KCB in Profit Growth (allAfrica.com)

KCB group has reported a surge in half year profits, with regional franchises in Uganda, South Sudan, Rwanda, Tanzania, and Burundi contributing at least ten per cent to the earnings.

The group announced last week that pre-tax profits rose 13 per cent to Kshs 13.2bn, up from Kshs11.7bn recorded at the same time last year. The growth was driven by international business returns and efficient cost management, the company said in a statement.

KCB Group chairman Ngeny Biwott said the business shrugged off a relatively tough environment especially in Burundi and South Sudan, which experienced political turmoil, to post the improved earnings.

“We had a relatively tough macro-economic and political environment in most of the markets the bank operates. In South Sudan and Burundi, we had economic shocks due to political tensions. Uganda, Kenya and Tanzania were hit by currency depreciation and high inflation while Rwanda was relatively stable,” Biwott said.

KCB Group CEO Joshua Oigara said the growth was supported by an increase in interest earned on loans, plus in fees and commissions due to higher transactions volumes.


Global Markets Sluggish Wednesday

Asian markets were mixed Wednesday as optimism over a potential coronavirus vaccine earlier this week steadily begins to fade. The Nikkei index in Tokyo gained nearly 162 points to finish 0.7% higher, while Sydney’s S&P/ASX, the KOSPI in Seoul and Taiwan’s TSEC index had all earned 0.4% by late afternoon. Hong Kong and Shanghai were […]

Asian, European Markets Begin Week with Significant Gains

Asian markets are on the rise Monday as more and more nations continue to slowly emerge from the lockdowns imposed to halt the coronavirus pandemic. Tokyo’s Nikkei index closed 0.4% higher, despite news earlier in the day that Japan had technically fallen into recession for the first time since 2010 after two straight quarters of […]