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National Bank of Kenya issues profit warning


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National Bank of Kenya issues profit warning

National Bankof Kenya Ltd. announced that its full-year 2015 earnings will be atleast 25% lower than its 2014 profit.

The lender said nonperforming loans increased toward the endof 2015, resulting in a sharp rise in the level of the bank's impairmentcharge. The bank said it has taken a number of steps to manage recovery of"the said position," it noted.

Also, a projected sale of a low-yielding asset did notcomplete in 2015. The sale is now expected to be concluded in 2016.

The group reported a full-year 2014 group pretax profit of1.30 billion Kenyan shillings and a profit after tax of 870.7 million shillings.

National Bank of Kenya placed CEO and Managing DirectorMunir Ahmed, along with five other top managers, on pending an internal audit,and appointed Wilfred Musau acting CEO. The lender said that the boardwill also appoint five other managers in an acting capacity.

As of March29, US$1 was equivalent to 101.54 Kenyan shillings.