The two largest banks in Kenya and the East African region, KCB Group and Equity Group made a combined, record-breaking net profit of Sh. 86.7 billion in the first nine months of the year.
Out of this net profit in 9 months, KCB Group made Sh. 45.8 billion net profit while Equity Bank made Sh. 40.9 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 Group and Equity Group had made a combined half year net profit of Sh. 59.5 billion.
Out of this, KCB Group realized a net profit of Sh. 29.9 billion while Equity Group 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.
“We at KCB Group are optimistic of a strong end of the year, riding on improving market conditions, solutioning for customers and tapping the great strength of our people,” said KCB Group chief executive officer Paul Russo during the release of the bank’s financials.
On the other end, Equity Group chief executive officer Dr. James Mwangi said that the bank he leads has developed robust systems and infrastructure with the capabilities to drive customer success.
KCB Group beats Equity Group in Q3 profitability, total assets
He noted that the bank is operating in a fast growing market with prospects for future growth and expansion.
“The East Africa region is the fastest growing economies in the world with an average GDP of 5.6 per cent. This gives us huge prospects for the future and we are excited for what is to come,” said Dr. Mwangi.
The two banks also had a combined record-breaking value of total assets among regional banks at Sh. 3.7 trillion, out of which KCB Group had a total of Sh. 2 trillion assets and Equity Group Sh. 1.7 trillion in assets.
