The KCB Bank Group has announced a net profit if Sh. 30.7 billion for the nine-month ended September 30 2023. This net profit represented a marginal growth from the Sh. 30.6 billion net profit that the bank realized in the same period the previous year.
The bank also announced that its balance sheet had grown by 65 per cent to hit the Sh. 2 trillion mark. At the same time, net loans crossed the Sh. 1 trillion mark.
Customer deposits increased by 80 per cent to Sh. 1.7 trillion in the period under review up from Sh. 922 billion that was recorded in by the third quarter of the previous year. Investment in government securities increased by 38 per cent to Sh. 371 billion.
KCB’s gross non-performing loans increased from Sh. 149 billion in quarter three of 2022 to Sh. 187 billion in the third quarter of the current financial year.
Despite the fall in KCB share price, local individual shareholders increased from 186,089 in quarter three of 2022 to 187,177 by quarter three 2023. Foreign investors have increased from 669 to 682, same period last year.
Equity makes Sh. 36.2 billion net profit in 9 months
Among its subsidiaries, KCB’s Uganda subsidiary had the largest revenue growth of 63 per cent at Sh. 3.3 billion followed by the Tanzanian arm with 56 per cent at Sh. 4.5 billion. South Sudan had a growth of 41 per cent at Sh. 1.9 billion, and Burundi Sh. 1.2 billion equal to 16 per cent growth.
“KCB Group subsidiaries have continued to report strong revenue growth. The Ugandan subsidiary has registered the highest growth in revenue,” KCB Group chief executive officer Paul Russo said.
Mr. Russo further revealed that the group is working towards merging their subsidiary operations. This will enable customers to access services at any of their subsidiaries. The bank expects this new feature to be operational within the first quarter of 2024.
