KCB Group’s net profit for FY 2017 remains flat at Ksh. 19.7 Billion

Joshua Oigara, Group CEO of KCB Group

KCB Group has this morning announced their financial results for the year ending 31st December 2017. The net profit reported has remained relatively flat at Ksh. 19.705 Billion as compared to 2016 when the group posted Ksh. 19,722 Billion.

Net interest income for the group rose to Ksh. 48.4 Billion from Ksh. 47.03 Billion in 2016. Total assets grew to Ksh. 647 Billion from Ksh. 595 Billion in 2016.

Mobile is turning out to be an important channel for the banking group as mobile transactions grew to 88 million, translating to a growth of 66% from 2016. Additionally, a total of Ksh. 29.6 Billion were disbursed on mobile in 2017, up from Ksh. 14.1 Billion in 2016.

The KCB Chairperson Ngeny Biwott attributed the 2017 performance to in 2017 was attributed to the long election cycle in Kenya, drought and the interest rate cap. KCB Group operates in Kenya, Uganda, Tanzania, South Sudan, Rwanda, and Burundi.

KCB Group paid an interim dividend of Ksh. 1 per share in October 2017 and will propose the payment a final dividend of KShs. 2.00 per share at the annual AGM. The AGM will be held on 27 April 2018, at the Safaricom Kasarani Indoor Stadium.

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