KCB profit jumps to Sh25 billion as Unga Group issues profit warning

***KCB Group CEO Joshua Oigara (Photo: File)***

Kenya Commercial Bank Group has recorded a 5 per cent jump in after tax profit for the year ended 2019.

Thursday the bank said its after-tax profit for 2019 jumped to Sh25.2 billion from Sh23.9 billion in 2018. The performance is linked to strong income growth in the Kenyan business and international subsidiaries.

Net interest income expanded 15 per cent to Sh56.1 billion from Sh48.8 billion due to a 17 per cent growth in loan book, digital lending and additional interest income from NBK.

Earnings per share at the group, which also operates in neighbouring Uganda, Tanzania, Rwanda, Burundi, and South Sudan, increased to 8.11 shillings during the period, from 7.83 shillings a year earlier.

Total dividend per share was Sh3.50, unchanged from the previous year, KCB said.

Meanwhile the National Bank on Thursday said it has cut its non performing loan book by 20 per cent during the 2019 financial year ending December, signaling strong recovery for the business following its acquisition by KCB Group Plc in September.

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