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Kenya's KCB Group full-year pretax profit jumps 16 pct

NAIROBI (Reuters) - Kenya's KCB Group said on Wednesday its full-year 2018 pretax profit rose 16 percent to 33.9 billion shillings ($339.00 million), helped by higher interest income and a drop in operating expenses.

The lender's net interest income rose slightly to 48.8 billion shillings from 48.4 billion shillings in 2017, Lawrence Kimathi, group chief financial officer, told an investor briefing.

Its operating expenses dropped 4 percent to 35 billion shillings, while net loans and advances climbed to 455.9 billion shillings from 423 billion shillings, Kimathi said.

KCB Group, which also operates in neighbouring Uganda, Tanzania, Rwanda, Burundi and South Sudan, said its total assets jumped to 714.3 billion shillings from 647 billion shillings and customer deposits jumped to 537.5 billion shillings from 500 billion shillings.

($1 = 100.0000 Kenyan shillings)

(Reporting by George Obulutsa, Editing by Sherry Jacob-Phillips)

2019-03-06 09:30:04

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