Businesses & Financial News

KCB bank assets hit Sh1 trillion mark with an impressive half year profit

KCB bought out National Bank of Kenya last year, injecting Sh5 billion ($50 million) of new capital in December to recapitalise the bank, which had breached critical capital ratios for years.

By Steve Umidha

KCB Bank Thursday posted half year net profits of Shs.15.3 billion from7.6 billion it registered in a similar period last year despite the effects of the ongoing COVID-19 pandemic – a 102 per cent growth.

“We saw a strong first half of the year for the business with improved economic activity. The resilient and diversified nature of our business has helped us navigate the unfolding impact of the COVID-19 pandemic,” said KCB Group Chief executive Joshua Oigara.

The bank’s total income increased 13.7% to KShs.51.2 billion during the period, with net interest income up by 17.7% to KShs.36.6 billion from KShs.31.1 billion last year on the back of higher interest earning assets and effective management of cost of funding during the period.

KCB total assets stood at Sh1.02 trillion from Sh 953 billion.

Customer deposits were up by 4% to KShs.786.03 billion mainly due to current and savings accounts, while loans grew 9% on account of corporate term loans and retail check offs during the period to close at KShs 606.9 billion.

Shareholders’ equity grew 16% from KShs. 132 billion to KShs. 153 billion on improved profit for the period.

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