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Kenya’s KCB Group 9-month profit doubles as economy recovers -Breaking


© Reuters. FILE PHOTO: An ATM is seen within the banking corridor on the Kenya Business Financial institution (KCB), Kencom department in Nairobi, Kenya July 10, 2018. Image taken July 10, 2018. REUTERS/Thomas Mukoya/File Picture

(Reuters) – Kenya’s largest lender by property, KCB Group, mentioned on Wednesday its pre-tax revenue for the primary 9 months of the 12 months doubled in comparison with the identical interval final 12 months because the financial system recovers from the COVID-19 pandemic.

The financial institution’s pre-tax revenue hit 35.8 billion Kenyan shillings ($320 million) from 17.14 billion shillings in the identical interval of final 12 months. It didn’t present a quarterly breakdown.

“That is the strongest quarter for us for the reason that COVID-19 pandemic struck 20 months in the past, with clear indicators of financial restoration throughout key sectors,” mentioned KCB Group chief govt Joshua Oigara mentioned in a press release.

The financial institution, which additionally operates in Tanzania, Uganda, Rwanda, South Sudan and Burundi, mentioned mortgage loss provisions fell to 9.3 billion shillings in comparison with 20.0 billion shillings final 12 months. The ratio of non-performing loans (NPL) decreased from 15.1% to 13.7%, the financial institution mentioned.

Web curiosity earnings was 56.4 billion shillings, in comparison with 47.9 billion in 2020.

In August, KCB posted a 70% year-on-year surge in first-half pre-tax revenue, saying the worst of the pandemic was behind it though the restoration was not “excellent”, and that the agency deliberate to normalise mortgage repayments by the top of subsequent 12 months.

($1 = 111.9000 Kenyan shillings)



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