Kenyan lender KCB Group, the largest financial services organization in East Africa in terms of asset size, posted a 19.5% rise in 2022after-tax profit to 40.8 billion shillings ($314.57 million), driven by a similar revenue increase.
The bank, which also has a footprint in neighbouring Tanzania, Uganda, Rwanda, Burundi, and South Sudan, said income from transactions increased by 39.8%, driven by trade finance and other commissions.
Costs rose by almost a quarter, KCB said, mainly due to increased undertakings within the business and the integration of acquisitions like Trust Merchant Bank of the Democratic Republic of Congo, which was completed in December.
Costs rose by almost a quarter, KCB said, mainly due to increased undertakings within the business and the integration of acquisitions like Trust Merchant Bank of the Democratic Republic of Congo, which was completed in December.mage below
