KCB Group’s net profit grew by a tenth in the first six months of this year helped by growth in non-funded income.
The listed lender reported a half year after-tax profit of Sh8.17 billion as at June 2014 compared to Sh7.19 billion in a similar period a year earlier, a growth of 13.6 per cent.
Transaction-based income from the lender’s 1.7 million deposit accounts saw non-interest earnings grow by a third to Sh10.3 billion driven by fees from forex trading, ledger, ATM, agency and mobile banking.
The bank’s net interest income grew seven per cent to Sh17.1 billion in the period under review.
KCB’s loan book grew by Sh29.9 billion to Sh244.01 billion in June this year from 214.09 billion driven by aggressive lending to micro and small and medium enterprises (SMEs).
Customer deposits went up by a fifth to Sh351.6 billion largely mopped up through the lender’s agency banking network.
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