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Banks extend profit run on cost-cutting, loan interests
The continued rise in banks profitability has been delivered against the backdrop of a faster drop in total operating expenses as the lenders’ incomes grow at a slower pace.
Commercial banks’ profits jumped 12.9 percent in the three months to March on the backdrop of cost-cutting measures and higher income from loan interest charges, setting the stage for continued dividend and executive bonus boom.
The lenders booked a pre-tax profit of Sh73.5 billion in the first three months of this year, new Central Bank of Kenya (CBK) data shows. The pre-tax profits earned in the three months to March represent a 12.9 percent increase on the Sh65.1 billion the banks realised over the same period last year.
