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KCB profit hits record Sh34.2bn
Customers being served at a Kenya Commercial Bank branch in Nairobi.
Photo credit: File | Nation Media Group
What you need to know:
- The lender’s costs went up 11.9 per cent to Sh47.8 billion from Sh42.8 billion.
- KCB Group Chief Executive Joshua Oigara is expecting the lender to up its performance.
KCB Group has posted a 74 per cent increase rise in profit after tax for the full year to December 2021, buoyed by an improving economy.
The lender’s profit after tax hit a record Sh34.2 billion compared to Sh19.6 billion a year earlier lifted by higher income and lower loan loss provisions. The bank lowered its loan loss provisions by more than half to Sh13 billion from Sh27.2 billion.
