KCB Posts Ksh. 34 Billion Profit
KCB has announced a profit of 34.2 Billion shillings in the 2021 financial year results. This is a 75% increase from their results in the previous year which was Sh. 19.6 billion.
This vast improvement was influenced by increased income, cost management and lower provision for loan defaults.
“We made some significant progress in achieving our 2021 strategic targets which delivered a positive financial performance that was in line with gradual economic recovery across all markets. Considering the COVID-19 setbacks,” said Joshua Oigara, the Chief Executive Officer.
Operating expenditure significantly dropped from Sh60.82 billion to Sh69.97 billion. This greatly influenced and supported the growth in the overall profit for the 2021 financial year.
KCB’s net interest income grew from Sh67.54 billion to Sh77.69 billion during the review period as non-interest income increased from Sh28.15 billion to Sh30.94 billion.
“Though our efforts of tapping into foreign markets have been quite a success especially in Eastern Africa, we expect to grow and extend our bounds further into foreign African markets,” said the Chief Financial Officer, Lawrence Kimathi.
By Jack Odongo.