Wednesday, February 28, 2024

KCB, NBK customers to share branch banking services

Customers of the National Bank of Kenya (NBK) and KCB Group are set to start accessing banking services in either of the two banks’ branches.

This has been revealed by KCB Group chief executive officer Paul Russo. The new interbank services are set to start within the first quarter of 2024.

This will mean that NBK customers will be able to access services at any KCB branch. At the same time, KCB customers will be able to access banking services at any NBK branch.

“January-February, KCB customers should be able to be served in an NBK branch and NBK customers in a KCB branch. That gives you an opportunity to optimize because you can then remove overlaps,” said Russo.

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“One would ask, why are you running two branches in Wajir, but you need a technology capability. That is the direction you want to take.”

This plan was initially revealed during the release of the bank’s quarter three financial results in which the bank 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.

National Bank is a subsidiary of the KCB Group, having been acquired in 2019. “KCB Group subsidiaries have continued to report strong revenue growth,” said Russo.

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