CONTACTS: +254 726879488 (Mobile)
+254770 455 116 (Office)
By Isaac Oganga
KCB Group recorded a 74 percent rise in net profit for the full year ending December 2021, on economic recovery across markets.
Net profit grew to Sh34.2 billion compared to Sh.19.6 billion a year earlier, on the back of increased income, cost management and lower credit provisions which saw the Group post higher returns to shareholders.
Revenues increased by 13.5% to KShs.108.6 billion on account of a rise in net interest income which was up 15.0% to KShs.77.7 billion. Non funded income grew by 9.9% to KShs.30.9 billion on increased customer transactions, FX income and income from accelerated loan growth.
“We made significant progress in achieving our 2021 strategic targets which delivered
a strong financial performance that was in line with gradual economic recovery across
all markets.
The third and fourth quarters were the turning point with a pick-up in
lending activity even as the COVID-19 pandemic continued to impact on economic
activity,” commented the Group’s Chief executive Joshua Oigara.