KCB Profit 2019: KCB Group has posted Sh. 25.1 billion net profit for the full year ended December 2019 . This represented a profit growth of 4.8 per cent. In the previous financial the bank recorded a net profit of 23.99 billion.
According to the bank’s CEO Joshua Oigara, the improved profitability was boosted by growth in interest income from the consolidated book with the National Bank whose shareholders’ buyout was completed this week.
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During the financial year, KCB’s assets stood at Sh. 898.5 billion a growth from from Sh. 714.3 billion. Net interest income expanded by 14.9 percent to Sh. 56.1 billion last from Sh. 48.8 billion the previous year. The bank’s loan book grew by 17.4 per cent to Sh. 535.3 billion from Sh. 455.8 billion.
However, non-performing loans doubled from Sh. 32.6 billion to Sh. 63.3 billion. This followed the bank’s takeover of National Bank which had a heavy load of non performing loans.
KCB also announced that it will give a final dividend payout of Sh. 2.50 per share subject to shareholders’ approval. The company had paid Sh. 1 per share interim dividend. KCB Profit 2019.