Subscribe & Follow
Advertise your job vacancies
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.
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/Related
South Sudan's president sacks finance minister, sixth since 2020 12 Jul 2024 Kenyan government doctors sign agreement to end strike 9 May 2024 KCB Group to sell National Bank of Kenya, report says 20 Mar 2024 Mediation fails between Meta and Kenyan moderators, rights group says 17 Oct 2023 Kenyan court orders mediation in Meta labour dispute 23 Aug 2023 Ethiopian Airlines to manufacture parts in venture with Boeing 21 Aug 2023
