National Bank's profits tumble 53% to Sh1.14bn

NATIONAL Bank of Kenya's profit before tax plunged by 53 per cent to Sh1.14 billion last year from Sh2.4 billion in 2011 with the bank attributing this to it absorbing costs associated with high interest rates over that period. NBK's managing director Munir Ahmed said that interest expense grew at a higher rate than interest income which dropped by 6 per cent. Interest income totalled Sh8.4 billion in 2012 from Sh6.5 billion previously...