NIC Group’s #ticker:NIC net profit for 2017 dropped by 4.4 per cent to Sh4.14 billion following a drop in interest income that the lender blames on the rate cap and a slow economy.
Although the bank grew its loan book by Sh5.3 billion to Sh 119.8 billion, the interest income from this line of lending dropped by 13.2 per cent to Sh13.15 billion. Gross non-performing loans rose by Sh730 million to hit Sh14.3 billion.
