Business Daily | by Victor Juma
KCB Group’s net profit declined 22 per cent to Sh19.6 billion in the year ended December on the back of increased provisions for coronavirus-related defaults. The Nairobi Securities Exchange-listed firm had reported net earnings of Sh25.1 billion the year before.
The reduced profit came as loan loss provisions tripled to Sh27.5 billion from Sh8.8 billion, with the lender responding to non-performing loans (bad loans) rising to Sh96.6 billion from Sh63.4 billion.
The performance shows that the bank’s profitability had improved substantially in…
