23 February, 2012 08:34

Reuters

Kenya's NIC Bank 2011 profit up, eyes rights issue

Kenya's NIC Bank has posted a 38 percent rise in full-year pretax profit to 3.6 billion shillings ($43.48 million) and said it planned to raise cash through a rights issue and would also expand in neighbouring Uganda.

Image: Gallo/Thinkstock

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Ranked in the second tier of Kenyan banks, NIC said in a statement that 2011 earnings per share rose 47 percent to 6.72 shillings.

The bank, which did not give details to explain the rise in profit, said it would pay a final dividend of 0.25 shillings, unchanged from the previous year.

NIC had paid an interim dividend of the same amount.

NIC said it was planning to raise additional capital of 2 billion shillings through a rights issue.

The bank also said it hopes to expand in Uganda, where it expects to invest 961 million shillings to set up a wholly-owned subsidiary.

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Reuters

Kenya's NIC Bank 2011 profit up, eyes rights issue

Kenya's NIC Bank has posted a 38 percent rise in full-year pretax profit to 3.6 billion shillings ($43.48 million) and said it planned to raise cash through a rights issue and would also expand in neighbouring Uganda.

Articles

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