KCB Group posted a Kes9.75 billion profit after tax in the three months ending March 2023, which was attributed to increased revenue from customer transactions.
Revenue increased by 26.9 per cent to Kes36.9 billion from non-funded incomes across its network and the consolidation of Trust Merchant Bank (TMB).
On the other hand, the contribution of group businesses (excluding KCB Bank Kenya) to overall profitability was up to 35 per cent from 17.2 per cent as investments in regional businesses continued to pay off.
KCB Group Chief Executive Officer (CEO) Paul Russo noted that the first quarter performance highlights the resilience of the business across the corporate and retail franchises.
He also stated that the regional businesses performed well, crediting the regional expansion strategy.
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“During the period, we continued to embed customer obsession across the Group to position it as the key pillar through which we deliver our strategy.”
In the period, customer loans increased 32 per cent to Kes928.8 billion on increased lending across the group.
Likewise, clients’ deposits rose 41.5 per cent to Kes1.20 trillion from TMB and additional deposits from existing businesses.
However, the cost increased by 46.1 per cent from consolidating TMB and expenditures to support additional revenues generated.
On his part, KCB Group Chairman Andrew Kairu said that while Kenya has majorly driven the Group’s growth in the past, its future hinges on becoming a significant regional player.
Therefore, we continued to bolster our capacity to match the meaningful role that we seek to play and become an undisputed leader in the region,” he said.
