Cheaper deposits lift banks’ profit to Sh83.5bn in first quarter

The cumulative pre-tax profit of commercial banks operating in Kenya rose 13.6 percent in the three months ended March, riding by cheaper deposits.

Data from the Central Bank of Kenya (CBK) shows that lenders posted a cumulative pre-tax profit of Sh83.5 billion in the first quarter of the year, up from Sh73.5 billion in the same period last year.