NAIROBI, Kenya, Mar 8 – KCB Group has posted a profit of Sh19.7 billion for the year ended 2017, a flat growth having posted the same amount in 2016.
KCB Kenya, the Group’s biggest contributor registered Sh19.2 billion down from Sh19.8 in 2016.
The Company credits a drop in performance in its Kenyan business for a prolonged electioneering period, the presence of the interest rates cap and a protracted drought.
Group liabilities and equity went up by 9 percent to hit Sh647bn while KCB Kenya’s liability and equity went up by 10 percent to Sh556Billion.
Nonperforming loans grew by 8.5 percent, attributable to the SME and microenvironment with provisions for bad debts went up by 55 percent from Sh3.8 billion to Sh5.9 billion.
Customer deposits were however up 11 percent from Sh448.2 billion to Sh499.5 billion with the Shareholder Funds increasing by 10 percent from Sh97 Billion to Sh106 Billion.
“Looking into 2018, we are targeting to increase our excellence in customer experience, increase our digital financial services and growth in youth and women enterprises,” said the Group CFO Kiamba Kimathi during the release of the results.
The Board has recommended a final dividend of Sh2 per share.