KCB Group has announced a 49 per cent rise in net profit for the first nine months of the current financial year.
The rise saw KCB Q3 net profit hit Sh. 45.8 billion from the Sh. 30.7 billion net profit that was recorded in the same period the previous year.
The bank announced that the share from its subsidiaries outside of KCB Kenya is currently standing at 36 per cent. At the same time, contribution from regional subsidiaries came in at 33.7 per cent in the proportion of total assets.
During the period under review, revenues increased by 22 per cent to Sh. 142.9 billion, bolstered by both funded and non-funded lines across the subsidiaries.
The group’s non-performing loans hit Sh. 215.3 billion while net loans were up 0.5 per cent. The two main contributors to the Group’s non-performing loans were identified as KCB Kenya and the National Bank of Kenya (NBK).
Equity Group makes Sh. 40.9 billion profit after tax in nine months
Total assets went down 5 per cent to Sh. 2 trillion while customer deposits decreased by 1.7 per cent to Sh. 1.5 trillion.
“We 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,” KCB Group chief executive officer Paul Russo said.
