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Kenya's KCB Group first quarter pretax profit up 53%
The bank, which also operates in Democratic Republic of Congo, Tanzania, Rwanda, South Sudan, Uganda and Burundi, said pretax profit rose to 21.16bn shillings ($160.91m) from 13.85bn shillings in the same period of last year.
Net interest income rose to 31.06bn shillings from 22.06bn shillings.
Gross loans increased 12.2% to 1.13tn shillings, while loan-loss provisions stood at 6.3bn shillings, up from 4.12bn shillings.
"This was as a result of downgrades in Kenya and the impact of translation of the foreign currency denominated book," KCB Group said in a statement.
Total assets increased to 2tn shillings from 1.63tn shillings in the year-ago period.
KCB agreed to in March to sell its Kenyan unit, National Bank, to Nigeria's Access Group.
Source: Reuters
Reuters, the news and media division of Thomson Reuters, is the world's largest multimedia news provider, reaching billions of people worldwide every day.
Go to: https://www.reuters.com/Related
