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NC bank profit hits sh1b, sets sights on mobile money

By Samuel Sanya

Added 20th April 2016 11:19 AM

John Okulo, the NC bank boss cited the expansion of digital banking channels such as mobile money enabled bank accounts as a major factor in the growth of industry deposits.

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NC bank’s 2015 after tax profit has grown 61% to sh1b from sh670m in the previous year on the back of a spike in foreign exchange incomes, fees and commissions and customer deposits.

John Okulo, the NC bank boss cited the expansion of digital banking channels such as mobile money enabled bank accounts as a major factor in the growth of industry deposits.

“Mobile phones have increasingly become the dominant mode of transacting and communicating. It is therefore important for banks to embrace this trend by allowing customers to access banking services through their phones,” Okulo said.

The Bank’s total assets increased by 20% to sh202b while, interest income grew by 40% to sh21.5b. Foreign Exchange income grew by 170% to sh1.16bn whilst fees and commissions grew by 42% to sh1.4bn.

The bank attributes this performance to an increase in customer volumes and transactions particularly in the latter half of 2015 when the bank expanded its target market and channels.

 

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