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KCB Announces Ksh18 Billion Profit In Q3 Of 2018

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Kenya Commercial Bank (KCB) Group has announced Ksh18.04 billion for the third quarter of 2018, for the period ending September 30.

This is a 19.63 per cent rise as compared to Ksh15.08 billion reported in the same period last year.

Loans and advances grew by 3.76 per cent to Ksh435.28 billion from Ksh419.49 billion the same period last year.

Customer deposits also rose 6.15 per cent to Ksh526.84 billion from Ksh496.31 billion while net interest income grew by 1.77 per cent to Ksh36.3 billion, improving from 1.05 per cent decline reported last year to stand at Ksh35.67 billion.

Read: Andrew Kairu Appointed KCB Group Chairman

The growth was attributed to improved cost management and increased gains from net interest income.

“Our focus on technology driven growth continues to deliver both client satisfaction and efficiencies while keeping costs under control and diversifying the income streams,” KCB Group CEO Joshua Oigara said.

Non-interest played a booster to the Group’s income, accounting for 33 per cent of the income, growing by 2.63 per cent to Ksh17.94 billion.

Non-branch transactions stood at 87 per cent of total volumes, compared to 13 per cent handled at the branches.

Agency banking transactions grew by 74 per cent, Mobile banking was up by 34 per cent, with ATM and Point Of Sale transactions increasing by 36 per cent and 16 per cent respectively.

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Written by Francis Muli

Senior reporter at Kahawa Tungu, Muli has a passion for human interest stories. He believes in unearthing societal rots that have been hidden from the public eye. He has also carved himself a niche in writing business stories. He has worked for various organisations including Kenya Television Service, Business Today among others. Follow him on Twitter @FmuliKE.

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