Kenya’s biggest banking group by assets, KCB has reported a slight dip half year profits.
In results announced today, the banking groups after tax profits fell by 0.19 percent to Sh10.26 billion from Sh10.28 billion.
The group reported a pre-tax profit of Sh14.75 billion for the period driven by a strong performance of its core retail and corporate business, non- interest income and lower interest expense.
Retail and Corporate loan book growth momentum that started late last year carried into the first half of 2017. This coupled with effective management of interest expense has cushioned the expected impact of interest rate capping in Kenya.
The Board of Directors considered and approved payment of an interim dividend of Sh1 per share to be paid in the next 90 days.
KCB Group CEO and MD Joshua Oigara said the business however remained resilient, showing strong momentum for growth into the second half of the year, adding that the management has put up strategies to boost earnings largely through digital channels.
“The business fundamentals remain strong and we are optimistic of a stronger performance in the remaining part of the year,” said Mr Oigara.