Kenya’s KCB Group 9-month profit doubles as economy recovers

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FILE PHOTO: An ATM is seen in the banking hall at the KenCom branch in Kenya Commercial Bank (KCB), Nairobi, Kenya July 10, 2018. Image was taken on July 10, 2018. Businesshala/Thomas Mukoya/File photo
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(Businesshala) – Kenya’s largest lender by assets, the KCB Group, said on Wednesday that its pre-tax profit for the first nine months of the year doubled compared to the same period last year as the economy was hit by the COVID- 19 recovers from the pandemic.

The bank’s profit before tax reached 35.8 billion Kenyan shillings ($320 million) from 17.14 billion shillings in the same period last year. It did not provide a quarterly breakdown.

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“This is our strongest quarter since the COVID-19 pandemic 20 months ago, with clear signs of economic recovery in key sectors,” KCB Group Chief Executive Joshua Oigara said in a statement.

The bank, which also operates in Tanzania, Uganda, Rwanda, South Sudan and Burundi, said loan loss provisions fell to 9.3 billion shillings, compared to 20.0 billion shillings last year. The bank said the ratio of non-performing loans (NPLs) came down from 15.1% to 13.7%.

Net interest income was 56.4 billion shillings compared to 47.9 billion in 2020.

In August, KCB reported a 70% year-on-year increase in first-half pre-tax profit, saying that the worst of the pandemic was behind it, though the recovery was not “perfect”, and that the firm had raised debt. The plan was to normalize the repayment by the end of next year.

($1 = 111.9000 Kenyan Shilling)

Reporting by Ayanat Mercy; Editing by Jan Harvey, Edmund Blair and Amelia Sithol-Mataris

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