Peter Kioko Appointed Acting Managing Director of National Bank of Kenya

Peter Kioko Appointed Acting Managing Director of National Bank of Kenya (News Central TV)

Peter Kioko has been appointed acting Managing Director of the National Bank of Kenya (NBK), a commercial bank in Kenya and a subsidiary of KCB Group Plc.

Kioko was appointed to replace Paul Russo, who was appointed CEO of Kenya Commercial Bank last month following the departure of Joshua Oigara.

“KCB Group is delighted to have Peter steer National Bank to greater heights as he has played a pivotal role in driving the transformation of the bank. Hence his appointment reflects our commitment to continue strengthening the business,” said Russo while announcing the appointment.

Kioko, who joined the bank in November 2016, is now the Director, Finance and Strategy at NBK, a position he maintains even as the new acting managing director. He has held the position under two different doctors, the departing Paul Russo and the former Wilfred Musau.

He brings over 25 years of cumulative financial management experience to this new role, having served in a variety of leadership roles in various local and international organisations.

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He was previously the head of risk and audit at East Africa Breweries Limited (EABL) before becoming its finance director. He was a finance manager – corporate and investment banking at Stanbic Bank and the Group Financial Controller at Kenya Shell / BP Limited.

Kioko graduated from the University of Nairobi with a Bachelor of Commerce (Accounting Option), a Post Graduate Diploma from the University of Bradford, and is a Certified Public Accountant. He also belongs to ICPAK.

KCB, which completed the takeover of National Bank in March 2020, injected KSh5 billion (US$4.27 million) in new capital into the bank in December 2019 to recapitalize the lender, which had been breaching critical capital ratios for years.

For the fiscal quarter ending March 31, 2022, NBK made a profit after tax of KSh395 million (US$3.37 million). This represents a 72% increase over the previous year’s figure of KSh229 million (US$1.95m).

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The increase was due to an increase in operating income, which increased by 13% to KSh2.7 billion (US$23.04 million) from KSh2.4 billion (US$20.48 million) in the same period last year.

This was supported by higher loan interest revenue and a 5% increase in non-interest income, driven by increased account acquisition and foreign exchange gains in retail and corporate clients.

During the period, net interest income increased by 15% to KSh2.2 billion (US$18.77 million) from KSh1.9 billion (US$16.21 million) the previous year.

Interest income increased by 19% to KSh3.2 billion (US$27.30 million) as a result of increased volumes of loans and advances, as well as improved level of recoveries.

Total operating costs, excluding loan loss provisions, increased by 5% year on year to KSh2 billion (US$17.06 million).

Increased investments in cybersecurity, strategic bank projects to improve operational excellence and customer experience, such as internet and agency banking platforms, drove this.

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On the balance sheet, total assets increased by 8% year on year to KSh140 billion (US$1.19 billion).

Net loans and advances increased by KSh10 billion (US$85.32 million) to KSh67 billion (US$571.67 million).

According to management, the bank’s capital and liquidity levels remain strong, firmly enabling the bank to support its customers, particularly those in the SME sector.

NBK stated that its concerted loan recovery efforts have helped to stabilize the credit portfolio.

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