NIC Bank Group has reported a 17 per cent increase in net profits to Sh1.9 billion from Sh1.6 billion posted in the first half of last year.
This was boasted by an increase in its net interest income to Sh3.4 billion up from Sh913 million, a 36 per cent jump, after its loan book expanded from Sh62.4 billion to Sh71.0 billion by June 2013.
NIC acting managing director Alan Dodd said the results were achieved despite the uncertainties that led to the slowdown in business activity associated with the March 2013 general elections.
He said its most recent cross-border venture, NIC Bank Uganda, has grown its balance sheet and its scale of operations significantly. He said it is now firmly in profit territory since it opened its doors to the public in June 2012.