Kenyan lender KCB Group’s (KCB) pretax profit for the first nine months of the year rose to Ksh57.43 billion ($445 million) from Ksh40.59 billion ($314.7 million) in the same period in 2023, it said on Wednesday.

The group also operates in Democratic Republic of Congo, Tanzania, Rwanda, South Sudan, Uganda and Burundi.

The group’s net interest income grew by 24 per cent, supported by improved yields and increased lending, KCB Group said in a statement.

It said loan-loss provisions rose to 17.78 billion shillings from 15.85 billion shillings in the year-ago period.

In March, KCB Group said it had agreed to sell its subsidiary, National Bank of Kenya (NBK) to Nigeria’s Access Group.

KCB Group said on Wednesday the transaction was still undergoing regulatory approvals.

($1 = 129.0000 Kenyan shillings)

• A Reuters report