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The bank's loan book grew to Sh283.7 billion from Sh227.7 billion resulting in an eight percent increase in interest income to Sh35.9 billion/FILE

Kenya

KCB posts Sh16.8bn net profit in 2014

The bank's loan book grew to Sh283.7 billion from Sh227.7 billion resulting in an eight percent increase in interest income to Sh35.9 billion/FILE

The bank’s loan book grew to Sh283.7 billion from Sh227.7 billion resulting in an eight percent increase in interest income to Sh35.9 billion/FILE

NAIROBI, Kenya, Feb 26 – The Kenya Commercial Bank (KCB) Group made a Sh16.8 billion net profit in 2014 representing a 17.4 percent rise from Sh14.3billion recorded in the previous year.

The bank’s customer deposits grew from Sh305 billion to Sh377 billion while net interest income increased to Sh35.9 billion from the Sh32.9 billion.

The bank’s loan book grew to Sh283.7 billion from Sh227.7 billion resulting in an eight percent increase in interest income to Sh35.9 billion.

Fees and commissions on loans and advances however slightly dropped from Sh4.68 billion to Sh4.63billion.

The bank will pay a dividend of Sh2 per share, unchanged from the 2013 pay-out.

The bank is in the process of restructuring that will lead to the establishment of a non-operating holding company for the group.

“Kenya Commercial Bank Limited will become the group non-operating holding company, the restructuring will not affect the current shareholding structures customers and employees of the company, “the company announced.

The restructuring is subject to all regulatory approvals.

Earlier, the bank, which also operates in Rwanda, Uganda, South Sudan, Tanzania and Burundi, had indicated plans to enter new regional markets this year.

The bank also plans to use the international debt market for a Eurobond in the next two years.

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