KCB Group has reported 8% drop in net profit to Sh37.5 billion for the year ending December 2023, compared to the preceding year.
The decline, which represents a fall of Sh3.3 billion from the Sh40.8 billion in 2022, is attributed to costs escalation and depreciation of the Kenyan shilling.
“Provisions increased by 154.7% from the downgraded facilities in Kenya and additional provisions on foreign currency facilities from the depreciating Kenya Shilling against hard currencies,” the bank said in a statement.
Despite the decline in profit, the group’s total assets hit Sh2.17 trillion, representing a 40% jump, boosted by growth in customer deposits.
Similarly, earnings rose to Sh165.2 billion, supported by a rise in funded income from earning assets and non-funded income, which grew by 33.9%.
“We had a fairly good run in the 12 months in the wake of difficult economic times, with most of the business lines achieving strong organic growth,” the group’s CEO Paul Russo said on Wednesday.
