KCB has cited higher interest income and a drop in operating expenses as the driving force behind Sh 22 billion profit.
The bank announced on Wednesday 22 percent jump in full-year profit after tax to Sh24 billion from Sh19.7 billion recorded same period 2017. Its full-year 2018 pretax profit rose 16 percent to Sh33.9 billion.
The lender’s net interest income rose slightly to 48.8 billion shillings from 48.4 billion shillings in 2017, Lawrence Kimathi, group chief financial officer, told an investor briefing.
Its operating expenses dropped 4 percent to 35 billion shillings, while net loans and advances climbed to Sh455.9 billion from Sh423 billion, Kimathi said.
KCB Group, which also operates in neighbouring Uganda, Tanzania, Rwanda, Burundi and South Sudan, said its total assets jumped to Sh714.3 billion from Sh647 billion and customer deposits jumped to Sh537.5 billion from Sh500 billion .