August 15, 2019 / 5:23 AM / 5 days ago

Kenya's KCB Group first-half pretax profit rises 5%

NAIROBI, Aug 15 (Reuters) - Kenya’s biggest lender by assets KCB Group on Thursday reported a 5% jump in its pretax profit for the first half of the year to 17.93 billion shillings ($173.82 million).

The bank, which also operates in Rwanda, Burundi, Tanzania, Uganda and South Sudan, said in a statement it boosted its provisions for bad debts to 3 billion shillings during the period, from 0.8 billion shillings a year earlier.

It expects to complete its takeover of National Bank of Kenya in a share-swap transaction by the end of this quarter, it added.

$1 = 103.1500 Kenyan shillings Reporting by Omar Mohammed, Writing by Duncan Miriri; Editing by Rashmi Aich

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