.354 billion pre-tax profit compared to Sh1.004 billion during the same period last year.  NBK attributed the growth to an increase in non-interest income which grew by 35 per cent from Sh1.154 billion in 2007 to Sh1.563 billion this year.  The total operating income grew by 17 per cent from Sh3.324 billion in 2007 to Sh3.887 billion this year.

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Safaricom profit up to Sh8.9bn

By WACHIRA KANG’ARU Posted Wednesday, November 12 2008 at 17:09

Safaricom is betting on alternative income sources to complement voice-generated revenue as it seeks to maintain super profit levels in the face of increased competition.  The company announced this as it released its financial results for the half year ending September 30 reporting a marginal increase in pretax profit of about two per cent.  The pretax profit rose to Sh8.9 billion up from Sh8.7 billion recorded over a similar period in 2007.

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