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KCB Group, Kenya’s biggest bank by assets, said net income jumped 49% in the nine months ended September, but bad debt provisions were a sore spot.
“It’s a pain point,” said Chief Financial Officer Lawrence Kimathi said in an interview Wednesday after KCB posted a rise in its non-performing loan ratio to 18.5% from 16.5%, alongside net income of 44.5 billion shillings ($344 million).
KCB announced in March it would sell its National Bank of Kenya unit to Nigeria’s Access Bank after persistent losses. The conclusion of the deal is subject to Central Bank of Kenya approval. Regulators in Nigeria have already signed off, Kimathi said.
KCB is the best-performing stock among listed lenders in Nairobi, having risen 78.8% in the year to date.
“The operating environment has been tough across all our markets, but we have continued to walk the journey with our customers,” Chief Executive Officer Paul Russo said. “We are optimistic of a strong end of the year, riding on improving market conditions,” he said.
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