Kenya Commercial Bank Group has reported a Ksh. 9.9 Billion net profit for the first quarter of 2022. This represents a 54.6 per cent rise from Ksh. 6.4 Billion from the previous year.

This was on the back of a growth in net interest income  by 18 percent to Sh19.7 billion driven by an increase in net loans and advances coupled with growth in investments in government securities even as its non-funded income grew by 47.2 percent to Sh9.3 billion.

Loan loss provisions in the group decreased by 27.5 percent from a similar period last year largely due to a drop in corporate and digital lending impairment charge after Covid-19 related provisions recognised in the 2021 full year.

“The business showed sustained resilience backed by our proactive approach towards driving income growth, managing liquidity, conservation of capital and cost containment. Furthermore, a relentless focus on our strategy has enabled us to maintain robust asset growth and deliver healthy return on our investments,” said outgoing KCB Group Chief Executive Joshua Oigara.