NIC Bank has recorded a 3.4 per cent decline in net profit for the year ended December on the back of higher provisioning for bad debt. The lender’s net profit stood at Sh4.3 billion in the year compared to Sh4.4 billion the year before, with the provisions rising more than 2.2 times to Sh3.7 billion.
The higher provisioning and an increase in staff costs widened the bank’s total operating expenses by 35.8 per cent to Sh10 billion.
