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KCB reports Sh19bn profit despite Sh6bn South Sudan hit
KCB chief executive Joshua Oigara. KCB was the first local bank to venture into South Sudan in 2006 where it now has about 20 branches PHOTO | FILE
Kenya’s biggest bank by assets KCB on Tuesday announced a 16.4 per cent increase in its profits to Sh19.6 billion, even as it booked a Sh6.1 billion foreign exchange loss, mainly from its South Sudan operations where the national currency has been devalued by more than 100 per cent since December.
KCB’s forex losses are expected to mirror that of other Kenyan multinational banks to varying degrees – but are mainly driven by the recent routing of the South Sudanese Pound (SSP).
