KCB Group full-year net profit up 74pc to Kshs. 34.2B

KCB Group has realised a historic rise in full-year net profit of Kshs. 34.2 billion for the period ended December 31, 2021 which rose 74% from Kshs. 19.6 billion the lender posted a year earlier.

The growth is attributed to increased income, cost management, and lower credit provisions the lender incurred during the period under review.

“We made significant progress in achieving our 2021 strategic targets which delivered a strong financial performance that was in line with gradual economic recovery across all markets. The third and fourth quarters were the turning point with a pick-up in lending activity even as the COVID-19 pandemic continued to impact on economic activity,” said Joshua Oigara, KCB Group Chief Executive Officer.

The group saw a 13.5% rise in revenue to Kshs. 108.6 billion on account of a rise in net interest income which was up 15% to KShs.77.7 billion.

Non-funded income grew by 9.9% to Kshs. 30.9 billion on increased customer transactions, forex income and income from accelerated loan growth.

Oigara added, “During the period, we deliberately focused on supporting customers to weather the healthcare storm. We expect good business momentum this year with a projected economic recovery across markets.”

More to follow….