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KCB Group first-half profit rises to Sh15.1 b, delays rights issue

NEWS
By Reuters | August 4th 2016

NAIROBI, KENYA: KCB Group, Kenya's largest bank by assets, said on Thursday its first-half pretax profit rose 14 percent to Sh15.1 billion, driven by its home market.

The bank said on its Twitter account Kenya contributed Sh14 billion of the profit.

KCB Group also said a rights issue planned for later this year to raise Sh10 billion had been rescheduled, citing a strong projected cashflow for the full year. It did not give a new timeframe.

The bank, which also operates in Rwanda, Burundi, Tanzania, Uganda and South Sudan, said net interest income rose 16 percent to 22.53 billion shillings in the first half.

It said in a statement its total assets fell 1 percent to 560 billion shillings, while customer deposits fell 2 percent to 433 billion shillings, both attributed to the devaluation of the South Sudan pound.

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