– KCB Chief Executive Joshua Oigara said the group had a strong third quarter as the business witnessed growth across various segments
– Despite a tough operating environment in the countries KCB operates in, four of its subsidiaries returned profit other than Uganda
– KCB’s acquisition of National Bank is expected to strengthen the group’s position in the domestic banking sector
Kenya Commercial Bank has announced a six percent increase in its profit for the first nine months of 2019.
The lender said its profit after tax surged 6% to KSh 19.2 billion for the 9 months ending September 2019 on the back of significant growth in its loan book and non-funded income.
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KCB Group Chief Executive OfficerJoshua Oigara said the lender’s profit after tax surged 6% to KSh 19.2 billion for the 9 months ending September 2019. Photo: Daily Nation.
The bank’s Chief Executive Officer Joshua Oigara said on Wednesday, November 13, the institution’s net earnings increased by KSh 1.2 billion to 19.2 billion from KSh 18 billion in 2018. “We had a strong quarter and the business witnessed growth across various segments. We made continued strong investments in our capabilities to serve customers better. The international businesses have continued to improve while our digital offerings are witnessing increased activity, giving the business impetus to continue growing,” Oigara who is also the Kenya Bankers Association boss said. READ ALSO: Governor Awiti stirs confusion after presenting letter written in German during Senate questioning
The 44-year-old stated that despite a tough operating environment in the countries KCB operates in, 4 of its subsidiaries returned profit other than Uganda.
In this, the combined after-tax profit for its international business increased by 8% to KSh 1.3 billion.
Oigara further noted the acquisition of National Bank is expected to further the group’s position in the domestic banking sector and strengthen its ability to access more business flows.National Bank registered a KSh 675 million before tax for the period ended Monday, September 30, representing a 45% growth from a similar period in 2018.The Co-operative Bank on the other hand posted a 6% increase in after tax profit for the first nine months ending September 2019 to KSh 10.9 billion. Do you have a groundbreaking story you would like us to publish? Please reach us through firstname.lastname@example.org or WhatsApp: 0732482690. […]