KCB’s full year profit dips by 22pc to Sh19.6 billion

KCB Group Plc. reported a net profit of KShs.19.6 billion for the full year ending December 2020.

This was a 22% decline from the KShs.25.2 billion a year earlier as higher provisions for loan losses and subdued economic activity associated with the COVID-19 pandemic hit business performance.

“The pandemic significantly affected our business across the markets we operate in, with most of them going into some degree of lockdown. The negative impact on the economy drastically reduced our customer’s ability to operate necessitating loan restructures. Signs of recovery were evident at the tail end of the year with increased business activity, and we believe this momentum will carry into 2021,” said the Group CEO & MD Joshua Oigara.

“Despite the challenges, we strengthened our balance sheet to give us room to support our customers and stakeholders through the crisis while ring-fencing the business for future growth. I am proud of our staff who showed great dedication and commitment, enabling us to continue offering banking services at all our touchpoints,” said Mr. Oigara.