The Kenya Commercial Bank (KCB) has announced a Ksh12.1 billion profit in the first half of the financial year 2018 representing an 18% growth from June 2017.
Half-year unaudited results released by the lender on August 16 indicate that the bank’s revenues grew to 12.1 billion from 10.3 billion over the same period last year.
While releasing the results at Radisson Blu Hotel in Nairobi, KCB chief executive officer Joshua Oigara said the company is on course to realise its targets this year despite harsh business environment.
“Looking into the second half of 2018, we foresee strong growth on an improved macroeconomic environment, especially in Kenya and expect improved investor confidence in South Sudan on the back of the newly signed peace agreement” said Mr. Oigara.
Total income grew to Ksh35.6 billion in the first half of 2018 as against Ksh34.64 billion during the same financial period last year. This puts the bank on course to surpass its 2017 year end results which totalled Ksh71.4 billion.
Owing to its strong financial standing, KCB advanced Ksh. 421.5 billion worth of loans to its customers, a 4% increase from last year’s Ksh406.976 billion.
In addition, KCB recorded a 9 per cent growth in deposits from its customers to Ksh524.9 billion as compared to June 2017’s Ksh482.845 billion.
The board of directors approved dividends of Ksh1 per share which KCB will pay on November 30 for shareholders registered by September 3. In April of this year, KCB announced a Ksh9.2 billion for its shareholders for the year ending 2017.