Kenya's NIC Bank 2011 profit up, eyes rights issue

Kenya's NIC Bank 
on Thursday posted a 38 percent rise in full-year pretax profit
to 3.6 billion shillings ($43.48 million) and said it planned to
raise cash through a rights issue and would also expand in
neighbouring Uganda.   



    Ranked in the second tier of Kenyan banks, NIC said in a
statement that 2011 earnings per share rose 47 percent to 6.72
shillings.    



    The bank, which did not give details to explain the rise in
profit, said it would pay a final dividend of 0.25 shillings,
unchanged from the previous year.    



    NIC had paid an interim dividend of the same amount.   



    NIC said it was planning to raise additional capital of 2
billion shillings through a rights issue.   



    The bank also said it hopes to expand in Uganda, where it
expects to invest 961 million shillings to set up a wholly-owned
subsidiary.