KCB Group reported a 22.10% decline in annual net profit of KShs. 19.6 billion for the full year ending December 2020 from the KSh 25.2 billion in 2019.
The lender which also operates in Uganda, Tanzania, Rwanda, Burundi and South Sudan attributed the decline to higher provisions for loan losses and subdued economic activity associated with the COVID-19 pandemic.
“The pandemic significantly affected our business across the markets we operate in, with most of them going into some degree of lockdown. The negative impact on the economy drastically reduced our customer’s ability to operate necessitating loan restructures,” the Group CEO & MD Joshua Oigara said Wednesday.
The Board has proposed a final dividend of KShs. 1.00 per share.
Key Financial Highlights
|Performance Theme||FY 2020||FY 2019|
|Total Assets||KShs. 987.8B||KShs.898.6B|
|Cost of Funds||2.7%||2.8%|
|% of NPLs||14.7%||10.9%|
The lender’s current share price is Ksh 40.10. On Wednesday it closed at Ksh 40.10 per share on the Nairobi Securities Exchange, recording a 0.38% gain over its previous closing price of Ksh 39.95.