Kenya's KCB Group, the country's biggest bank by assets, on Wednesday posted slower growth in full-year pretax profit, hurt by currency devaluation in South Sudan.
The bank, which has operations in Kenya, Uganda, Tanzania, Rwanda and South Sudan, said its pretax profit grew by 12 percent to 26.5 billion shillings ($261 million) in 2015, slower than the 18 percent increase in the prior year.
"There was an impact from the devaluation of the currency in South Sudan," Lawrence Kimathi, the group's chief financial officer, told an investor briefing.
South Sudan abandoned its fixed exchange rate in December and moved the currency to a free-floating rate, which led to a massive devaluation.
Kimathi said net interest income rose 9 percent to 39.24 billion shillings, while fees and commissions increased 10 percent to 13.10 billion shillings
