KCB Group has released its financial results for the first nine months of 2022 recording 21.4% rise in net profit rose to KES 30.6 billion mainly driven by growth in net interest and non-funded income.
Total revenue rose by 15.3% to KES 92.1 billion as non-funded income increased by 30.2% on higher foreign exchange earnings and lending fees.
Operating Costs grew by 19.6% to KES 41.6 billion from KES 34.8 billion last year. This was mainly because of the impact of acquisition of BPR Bank which increased business activities and staff costs. The lender’s the cost to income ratio now stands at 45.1%.
In a statement to investors, KCB Group said it had put in place cost saving initiatives targeting savings across all its businesses.
KCB Group’s balance sheet went up 13.7% with total assets now at KES 1.28 trillion largely driven by growth in loans, investment in government securities funded by growth in customer deposits and additional borrowings. Net loans and advances went up 16.4% to KES 758.8 billion from additional lending to the personal, building & construction and manufacturing sectors.
Customer Deposits increased by 7.4% to KES 922.3 billion on higher deposits from the growth of current and savings accounts.
KCB Group Shareholders
Shareholders’ funds grew by 15.2% from KES 163.0 billion to KES 187.8billion on improved and accumulated profits for the year to date.
KCB Group Board has proposed an interim dividend of KES 1.00 per share amounting to KES 3.2 billion.
KCB Group has presence in six countries including a representative office in Ethiopia. The group said it is keenly following on the developments in Ethiopia as it seeks to grow its regional footprint.
READ; KCB Group Disburses Loans Worth KES 336 Billion for Eco-Friendly Projects
