Earnings release
Page 1
KCB KCB Group Plc Kencom House P. O. Box 48400 - 00100 Nairobi , Kenya Tel : +254 20 3270000/2851000 / 2852000 Mobile : +254 711 012 000 / 734 108 200 SMS : 22522 Email : contactus@kcbaroup.com Press Release November 17 , 2021 KCB Group Plc Profit after Tax Hits KShs.25B in Q3 . The 131 % growth was mainly driven by increase in total income and decline in the provisions charge amid COVID - 19 pandemic . KCB Group Plc more than doubled its profit after tax for the nine months ending September 2021 . Net profit stood at KShs.25.2 billion from KShs . 10.9 billion a year ago , a 131 % jump , driven by higher income and reduced provisions as recovery from the COVID - 19 pandemic accelerated in quarter three . Commentary- Group CEO & MD Joshua Oigara " This is the strongest quarter for us since the COVID - 19 pandemic struck 20 months ago , with clear signs of economic recovery across key sectors . While we are cautiously optimistic of the prospects , especially due to the dynamic nature of the healthcare crisis , we project that the worst is behind us , ” said KCB Group CEO & MD Joshua Oigara . " Our focus was on cost management , cash preservation and driving sustainable business growth . Our resolve to support our customers to navigate the crisis has helped them pick up from the subdued business environment , " he added . Income Growth The Group recorded a 16 % rise in total income to KShs.79.9 billion , on account of higher interest income - driven by an increase in earning assets- , higher non - interest income driven by increased transactional volumes and FX income and lower cost of funding . - Cost Management At KShs.34.7 billion during the period , expenses rose by 9 % on account of increased staff costs partially offset by a decrease in other operating expenses as the Group rolled out cost management initiatives to ring - fence the business from the impact of the pandemic KCB Group Plc Directors : A. W. Kairu ( Chairman ) ; J. N. Oigara ; L. K. Kiambi ; C.S. - National Treasury ; J. O. A Nyerere ; Ms. G. M. Malombe ; L. M. Njiru ; Mrs. A.O. Eriksson ; A. R. M. Mohamed ; Dr. J.O Bagaka ; Ms. A. M. Kirenge .