KCB Group profit for the first six months of 2018 hits Sh12.1 billion

KCB Group profit for the first six months of 2018 hits Sh12.1 billion

BY JOAN WANJIKU,NAIROBI,16TH AUG 2017-KCB Group continue to record wonderful results after its profit for the first six months of 2018  grew to  Sh12.1 billion.This is an increase of  18 percent compared to same period last year.

The bank delivered the results on the back of a 7 percent decline in operating expenses to Sh18.5 billion while non-funded income contributed 32.3 percent of the total revenues.

“We are seeing a more robust business that is responsive to our model of boosting non-funded activity, improving our financial strength and prudent management to consistently deliver stronger shareholder value,” said KCB Group Chief Executive Joshua Oigara.

Non-branch transactions stood  at 87pc of total volumes, compared to 13 percent handled at the branches.

During the period, KCB balance sheet grew by 6pc to Sh667.7 billion from Sh630.6 billion, driven by higher deposits and gross customer loans in an environment of controlled interest rates.

Deposits hit Sh525 billion from Sh482.8 billion, a 9pc jump, resulting in an improved liquidity position while the loan book expanded 4pc to Sh421.5 billion.

“We foresee strong growth on an improved macroeconomic environment, especially in Kenya and expect improved investor confidence in South Sudan on the back of the newly signed peace agreement,” said Oigara.

The share holders  receive  payment of an interim dividend of Sh1.00 per share.

unlike last year when Shareholders were  paid the dividend in December ,this year they will have it in November 2018.

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