{"id":58526,"date":"2022-06-23T15:11:12","date_gmt":"2022-06-23T15:11:12","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/all-news\/fitch-affirms-kcbs-rating-at-b-on-sound-revenue-growth"},"modified":"2022-06-23T15:47:31","modified_gmt":"2022-06-23T15:47:31","slug":"fitch-affirms-kcbs-rating-at-b-on-sound-revenue-growth","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/fitch-affirms-kcbs-rating-at-b-on-sound-revenue-growth","title":{"rendered":"Fitch affirms KCB’s rating at B+ on sound revenue growth"},"content":{"rendered":"

Africa-Press – Kenya. <\/strong><\/span>Global credit rating firm, Fitch has affirmed KCB Group\u2019s and its core banking subsidiary KCB Bank Kenya LongTerm Issuer Default Ratings (IDRs) at \u2018B+\u2019, citing a steady revenue outlook.<\/p>\n

This is after the lender posted growth both in full-year and Q1 earnings.<\/p>\n

The lender posted a net profit of Sh34.2 billion in the last financial year, a whopping 74 per cent growth compared to 2020.<\/p>\n

Even so, the intentional rating agency retained a negative outlook on the lender due to the ongoing shakes in the global financial market that has propelled global inflation.<\/p>\n

\u201cKCB Group\u2019s and KCB Bank\u2019s Long-Term IDRs are driven by their standalone creditworthiness, as expressed by their Viability Ratings (VRs) of \u2018b+\u2019,\u201d said Fitch.<\/p>\n

KCB Group\u2019s GSR of \u2018ns\u2019 reflects Fitch\u2019s view that government support is unlikely to extend to a non-operating bank holding company given its low systemic importance and a liability structure that may be more politically acceptable to be bailed in.<\/p>\n

KCB Bank\u2019s rating considers a high propensity of the authorities to provide support to the bank given its systemic importance but also Kenya\u2019s limited financial flexibility, as captured in the sovereign rating<\/p>\n

Further, the agency noted that the National Ratings of KCB Group and KCB Bank reflect their relative creditworthiness within Kenya.<\/p>\n

Fitch revised KCB Group\u2019s Outlook on the National Long-Term Ratings to stable from negative as it does not expect any change to the entities\u2019 creditworthiness relative to domestic peers\u2019.<\/p>\n

On asset quality, the rating agency noted that KCB Group\u2019s asset quality metrics have deteriorated since the pandemic and are weaker than peers.<\/p>\n

The banks\u2019 impaired loans remained at a high of 16.3 per cent at end-2021 while total loan loss allowance coverage of impaired loans fell to 57.3 per cent at end-2021, well below the Group\u2019s target of 75 per cent.<\/p>\n

Even so, KCB\u2019s profitability recovered strongly in 2021 due to the sharp fall in loan impairment charges (LICs), despite asset-quality pressures.<\/p>\n

Fitch expects the Group\u2019s earnings to remain strong given its franchise strengths but expects some pressure on profitability in 2022 from LICs amid elevated impaired loans and moderate provisioning levels.<\/p>\n

For More News And Analysis About Kenya<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Kenya. Global credit rating firm, Fitch has affirmed KCB Group\u2019s and its core banking subsidiary KCB Bank Kenya LongTerm Issuer Default Ratings (IDRs) at \u2018B+\u2019, citing a steady revenue outlook. This is after the lender posted growth both in full-year and Q1 earnings. The lender posted a net profit of Sh34.2 billion in […]<\/p>\n","protected":false},"author":84,"featured_media":58525,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[6857,7003,544],"class_list":["post-58526","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-kenya","tag-kenya"],"yoast_head":"\nFitch affirms KCB's rating at B+ on sound revenue growth - kenya<\/title>\n<meta name=\"description\" content=\"Global credit rating firm, Fitch has affirmed KCB Group\u2019s and its core banking subsidiary KCB Bank Kenya LongTerm Issuer ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/all-news\/fitch-affirms-kcbs-rating-at-b-on-sound-revenue-growth\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fitch affirms KCB's rating at B+ on sound revenue growth\" \/>\n<meta property=\"og:description\" content=\"Global credit rating firm, Fitch has affirmed KCB Group\u2019s and its core banking subsidiary KCB Bank Kenya LongTerm Issuer ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/all-news\/fitch-affirms-kcbs-rating-at-b-on-sound-revenue-growth\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-23T15:11:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-06-23T15:47:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2022\/06\/img-62b48ac0c2e8a.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"896\" \/>\n\t<meta property=\"og:image:height\" content=\"601\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/fitch-affirms-kcbs-rating-at-b-on-sound-revenue-growth#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/fitch-affirms-kcbs-rating-at-b-on-sound-revenue-growth\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Fitch affirms KCB’s rating at B+ on sound revenue growth\",\"datePublished\":\"2022-06-23T15:11:12+00:00\",\"dateModified\":\"2022-06-23T15:47:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/fitch-affirms-kcbs-rating-at-b-on-sound-revenue-growth\"},\"wordCount\":379,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/fitch-affirms-kcbs-rating-at-b-on-sound-revenue-growth#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2022\/06\/img-62b48ac0c2e8a.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Kenya\",\"Kenya\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/all-news\/fitch-affirms-kcbs-rating-at-b-on-sound-revenue-growth#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/fitch-affirms-kcbs-rating-at-b-on-sound-revenue-growth\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/fitch-affirms-kcbs-rating-at-b-on-sound-revenue-growth\",\"name\":\"Fitch affirms KCB's rating at B+ on sound revenue growth - 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