KCB Group’s net earnings for Q3 2023 saw a slight increase of 0.3% in the first nine months of 2023.
This comes as the regional lender ramped up its loan provisions by 118.1% in Kenya, a move triggered by the rapid depreciation of the Shilling against major foreign currencies.
The bank reported earnings of Ksh.30.7 billion in Q3 2023, a marginal increase from Ksh.30.6 billion in Q3 2022.
Non-performing loans now total Ksh.187.0 billion. Of this, Ksh.10.0 billion is due to the impact of integrating Trust Merchant Bank (TMB), based in the Democratic Republic of Congo (DRC), into the business.
An additional Ksh.20.0 billion is attributed to the depreciating exchange rate of the Kenyan Shilling against the US dollar.
KCB Group now boasts an asset base of Ksh.2.1 trillion and operates the largest branch network in the region, with 605 branches, 1,315 ATMs, 30,153 POS/Merchants, and agents providing round-the-clock banking services in East Africa.
In its most recent results, the Group reported a 43% growth in its balance sheet size, exceeding Ksh..2 trillion.
Net loans grew by 38% to reach Ksh.1.048 trillion, and customer deposits increased by 80% to Ksh.1.048 trillion, a first in the region.