This archive report was first published on 18 November 2021.
On November 18, 2021, the Kenya Commercial Bank (KCB) group announced a significant increase in its net profits for the nine months ended September, with a 131 percent surge to Sh25.2 billion.
The group's revenue rose by 16 percent to Sh79.9 billion, primarily due to increased interest income from earning assets, non-funded income, and low-cost funding.
Non-funded income saw a 10 percent increase, attributed to a rise in customer transactions.
Group Chief Executive Officer and Managing Director Joshua Oigara attributed the firm's resilience to the COVID-19 pandemic, projecting further growth as vaccination efforts continue.
"This is the strongest quarter for us since the COVID-19 pandemic struck 20 months ago, with clear signs of economic recovery across key sectors. While we are cautiously optimistic of the prospects, especially due to the dynamic nature of the healthcare crisis, we project that the worst is behind us," Oigara said.
Looking ahead to 2022, Oigara emphasized the need to sustain a stronger recovery by deepening focus on supporting various sectors of the economy, such as MSMEs, and making strategic investments to deepen regional play.
"Our focus was on cost management, cash preservation, and driving sustainable business growth. Our resolve to support our customers to navigate the crisis has helped them pick up from the subdued business environment," he added.
Notably, KCB reported a 9 percent increase in expenses to Sh34.7 billion, primarily due to staff costs.
Customer gross loans increased by 12 percent to Sh718 billion, while customer deposits stood at Sh859 billion, an 11 percent jump due to organic growth in Kenya.
The group has approved an interim dividend of Sh1 for every ordinary share held.
