NC Bank, Guaranty Trust register largest leap in profits

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Despite remaining in the red, NC Bank registered a massive 567% improvement in profit, moving to a loss of sh600m in 2018 from a significant sh4 billion hole the year before. Guaranty Trust also seems to be well on the road to recovery with a loss of nearly sh2 billion down from negative sh10.1 billion the year before.

At the front end of the class are commercial banks like Stanbic, Centenary, Standard Chartered and Bank of Baroda zoomed ahead in their earnings, setting a new record in their profit growth amidst decline in interest rates.

Prime interest rates ranged between 18-22% throughout last year following the central bank’s decision to lower the central bank rate to 10% the lowest since 2011 when the inflation targeting tools were introduced.
Growth in the bank profits was largely down to growth in loan books and investment in government securities.

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