Kenya’s largest lender by assets, KCB Group, has reported its Full Year 2016 Results posting a 10% rise in Profit before tax to Sh 29.09 billion while net profit increased by just 1 per cent to Sh 19,7 Billion from the previous period’s Sh 19.6 Billion.
Despite the capping of lending rates introduced in the third quarter of 2016, Net interest income shot up 20% to Sh 47 Billion from Sh39.3 Billion while Forex income also increased by 35% to Sh5.5 Billion.
The Bank noted that Customer deposits increased by 6% from Sh 424.4 Billion to Sh 448.2 Billion while while net loans & advances to customers were up 11% to Sh385.7 Billion. Total Assets improved by 7% from Sh 558 Billion to Sh595.2 Billion.
“90% of KCB Bank loans are processed on Mobile, with 53% of customer interactions being on mobile” said the Group CEO Joshua Oigara.
The Bank’s AGM will be held on 21st April 2017 with proposed final dividend of Sh3 per share, an increase of 50% from the 2015’s Sh 2.00 per share. This will bring the total dividend payment to Sh 9.1 Billion.