KCB Group has announced KShs. 25.2 billion profit posting a 5{d59e984f9fbc5c09e4ab0305e27bfa5819922b7230cd324f89a660f78358ca33} jump in profit after tax for the full year ended December 2019.
While releasing the results here in Nairobi, to KCB Group CEO and MD, Joshua Oigara, the business remained resilient despite the challenging economic conditions witnessed in the various markets and the wider global economy. He added that all business lines were strong on both funded and non-funded income as cost control, operational efficiency and driving excellent customer experience remained a top priority.
KCB’s Interest income grew by 12.2 percent to Ksh.74.4 billion on the back of higher earnings from loan issuance and investments in government securities as issued loans topped Ksh.535.4 billion from Ksh.455.9 billion in 2018.
Oigara says KCB has enhanced investments in digital channels which in return have diversified channels giving their customers means to access banking services conveniently, at a competitive prices and in line with purpose of simplifying their world to enable their progress.
KCB Group Chairman, Andrew Kairu said, the banking sector is seeing heightened regulatory scrutiny, increased competition, amplified adoption of digital banking, and shifting economic environment across the East African region.
He added that in the face of these shifts, the bank has positioned itself and tapped into opportunities presented as they navigate past the challenges.
The bank is hence focusing on deepening their contribution towards financial deepening and economic development.