Customers wait to be served in the banking hall at KCB in Nairobi, Kenya. REUTERS/Thomas Mukoya/File Photo Kenyan bank KCB Group on Wednesday announced a first half-year after-tax profit of Sh7.6 billion (about $70 million), a 40 percent drop compared to earnings during a similar period in 2019 largely due to the negative effects of […]
A KCB bank branch in Nairobi. Kenya’s largest bank, the KCB Group, has reported a 40 per cent drop in net profit for the first half of the year, hit hard by the Covid-19 pandemic. This is after the lender posted Sh7.6 billion in after-tax profits for the first six months of 2020, marking a […]
Customers queue inside a KCB branch in Nairobi. /FILE KCB Group has reported a 40.1 per cent drop in net profit for the six months to June, blamed largely on increased provisions in the wake of higher credit risk due to the Covid-19 pandemic. After tax profit for the period was Sh7.6 billion, a drop […]
Treasury Cabinet Secretary Ukur Yatani. FILE PHOTO | NMG The Treasury is sitting on cash pile of Sh9.9 billion in donations from State agencies, voluntary salary cuts and money seized from graft lords amid rising coronavirus infections and a shortage of key medical kits in the counties. Treasury Cabinet Secretary Ukur Yatani Thursday told Parliament […]
NAIROBI, Aug 13 (Reuters) – KCB Group, Kenya’s biggest bank by assets, expects the proportion of loans it will restructure due to effects of the novel coronavirus to hit 25% of its total loans by December, its chief executive officer said on Thursday. The bank said on Wednesday its first-half after-tax profit fell 40% to […]
A KCB branch in Nairobi. FILE PHOTO | NMG KCB Group’s net earnings dropped by a staggering 40.4 percent in the half year ended June, indicating the impact of coronavirus-related defaults and loan restructuring on the banking industry. The country’s biggest bank by assets said it made a net profit of Sh7.5 billion in the […]
Regional lender KCB Group has reported a 40 percent drop in net profit for the six months to June 30, 2020, over increased provisioning to deal with bad loans linked to the Covid-19 pandemic. The bank, which has operations in Kenya, Uganda, Tanzania, Rwanda, Burundi, and South Sudan, recorded a net profit of Ksh7.57 billion […]
Nairobi — Kenya Commercial Bank has registered a 40 percent decline in its half-year after-tax profits to Sh7.6 billion. The lender in a statement attributed the drop-in performance from Sh12.7 billion it posted in 2019 to increased provisions in the wake of higher credit risk due to the COVID-19 pandemic. "The second quarter was the […]
Co-operative Bank of Kenya will buy 90% of micro lender Jamii Bora Bank and the deal will complete this month, the country’s central bank said on Friday, marking further consolidation in the East African nation’s banking industry. Co-op Bank’s takeover of Jamii Bora was first announced in March and the deal is due to complete […]
(Adds details, background) NAIROBI, Aug 7 (Reuters) – Co-operative Bank of Kenya will buy 90% of micro lender Jamii Bora Bank and the deal will complete this month, the country’s central bank said on Friday, marking further consolidation in the East African nation’s banking industry. Co-op Bank’s takeover of Jamii Bora was first announced in […]
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