KCB more than doubled its 9-month profit

The firm's net profit rose 131 per cent to hit Sh25.2 billion from Sh10.9 billion a year ago.

In Summary

• KCB Group CEO Joshua Oigara said they focused on cost management, cash preservation and driving sustainable business growth.

• The Group recorded a 16 per cent rise in total income to Sh79.9 billion.

KCB CEO Joshua Oigara
KCB CEO Joshua Oigara
Image: FILE

KCB Group Plc more than doubled its profit after tax for the nine months ending September 30 on high income and reduced by loan provisions.

The firm's net profit rose 131 per cent to hit Sh25.2 billion from Sh10.9 billion a year ago as businesses recover from Covid-19.

KCB Group CEO Joshua Oigara said they focused on cost management, cash preservation and driving sustainable business growth.

"This was the strongest quarter for us since the Covid-19 pandemic struck 20 months ago, with clear signs of economic recovery across key sectors," Oigara said.

“Our focus was on cost management, cash preservation and driving sustainable business growth. Our resolve to support our customers to navigate the crisis has helped them pick up from the subdued business environment,” he added. 

The Group recorded a 16 per cent rise in total income to Sh79.9 billion, on account of higher interest income—driven by an increase in earning assets—, higher non-interest income – driven by increased transactional volumes and FX income and lower cost of funding.

Expenses rose nine per cent to hit Sh34.7 billion during the period on account of increased staff costs partially offset by a decrease in other operating expenses as the firm rolled out cost management initiatives to ring-fence the business from the impact of the pandemic.