Kenya Commercial Bank 2015 net profit hits Sh19.6 billion

March 2, 2016

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KCB is in seven countries including Kenya, Uganda, Tanzania, Rwanda, Burundi, South Sudan and recently opened Ethiopia representative office/COURTESY
KCB is in seven countries including Kenya, Uganda, Tanzania, Rwanda, Burundi, South Sudan and recently opened Ethiopia representative office/COURTESY
NAIROBI, Kenya, Feb 2 – KCB Group has posted a 16 percent increase in net profit for 2015 to hit Sh19.6 billion up from Sh16.8 billion in 2014.

The management attributes the growth to their international business that rose to 12.8 percent up from 8.3 percent the previous year.

Total assets went up by 14 percent from Sh490.34billion to Sh558billion while net loans and advances went up 22 percent to Sh346 billion from Sh284 billion recorded same period previous year.

Customer deposits stand at Sh424.4 billion a 12 percent rise from Sh377 billion in recorded in 2014.

“Overall, the business navigated through difficult times especially in Kenya during the second half of the year as well as Burundi and South Sudan. Our multiple market presence helped balance off the pressures and push up the Group’s earnings,” said KCB Group Chairman Ngeny Biwott.

Shareholders’ funds went up 7 percent to Sh81 billion in the period under review.

Going forward the firm plans to focus on improving operational efficiencies and deepening digital payments.

The firm has surpassed the 10 million customer mark even as it sets up a Representative Office in Ethiopia to deepen the regional presence.

“We have continually made deliberate investments and focus on building a business around diversification, prudent cost management, a robust IT system while remaining synonymous with excellence in customer experience at all service points across the Group,” said KCB Group CEO Joshua Oigara.

During the period under review, the Bank handled Sh31 billion in agency transactions up from Sh14 billion in 2014.

At least 21.6 million transactions were handled through mobile phones, compared to 10.9 million the previous year.

Agency transactions hit 7.5 million from 3.2 million in 2014 representing 134 percent rise.

With a plan to be present in at least 10 markets by 2020, KCB is eyeing entry into Somalia, Mozambique and the Democratic Republic of Congo among other countries.

KCB is in seven countries including Kenya, Uganda, Tanzania, Rwanda, Burundi, South Sudan and recently opened Ethiopia representative office.

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