Central Bank of Kenya profit climbs to Sh14 billion

NAIROBI: The Central Bank of Kenya (CBK) posted a net surplus of Sh13.5 billion from Sh3.6 billion the previous financial year.

However, the bank of last resort’s operating expenses are expected to increase significantly in the 2014/15 financial year. This is according to a report by the Auditor General on CBK for the financial year ending June 30, 2014. –According to audited CBK financial statements 2014, operating expenses increased to Sh12.2 billion from Sh9.4 billion. This has been attributed to the write-off made on the cost of Sh1.2 billion currency. The cost of currency coins also increased by Sh780 million to Sh1.75 billion compared to Sh976 million last year.