Kenya’s Biggest Bank Sees Income Soar But Bad Debt Pain Remains

KCB Group Plc, 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).