KCB Bank Group has posted an 18% rise in full year 2014 pre-tax profit, with all subsidiaries returning positive earnings. Profit before tax jumped from KShs 20.12 billion to KShs 23.79 billion in the past one year.
â€˜During the period, the region benefitted from improved macro-economic indicators with most economies posting better growth figures, reduced inflation, lower lending rates and higher remittances. This coupled with relkative political stability has given business headroom to expand and ring-fence growth while making new investments. Going forward, we foresee stability across all economies where we operate despite the challenges in South Sudan.â€™ said KCB Group Chairman, Ngeny Biwott.
Kshs 238 million, 1% of the pre-tax profits, will be contributed to the KCB Foundation that supports community initiatives in education, environment, enterprise development, health and humanitarian intervention, for the year 2015.
The group credits its returns to growth in loans and advances.
A comprehensive financial report can be found here.