@BdAfrica

KCB saves Sh2bn as staff size falls to six-year low - 3 days ago, 22:05

Patrick Alushula

KCB Group #ticker:KCB has cut its payroll costs by Sh2.14 billion as staff size dropped for the third year in a row to 6,220 employees.

This is a continuation of the trend that has been seen in the banking industry that is steadily shedding jobs.

The lender disclosed in its results presentation for the year ended December, 2018, that employee numbers dropped by 263 from 6,483 at the end of the previous year. From staff size of 5,162 in 2012, the number of employees grew to a peak of 7,509 in 2015 before starting to shrink.

The latest staff cost saving - from Sh19.2 billion to Sh17 billion— is slightly above the Sh2 billion that was spent in 2017 on early retirement package that affected 316 employees.

This saving contributed to 21.8 percent jump in net profit to Sh24 billion.

Bank sector jobs

It points to a continued grim picture for employees in the banking sector ...
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