Kenya Commercial Bank’s net profit for the year ended 31, Dec 2016 grows marginally by 0.5 percent to Sh19.72 billion due to hyperinflation in S.Sudan
The Group which is Kenya’s biggest lender by assets, said on Thursday its pretax profit rose 10 percent last year to Shh9.09 billion.
The bank, which also operates in neighbouring Uganda, Tanzania, Rwanda, Burundi and South Sudan, raised its dividend by 50 percent to 3 shillings per share.
Lawrence Kimathi, the group’s chief financial officer, said its earnings were curbed by hyperinflation in South Sudan. A Kenyan government-imposed cap on commercial lending rates also weighed on the bank’s earnings, he added.