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KCB Group quarter three net profit jumps to Sh19 billion

NEWS
By Fredrick Obura | November 13th 2019
KCB Group Chief Executive Officer Joshua Oigara

NAIROBI, KENYA: Kenya Commercial Bank Group has recorded a modest growth of 6 per cent in its net profit for the period ending September 2019

In a statement, the lender said profit after tax surged 6 per cent to Sh19.2 billion from Sh18.0 billion realised the same period last year.

The net earnings increased from Sh18 billion, a similar period last year, driven by cost management initiatives across all businesses, said KCB Group CEO and MD, Joshua Oigara, on Wednesday while releasing the results.

“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.”

International Subsidiaries

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 Sh1.3 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 Sh675 million for the period ended September 30, 2019, representing a 45 per cent growth from a similar period in 2018.

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