Kenya's KCB Group said on Wednesday its pretax profit for the first quarter of this year slipped to 13.85 billion shillings ($101.47 million) from 14.03 billion shillings in the same period in 2022, as provisions for bad debt rose.
Customers wait to be served in the banking hall at the Kenya Commercial Bank , Kencom branch in Nairobi, Kenya July 10, 2018. Picture taken July 10, 2018. REUTERS/Thomas Mukoyasaid on Wednesday its pretax profit for the first quarter of this year slipped to 13.85 billion shillings from 14.03 billion shillings in the same period in 2022, as provisions for bad debt rose.
"Provisions rose by 99%, driven by increased credit risk and the impact of forex devaluation in Kenya, a prudent step on the backdrop of a challenging operating environment which has greatly impacted asset quality," KCB said in a statement.
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