Tuesday, December 7, 2021
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HomeBusinessKCB Group 9-month profit doubles as economy recovers

KCB Group 9-month profit doubles as economy recovers

In Summary

  • Loan loss provisions fell to KSh9.3bn compared to KSh20bn last year.
  • Bank says the worst of the pandemic is now behind it.

Kenya’s biggest lender by assets, KCB Group, says its pre-tax profit for the first nine months of the year doubled compared to the same period last year as the economy recovers from the COVID-19 pandemic.

The bank’s pre-tax profit hit KSh35.8 billion from KSh17.14 billion in the same period of last year. It did not provide a quarterly breakdown.

“This is the strongest quarter for us since the COVID-19 pandemic struck 20 months ago, with clear signs of economic recovery across key sectors,” said Group chief executive Joshua Oigara said in a statement.

KCB Group’s Tentacles

The bank, which also operates in Tanzania, Uganda, Rwanda, South Sudan and Burundi, said loan loss provisions fell to KSh9.3 billion compared to KSh20 billion last year. The ratio of non-performing loans (NPL) decreased from 15.1% to 13.7%, the bank said.

Net interest income was KSh56.4 billion, compared to KSh47.9 billion in 2020.

In August, the bank posted a 70% year-on-year surge in first-half pre-tax profit, saying the worst of the pandemic was behind it although the recovery was not “perfect”, and that the firm planned to normalise loan repayments by the end of next year.

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