KCB Group is set to open 12 new branches in Kenya and Tanzania bringing the total of branches to more than 500 to increase its presence in the region.
According to Business Daily, KCB Group Managing Director, Paul Russo, said that the expansion will help it reach more customers.
“We already have the approval to open six branches in Kenya and six more in Tanzania this year,” the MD said.
As of September last year, KCB branches stood at 498. The 12 new branches will push its total network to 510.
Yet, during that time, Equity Group had 253 branches.
The group's net profit increased by 21.4 per cent to Kes 30.5 billion in the first nine months of 2022 from Kes 25.2 billion in the same period of 2021.
The net interest and non-funded income lines saw a consistent rise, which was the primary driver of the growth.
The lender's total revenue increased by 15.3 per cent to Kes92.1 billion, mostly as a result of a 30.2 per cent increase in non-funded income due to higher foreign exchange earnings and lending fees.
In addition, the portfolio of earning assets expanded, mostly due to loans made throughout the time and investments in government securities.
