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KCB quarterly profit rises to Ksh 5.8B on non-interest income – Citizentv.co.ke

Kenyan Business Feed by Kenyan Business Feed
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KCB Group has announced an 11.5 percent growth in profits for the first three months of the year to Ksh.5.8 billion.

The notable increase in earnings is attributable primarily to a surge in non-interest funded income which improved by 10.6 percent to Ksh18.8 billion.

This comes as the lender pocked increased earnings from loan fees and commissions under the continued digitization of banking transactions.

The bank,  which in 2018 undertook a comprehensive upgrade of its digital banking platform to include the re-introduction of KCB-Mpesa, now has 91 percent of transactions outside the bank with mobile and agency banking leading the way out of the brick and mortar facilities to take a transaction share of 56 and 27 percent respectively.

KCB further grew its non-fund revenue to Ksh.3.2 billion with mobile loans growing by a near three fold to Ksh.33.8 billion across the quarter.

“The performance is as a result of a sustained strategy that is anchored on a simplified customer journeys and products that provide solutions to our customers,” noted KCB Chief Executive Officer Joshua Oigara.

The leveraged digital platform helped KCB to push more loans and advances in the three months as both the customer and treasury loan books stretched by 6.3 and 6.7 percent respectively to hit Ksh.13.4 and Ksh.3.2 billion.

The lender expects the new found momentum to keep the group’s performance on a positive curve knocking off the inflationary headwinds which characterized the first quarter.

“We expect some inflationary headwinds in the economy as a result of lower rainfall in Kenya and increasing fuel prices. The group has capacity to navigate through this and are therefore optimistic we will maintain our positive growth tractor,” added Mr. Oigara.

KCB has similarly been keen on growth via mergers and acquisition in addition to the consideration of expansion to new markets to include the neighboring Ethiopia.

Having sealed the acquisition of five branches from the grounded Imperial Bank Limited in Receivership (IBLIR) earlier in the year, the lender has most recently put forth a proposal to takeover the operations of the National Bank of Kenya (NBK) to solidify on its regional position.

KCB Group currently makes up Kenya’s largest bank by asset value.

 




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