Equity Group’s net profit nearly doubled to KSh 17.9 billion from KSh 9.1 billion in 2020 during the same period under review
KCB Group reported a 101.9% surge in its net profit to hit KSh 15.3 billion during the period
Central Bank of Kenyan (CBK) had declared the banking sector stable and resilient despite the after-shocked it experienced from the COVID-19-triggered economic meltdown
Leading banks in Kenya are seeing their profits climb and are betting that the surging Delta variant of coronavirus will not derail their operations. Equity Group’s net profit doubled to KSh 17.5 billion. Most banks, including those listed at the Nairobi Securities Exchange (NSE), have reported improved profits for the half-year ended June 2021.
For instance, Equity Group’s net profit doubled to KSh 17.5 billion, with earnings per share coming in at KSh 4.65.
Analysts from Standard Investment Bank attributed the Group’s performance to lower provision, which dropped by 63.7% year on year to KSh 2.9 billion.
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At the same time, experts from Cytonn Investment pegged Equity’s performance to the 33% growth in total operating income to KSh 51.9 billion, outpacing the 3.8% growth in total operating expenses to KSh 28.1 billion, from KSh 27.1 billion.
Kenya Commercial Bank (KCB Group) reported a 101.9% surge in pushing its profit after tax to KSh 15.3 billion, with earnings per share coming in at KSh 4.76 during the period under review.
Cytonn’s analysts said the Group’s performance was driven by a 13.7% growth in total operating income to KSh 51.2 billion from KSh 45 billion and a 40.3% decline in Loan Loss Provisions to KSh 6.6 billion, from KSh 11 billion. KCB Group CEO Joshua Oigara. Photo: KCB Group. Source: Facebook The same analysts from Standard Investment Bank said the performance was driven by lower provisions, specific client provisions and a COVID overlay in 2020, which positively impacted the bank this year.
Co-operative Bank ’s profits were, however, not as high as those registered by Equity and KCB.Its core earnings per share increased by 2.3% to KSh 1.1 in the first half of the year, from KSh 1 in the same period last year. Its net profit grew by a marginal 2.8% to reach KSh 7.4 billion.Cytonn observed the performance was driven by a 20.4% increase in total operating income to […]
