KCB Group has poster a 74 per cent jump in its annual net profit for the year ended December 31, 2021.

This sharp growth was attributed to lower provisions against bad debts and increased revenue.

KCB Group’s net earnings had dropped 22 percent to Sh19.6 billion the year before on increased provisions for coronavirus-related defaults.

“We made significant progress in achieving our 2021 strategic targets which delivered a strong financial performance that was in line with gradual economic recovery across all markets,”

KCB Group chief executive Joshua Oigara said.

 “The third and fourth quarters were the turning point with a pick-up in lending activity even as the pandemic continued to impact on economic activity.”

The bank’s total income crossed the Sh. 100 billion for the first time, growing to Sh. 108.6 billion from Sh. 96.3 billion in the prior year.

The loan book grew 13.5 percent to Sh. 675.5 billion from Sh. 595.2 billion a year earlier, helping lift its total asset base to nearly Sh. 1.14 trillion which was equal to a 15.4 percent rise.

This was the first time the assets crossed the Sh. 1 trillion, partly on the successful acquisition of BPR bank in Rwanda at end of last July.

Following the profit jump, KCB declared a final dividend of Sh. 2 per share or an aggregate of nearly Sh. 6.43 billion, bringing the total payout for the year to Sh. 3 per share, or Sh. 9.64 billion.

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This is a rise from Sh1 per share or an aggregate of Sh3.2 billion last year, but it is still below Sh3.5 per share or a total of Sh11.2 billion in the pre-pandemic years.