Kenya: slight increase in net profit of KCB Group in the first quarter of 2021

KCB Group Plc announced on May 26, 2021 that it recorded 1.8% profit growth for the first three months of the year. The Nairobi Securities Exchange-listed bank increased its after-tax profit to Ksh 6.37 billion ($ 59.53 million) from Ksh 6.26 billion ($ 58.5 million) at the same period in 2020.

“The economic environment improved slightly during the quarter, although uncertainties related to the pandemic remain a major risk to the outlook,” Chief Executive Officer Joshua Oigara said in a group statement.

During the period under review, operating profit increased slightly by 0.38% to Ksh 23.04 billion (USD 214 million) from Ksh 22.95 billion (USD 213.6 billion). For their part, interest income increased 8.71% to Ksh 21.96 billion ($ 205.23 million) from Ksh 20.2 billion ($ 188.78 million).

According to the group’s unaudited financial statements, total assets rose 3.27% to Ksh978 billion ($ 9.14 billion) from Ksh 947 billion ($ 8.85 billion). Customer deposits increased 1.21% to Ksh 749 billion ($ 7 billion) in the first quarter of 2021, compared to Ksh 740 billion ($ 6.91 billion) in the first three months of the previous year.

Regarding net lending, they increased 7.79% to Ksh 597.1 billion ($ 5.58 billion) against Ksh 553.9 billion ($ 5.17 billion).

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