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KCB bank posts 18% rise in full year 2014 pre-tax profit

26 February 2015, 12:37 Mike Munga

Nairobi - KCB Bank Group has posted 8% rise in full year 2014 pre-tax profit, riding on double-digit growth in balance sheet and non-funded income and positive earnings from all subsidiaries.

During the 12 months ending December 2014, profit before tax jumped from KES 20.12 billion to KES 23.79 billion, said KCB Group Chairman, Mr. Ngeny Biwott during an Investor Briefing held at a Nairobi hotel Thursday.

Biwott said that the growth was buoyed by a relatively favourable macro-economic environment across the East African region.

“During the period, the region benefited from improved macro-economic indicators with most economies posting better growth figures, reduced inflation, lower lending rates and higher remittances,” said Biwott.

The chairman also noted that the relative political stability gave businesses headroom to expand and ring-fence growth while making way for new investments.

“Going forward, we foresee stability across all economies where we operate despite the challenges in South Sudan,” he said.

Read Also: CBK holds key lending rate at 8.5 pct

The Group Chairman announced that KCB will contribute 1% of its pre-tax profits, translating to KES 238 million, to the KCB Foundation. These funds will help the Foundation to support community initiatives in education, environment, enterprise development, health and humanitarian intervention for the year 2015.

KCB Group Chief Executive Officer, Joshua Oigara attributed the impressive results to growth in loans and advances.

“We have continually focused on investment in innovation and technology, tapping alternative channels such as KCB Mtaani agents, merchants, M-Benki, and pepea.

He said the unique partnership between KCB and Safaricom demonstrates how large corporates can leverage on their strengths for Kenyan people to flourish.

“This year and beyond, the Bank is planning to boost its investment in new business lines, revving up growth in its subsidiaries and expanding its foray in the cashlite economy which is billed as the next frontier for growth in the financial services sector,” he said.

He noted that the bank already has four million customers, saying they long to grow up to ten million.

“We hope to enhance financial inclusion to 10 million customers. If we have to dream, let us dream big,” he said.

- MyNews24

Disclaimer: All articles and letters published on MyNews24 have been independently written by members of News24's community. The views of users published on News24 are therefore their own and do not necessarily represent the views of News24. News24 editors also reserve the right to edit or delete any and all comments received.

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