KCB Group earning jumped 18 percent in half year 2018 ending June 30 according to financial results for the period announced today.
In results announced today, net profit surged to Sh12.1 billion compared to Sh10.26 billion in a similar period last year.
Releasing the financial results in the morning today, KCB Group CEO Joshua Oigara, said the business was resilient in a rough operating environment further complicated by credit tightness in key markets.
“We are on track to delivering on our 2018 targets on the six strategic initiatives. We are seeing a more robust business that is responsive to our model of boosting non-funded activity, improving our financial strength and
prudent management to consistently deliver stronger shareholder value,” said Oigara.
According to the financials, total income was up 3 percent to Sh35.6 billion from Sh34.6 billion, riding on a surge in both interest and non-interest income. The contribution of non-funded income at 32.3 percent of the total revenues was in line with the Group’s agenda to deliver at least 40 percent of the income from digital financial services by the year 2020.
During the period, KCB balance sheet grew by 6 percent to Sh667.7 billion from Sh630.6 billion, driven by higher deposits and gross customer loans in an environment of controlled interest rates.
Deposits hit KShs.525 billion from Sh482.8 billion, a 9 percent jump, resulting in an improved liquidity position. The loan book expanded 4 percent to Sh421.5 billion.