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KCB Bank posts 17 pct rise in 2013 pretax profit

27 February 2014, 14:27

Nairobi - KCB Bank posted a 17 percent jump in pretax profit to 20.1 billion shillings, boosted by a strong performance from its Kenyan business.

The lender, the largest by assets in the country, said net interest income rose 8 percent to 32.98 billion shillings.

It also operates in the greater east Africa region in South Sudan, Uganda, Burundi, Tanzania and Rwanda.

It proposed a dividend of 2 shillings per share, a 10 cents rise from the previous period.

KCB also attributed the growth to a fall in costs that drove its cost-to-income ratio to 54 percent from 57.4 percent in the previous year.

Other income increased by 52 percent to just over 1 billion shillings while provision for bad debts fell 53 percent to just under 1 billion shillings, the lender said.

- Reuters


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