KCB Group recorded a 21.8% rise in net profit for the full year ending December 2018, reaching Sh24 billion compared to Sh19.7 billion in 2017, according to a 2019 report. The growth followed reduced loan loss provisions and higher interest income, with interest revenue climbing 4% to Sh66.3 billion.
Non-interest income remained stable at Sh23 billion, while bad debt provisions fell 50% to Sh2.9 billion, lowering operating expenses by 4% to Sh35 billion. CEO Joshua Oigara attributed the results to strong performance under interest rate caps.
KCB became the second major lender to report full-year gains after Stanbic Holdings, which saw a 45.5% profit jump to Sh6.27 billion. Central Bank of Kenya data showed commercial banks achieved a record Sh152.3 billion in pre-tax profits in 2018, surpassing levels before 2016 interest rate controls.
