KCB Group produced a higher performance in the third quarter of the current financial year to beat rival Equity Group.
According to the financial results that have been released by the two Kenyan banking giants, KCB Group had an edge over Equity both in profitability and the value of total assets.
The results showed that KCB Group had a 49 per cent rise in net profit for the first nine months of the current financial year.
This translated to a rise in quarter three’s net profit to Sh. 45.8 billion from the Sh. 30.7 billion net profit that was recorded in the same period the previous year.
In contrast, Equity Group posted a nine month profit after tax of Sh. 40.9 billion. This represented a 13 per cent increase from the Sh. 36.2 billion after tax profit that was realized in the same period the previous year.
On total assets, KCB also came on top. Its total assets came in at Sh. 2 trillion. This was however a drop of 5 per cent.
On the opposite end, Equity recorded a one per cent improvement on total assets to Sh. 1.7 trillion. In the previous similar period in 2023, Equity’s assets had increased 24 per cent to Sh. 1.7 trillion. In 2022, total assets had stood at Sh. 1.4 trillion.
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When it came to deposits, KCB’s customer deposits decreased by 1.7 per cent to Sh. 1.5 trillion. Despite the decrease, the deposits were higher. At Equity, customer deposits in the same period increased by 9 per cent to Sh. 1.32 trillion.
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.
