NAIROBI, Kenya, May 23 – KCB Group net profit in the three months to March this year expanded by nearly 70 percent to Sh16.5 billion compared to a similar period in 2023, buoyed by improved incomes from regional subsidiaries.
Between January and March last year, the lender’s profit after tax stood at Sh9.8 billion.
While KCB Kenya’s revenue grew 38 percent to Sh30.7 billion, NBK’s expanded by 22 percent to Sh3.4 billion.
East African subsidiaries also recorded growth, with the South Sudanese unit rising 50 percent to Sh900 million, Uganda’s 39 percent to Sh1.3 billion, and the DRC’s 28 percent to Sh7 billion.
Tanzania’s unit income went up 23 percent to Sh1.6 billion and Rwanda’s to Sh2.4 billion.
However, the Burundian unit dropped 8 percent to Sh400 million.
“Despite a difficult operating environment across the region, we saw a strong revenue performance in the business as we entrenched prudent credit, liquidity, cost, and overall risk management,” KCB Group Chief Executive Officer Paul Russo said.
The group’s total assets grew by 22.4 percent to Sh2 trillion, with customer deposits also growing by 25.4 percent to Sh1.5 trillion.
“Consumer deposits continued to grow, a show of confidence that our clients have in the brand. Our deliberate investments in digital and payments capabilities as well as regional expansion approach continued to deliver impressive results,” Russo added.
