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Kenya's KCB Group first quarter pretax profit up 53%

Kenya's KCB Group's pretax profit for the first quarter of this year jumped 53%, helped by higher interest income, it said on Wednesday, 21 May 2024.

By George Obulutsa

22 May 2024

Source: Reuters.

The bank, which also operates in Democratic Republic of Congo, Tanzania, Rwanda, South Sudan, Uganda and Burundi, said pretax profit rose to 21.16bn shillings ($160.91m) from 13.85bn shillings in the same period of last year.

Net interest income rose to 31.06bn shillings from 22.06bn shillings.

Gross loans increased 12.2% to 1.13tn shillings, while loan-loss provisions stood at 6.3bn shillings, up from 4.12bn shillings.

"This was as a result of downgrades in Kenya and the impact of translation of the foreign currency denominated book," KCB Group said in a statement.

Total assets increased to 2tn shillings from 1.63tn shillings in the year-ago period.

KCB agreed to in March to sell its Kenyan unit, National Bank, to Nigeria's Access Group.

Source: Reuters

Reuters, the news and media division of Thomson Reuters, is the world's largest multimedia news provider, reaching billions of people worldwide every day.

Go to: https://www.reuters.com/