KCB has posted a Sh. 13.2 billion profit before tax and a Sh. 9.2 billion net profit for the 2015 half year. This was an increase of 13 per cent from the Sh. 11.7 billion the bank recorded the previous year.
Further, KCB announced that it would not be pulling out of South Sudan. The bank’s customer deposits went upwards by 26 per cent from Sh. 352 billion to Sh. 443 billion while total assets grew by 29 per cent from Sh. 440 billion to Sh. 567 billion.
According to KCB’s CEO Joshua Oigara, KCB will be focusing more on digital channels in its growth strategies. The CEO added that KCB would lending to small and medium enterprise to Sh. 40 billion within the next three years. “We have consistently focused on growing new business lines and strengthening the subsidiaries to drive the business to higher profitability and guarantee its sustainability. This is bearing fruit as seen in the increased earnings,” added Mr. Oigara.
Within the period, KCB improved its Non-Performing Loans to 6 per cent while its customers grew by 30 per cent. In the same vein, KCB’s joint partnership mobile money platform with Safaricom, KCB Mpesa has 2.1 million subscribers who have borrowed Sh. 2 billion in the past four months of the channel’s existence.
