NIC Bank recorded a profit of Sh3 billion, up from Sh2.7 billion in the previous year.
Directors have proposed to double the dividend to Sh1 a share for investors registered by close of business on March 27.
Medium-sized lender NIC Bank chalked up 12 per cent rise in net profit last year, on the back of higher interest income.
The listed commercial bank, whose single largest shareholder is the family of the late Central Bank governor Philip Ndegwa, recorded a profit of Sh3 billion, up from Sh2.7 billion in the previous year.
In a filing to the Nairobi Securities Exchange, the directors have proposed to double the dividend to Sh1 a share for investors registered by close of business on March 27.
The company registered a higher interest income of nearly 68 per cent, but non-interest income grew more modestly at 22 per cent. Total operating expenses went up by 26 per cent.
The total operating income grew by 26 per cent, the same margin by which the net loans and advances rose during the period.
Deposits increased by 26 per cent to Sh83.4 billion from the previous year, which in turn helped to expand the loanbook to Sh71.5 billion.
While some banks seemed to have difficulty making money from the foreign exchange market, NIC grew its forex income by 23 per cent to Sh1.2 billion during the year.
The total interest income was Sh5.5 billion, 28 per cent higher than in the previous year as the bank, like most others, benefited from the high interest rate environment that prevailed from the last quarter of 2011.
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