Kenya Commercial Bank nine-month net profit up 15pc
KCB Group chief executive Joshua Oigara at a past function. FILE PHOTO | NATION
What you need to know:
KCB’s income was boosted by a 36 per cent year-on-year rise in total non-interest income to Sh16.93 billion.
Kenya Commercial Bank has grown its net profit for the nine months to September by 15.4 per cent to Sh12.48 billion to remain the most profitable bank in the country.
KCB’s income was boosted by a 36 per cent year-on-year rise in total non-interest income to Sh16.93 billion.
The bank grew its loan book by 17 per cent from Sh225.7 billion to Sh264.3 billion, helping boost fees and commissions on loans and advances by Sh967 million to Sh3.53 billion for the nine month period compared to 2013.
“We have strong growth on foreign exchange income and fees and commissions,” said KCB group chief executive officer Joshua Oigara. “It is an important fact for us because our growth agenda for this year has been largely because of the increased non-funded income growth that also draws from our mobile banking unit.”
KCB’s net income placed the bank ahead of rival Equity Bank in the profitability race for the nine month period. Equity’s net profit in the period grew by 26 per cent to stand at Sh11.2 billion, also boosted by noon interest income growth.
KCB cut its non-performing loans (NPLs) from Sh17.6 billion to Sh15.7 billion, reducing its NPL ratio from 8.4 per cent to 6.7 per cent.
