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KCB Group and its subsidiary National Bank (NBK) celebrated Valentines Day by exchanging “love notes” on their social media pages. KCB Group took the opportunity to remind NBK of their journey together over the last two years since it acquired the latter and its support towards the turnaround into profitability.
In 2019, KCB acquired a struggling NBK when it bought 297,130,033 out of 338,781,200 ordinary shares giving it 87.7% ownership.
In its latest financial results published in September 2021, NBK posted Kshs. 1.1 billion in profit after tax for the first nine months of the year. This was a 1,126% increase from Ksh. 87M posted over the same period in 2020.
Here are the letters:
In January 2020, KCB injected Ksh 5 billion into NBK to enable it to comply with capital adequacy requirements and bolster its financial resources.
KCB has given a solid promise this valentine to help NBK move even further, and things can only get better for the relationship.
