KCB Group has recorded a Kes 200 million profit after tax growth in the nine months to September this year compared to a similar period last year.
The lender’s profit expanded to Kes 30.7 billion from Kes 30.5 million.
The lender has attributed the growth to the consolidation of DRC-based subsidiary Trust Merchant Bank (TMB), which was acquired in December 2022, and organic growth.
Further, its assets rose to Kes 2.1 trillion, and the balance sheet expanded by 64.5 percent from Kes 1.28 trillion.
Despite tough economic and market environments, the group’s diversified income increased by 27.3 percent to Kes 117.3 billion, driven by non-funded income.
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Likewise, the contribution of group businesses (excluding KCB Bank Kenya) to overall profitability was up to 27.9 percent from 16.4 percent as investments in regional businesses continued to pay off.
KCB Group CEO Paul Russo noted that the Bank has had a difficult nine months due to a tough operating environment that has negatively affected our customers.
“Our performance was borne out of diligent implementation of our strategy, which saw us close the 16% gap in PBT from Quarter 2 performance,” he said.
“Our focus has been on speedy and sustainable resolution of our customers’ pain points and ringfencing the business to guarantee long-term growth.”
“It is upon this premise that we continuously innovated and delivered products with leading value propositions, in line with our resolve on opening doors of opportunities for all.”
On his part, KCB Group Chairman Joseph Kinyua, said the performance demonstrates the agility and strength of the financial institution that is has built over the years.
“We have deliberately continued to build strong governance and risk management frameworks to cushion the business against shocks and to guarantee shareholder returns,” Kinyua said.
“While we continue to operate in a tough operating environment, our subsidiaries have shown great resilience.”
