{"id":77817,"date":"2022-12-19T15:41:07","date_gmt":"2022-12-19T15:41:07","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/all-news\/kcb-optimistic-drc-bank-deal-will-cut-bad-loans"},"modified":"2022-12-19T16:04:15","modified_gmt":"2022-12-19T16:04:15","slug":"kcb-optimistic-drc-bank-deal-will-cut-bad-loans","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/kcb-optimistic-drc-bank-deal-will-cut-bad-loans","title":{"rendered":"KCB optimistic DRC bank deal will cut bad loans"},"content":{"rendered":"

Africa-Press – Kenya. <\/strong><\/span>KCB Group is hopes to cut its non-performing loans following the closure of the acquisition of DRC-based Trust Merchant Bank (TMB). KCB has been posting a higher percentage of bad loans than the industry average, with the percentage rising to 21.5 percent in the half-year results.<\/p>\n

In its latest Q3, 2022 financials, Non Performing Loans stood at 18.2 percent, which are both higher than that of Q3 2021 at 13.7 percent and the 14.2 percent banking sector average as at August 2022.<\/p>\n

\u201cThe ratio of non-performing loans in TMB is lower than what we have in the country. We expect that this will dilute the position of the NPLs locally,\u201d said KCB Group Chief Financial Officer Lawrence Kimathi.<\/p>\n

Generally, the Asset Quality for the listed banks deteriorated, with the gross NPL ratio increasing marginally by 0.1 percentage points to 12.3 percent in Q3\u20192022, from 12.2 percent in Q3\u20192021.<\/p>\n

Speaking on the sidelines of a meeting where the group officially announced the completion of the acquisition of TMB, Kimathi said they are looking at the greater value that they will unlock from this deal.<\/p>\n

\u201cI\u2019d rather look at what can I generate from this (deal) than how much it has cost,\u201d he added.<\/p>\n

KCB Group obtained the regulatory green light in Kenya, the Democratic Republic of Congo and the COMESA Competition Commission, setting the stage for the Group to acquire 85 percent of the shares in TMB.<\/p>\n

KCB Group CEO Paul Russo said the transaction would positively contribute towards KCB\u2019s increased scale of operations by establishing its presence in new markets and providing income diversification from a geographical perspective.<\/p>\n

\u201cOur shared banking philosophies will provide significant long-term value for our shareholders, employees, and customers,\u201d said Russo.<\/p>\n

Acquisition of TMB has seen KCB increase its presence in six countries including a representative office in Ethiopia. The group said it is keenly following on the developments in Ethiopia as it seeks to grow its regional footprint.<\/p>\n

\u201cGeographically Ethiopia is next. We know they are in the process of changing the law once they are don with that then we will be ready to get into the country,\u201d added Kimathi.<\/p>\n

KCB Group will operate TMB with its current brand saying this will build on the strengths of TMB and enable TMB to deliver significant incremental value.<\/p>\n

\u201cWe see significant business opportunities from this acquisition arising from delivering innovative financial services to customers, growing linkages between customers in our region and realising operational efficiencies which will deliver tangible value to key stakeholders\u201d said Mr Russo.<\/p>\n

In the nine months ending September 2022, KCB Group Plc’s net profit rose 21.4 percent to Sh30.6 billion on the back of sustained growth from both Net interest and non-funded income lines. This was a jump from Sh25.2 billion reported for the same period last year.<\/p>\n

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

Africa-Press – Kenya. KCB Group is hopes to cut its non-performing loans following the closure of the acquisition of DRC-based Trust Merchant Bank (TMB). KCB has been posting a higher percentage of bad loans than the industry average, with the percentage rising to 21.5 percent in the half-year results. In its latest Q3, 2022 financials, […]<\/p>\n","protected":false},"author":84,"featured_media":77814,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[6857,7003,544],"class_list":["post-77817","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-kenya","tag-kenya"],"yoast_head":"\nKCB optimistic DRC bank deal will cut bad loans - kenya<\/title>\n<meta name=\"description\" content=\"KCB Group is hopes to cut its non-performing loans following the closure of the acquisition of DRC-based Trust Merchant ...\" \/>\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\/kcb-optimistic-drc-bank-deal-will-cut-bad-loans\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"KCB optimistic DRC bank deal will cut bad loans\" \/>\n<meta property=\"og:description\" content=\"KCB Group is hopes to cut its non-performing loans following the closure of the acquisition of DRC-based Trust Merchant ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/all-news\/kcb-optimistic-drc-bank-deal-will-cut-bad-loans\" \/>\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=\"2022-12-19T15:41:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-19T16:04:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2022\/12\/postQueueImg_1671451887.92.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"616\" \/>\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=\"3 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\/kcb-optimistic-drc-bank-deal-will-cut-bad-loans#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/kcb-optimistic-drc-bank-deal-will-cut-bad-loans\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"KCB optimistic DRC bank deal will cut bad loans\",\"datePublished\":\"2022-12-19T15:41:07+00:00\",\"dateModified\":\"2022-12-19T16:04:15+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/kcb-optimistic-drc-bank-deal-will-cut-bad-loans\"},\"wordCount\":477,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/kcb-optimistic-drc-bank-deal-will-cut-bad-loans#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2022\/12\/postQueueImg_1671451887.92.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Kenya\",\"Kenya\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/all-news\/kcb-optimistic-drc-bank-deal-will-cut-bad-loans#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/kcb-optimistic-drc-bank-deal-will-cut-bad-loans\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/kcb-optimistic-drc-bank-deal-will-cut-bad-loans\",\"name\":\"KCB optimistic DRC bank deal will cut bad loans - 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