KCB doubles profit in third quarter to $225m, buoyed by regional units
KCB Group CEO & MD, Joshua Oigara, KCB Group Chairman, Andrew Kairu (C) and KCB Group CFO, Lawrence Kimathi (R) during the bank's half year results announcement at the Nairobi Serena Hotel on August 19, 2021. The lender's half year profit doubled to Sh 15.3 billion from Sh 7.6 billion a year ago. PHOTO | DIANA NGILA | NAIROBI
KCB Group has doubled its third quarter net profit to $225 million, largely driven by increased revenues from subsidiaries and reduction in loan loss expense.
The group’s loan book surged 12 percent to $6.41 billion on account of improved lending in Kenya, Uganda and Rwanda while customer deposits increased 11 percent to $7.66 billion, largely due to organic growth in Kenya.
