Customer deposits at KCB Group and Equity Group have crossed the Sh. 2.82 trillion mark. This is according to the financial results for the nine month period ended September 30Â that have been released by the two banks.
According to the financial results from the KCB Group, customet deposits at the bank came in at Sh. 1.5 trillion. This was a decrease of 1.7 per cent.
The financials from Equity Group on the other hand show that customer deposits at the bank stood at Sh. 1.32 trillion as at the end of September 2024. This represented an increase of 9 per cent.
With one more quarter remaining in the financial year 2024, it remains to be seen if combined deposits from the two banks will cross Sh. 3 trillion.
Equity, KCB break records with combined Sh. 86.7 billion net profit in 9 months
The two banks have been battling over the ppsition of most profitable lender in the East African region, and the listed bank with the highest market valuation.
In the third quarter, KCB emerged as the most profitable with a net profit of Sh. 45.8 billion in comparison to Equity’s Sh. 40.9 billion. KCB’s profit increased by 49 per cent while Equity’s net profit jumped by 13 per cent.
When combined together, the net profit by the two lenders amounted to a regional record of Sh. 86.7 billion.
This was an improvement on the equally record breaking half year profit that the two mega banks had posted for the period that ended on June 30, 2024.
During that period, KCB and Equity had made a combined half year net profit of Sh. 59.5 billion.
Out of this, KCB realized a net profit of Sh. 29.9 billion while Equity recorded a net profit of Sh. 29.6 billion.
The results for the half year and the third quarter point to a possibility that the two banking rivals might surpass a combined net profit milestone of Sh. 100 billion, which will be a national and regional first.
Apart from being rivals, KCB and Equity are currently the most profitable financial institutions in the East and Central Africa region where they have physical presence.
