KCB’s net profit grows to Ksh19.6bn

Kenya Commercial Bank Group has recorded KSh19.6 billion after tax profit in the 2015 financial year compared to Ksh16.8 billion same time in the year 2014. KCB Group Chairman Ngeny Biwott the 16% increase  was as a result of sustained business resilience despite a relatively tough macro-economic environment across the East African region.

The net Interest Income increased by 9% to Ksh39.2 billion with fees & commissions up 11 per cent to stand at 14.16 billion shillings. The Group also saw a 21.9 per cent increase in their loan book to stand at Ksh346 billion shillings. “Our aim is to strengthen it and will take advantage of every opportunity available to help us consolidate the market, obtain our profitability,” CEO Joshua Oigara said.

Customer deposits also increased by 12 per cent, whereas shareholders equity also grew from Ksh75 million in 2014 to Ksh81 million in the concluded financial year. “The Group’s balance sheet hit Ksh558B, a 14 % growth, giving us a robust funding portfolio,” Mr Oigara added.

With Imperial Bank having shut down with depositors’ finances, KCB Group Chairman urged for a stronger supervision of the sector for a safer industry. “It is in our interest to consolidate banks and have a safe banking sector. KCB supports supervision of the industry,” Mr Biwott said.

Other services like the inter-operable KCB Pepea Card are yet to pick up as expected with the bank citing that overall readiness of the market has hindered the over one million Pepea card operations. The company seeks to strengthen its East African operations by cementing that in Ethiopia through digital and mobile banking platforms.