KCB Group has announced a 15 per cent growth in third quarter net profit to Sh.15.9 billion.
KCB reported net earnings of Sh.13.9 billion in the same period to September 30 last year. The bank’s group chief executive Joshua Oigara said the performance was driven by strong growth in interest income as KCB saw this revenue stream grow by Sh. 7.8 billion to Sh. 36.1 billion, representing a 27 per cent increase.
KCB’s net loans and advances during the period increased five per cent to Sh.364.5 billion while customer deposits went down seven per cent to close the period at Sh. 436.8 billion. The growth was largely driven by the Kenyan business which registered an eight per cent growth.
“The number of users of our mobile banking channel stands at 10.2 million while the number of mobile accounts grew by 98 per cent from 4.3 million in quarter three of 2015 to 8.3 million in a similar period this year. As such the registered customers on mobile make up over 75 per cent of the total customer base in the bank,” said Mr Oigara.
