KCB posts Kshs 12.1 billion half year profit

KCB CEO Joshua Oigara
KCB CEO Joshua Oigara

KCB Group has posted Kshs 12.1 billion half-year profit, an improvement from last year’s Kshs 10.3 billion at a similar period. The profit represents an 18 percent growth for the first six months. During the release of the results, the CEO Joshua Oigara said they are on track to deliver on their 2018 targets in the strategic initiatives, in the midst of an environment which has become more stronger than a year ago.

He said digital transactions have increased, “Because nearly 85 percent to 87 percent transactions are happening on mobile we see huge opportunities either on lending or mobile payments today, even savings in some platforms.” He said it’s about being able to catch up and improve the customer experience through investments.

The total income rose from Kshs 34.6 billion to Kshs 35.6 billion, equating to a 3 percent rise. Transaction activity shifted away from branches, with non-branch transactions standing at 87 percent of the total volumes, compared to 13 percent handled at the branches. The CEO said they foresee a strong growth on an improved macroeconomic environment in the second half of the year, especially in Kenya and expect improved investor confidence in South Sudan on the back of the newly signed peace agreement.