Six Percent Growth For KCB As It Records Ksh19 Billion Profit

[IMAGE/ COURTESY] Kenya Commercial Bank Group has recorded a Ksh19.2 billion net profit for the third quarter ending September 30, a growth of 6 per cent from Ksh18 billion in the same period in 2018.

According to KCB Group CEO and MD Joshua Oigara, the earnings were driven by cost management initiatives across all businesses.

“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,” said Mr Oigara.

“Going forward, we are emphasizing on driving more sustainable growth, excellent customer experience and diversification.”

The banks says despite a tough operating environment in the countries it operates in, the international business (excluding the Kenya subsidiary) posted improved performance. The combined after-tax profit increased 8 per cent to Ksh1.3 billion. Other than the Ugandan business, the rest of the four banking subsidiaries returned a profit.

According to KCB, the acquisition of the National Bank of Kenya (NBK) is expected to further cement the lender’s position in the domestic banking sector and strengthens its ability to access more business flows.

On November 1, NBK announced profits before tax of Ksh675 million for the period ended September 30, 2019, representing a 45 per cent growth from a similar period in 2018.

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