Kenya’s largest bank by asset base, KCB Group, has announced its 2016 financial results. Profit after tax grew by a thin 1% to stand at Ksh. 19.7 Billion.
Despite 2016 being a challenging year for banks and businesses in general, KCB Group registered an increase in net income which rose 15% from Ksh. 60.2B in 2015 to Ksh. 69.4B. It was largely helped by the growth of revenue in mobile banking (83%) and agency banking (95%).
KCB is strong on mobile, largely driven by its 7.8M KCB M-Pesa customers. According to the CEO Joshua Oigara, “90% of KCB Bank loans are processed on Mobile, with 53% of customer interactions being on mobile”.
The KCB Group AGM will be held on 21 April 2017 at Safaricom Kasarani Indoor Stadium where a final dividend of Ksh. 3 will be proposed. This will translate to a 50% increase in dividend pay out after a final dividend Ksh. 2:00 per share was declared in 2015.