KCB Group PLC net profit rose 21.4% to KShs.30.6 billion in the first nine months of 2022 on the back of sustained growth from both Net interest and non funded income lines.
According to a statement to newsrooms on Tuesday, November 15, this was a jump from KShs.25.2 billion reported for the same period last year.
The contribution of Group businesses, which excludes KCB Bank Kenya stood at 16.3% (up from 15.2%) driven by new businesses and the impact of BPR Bank.
“We are seeing strong revenue momentum across the corporate and retail business which positions us to meet our full year outlook. Our focus has been on delivering value and support to our customers to help them navigate the tough economic environment”, said KCB Group CEO Paul Russo.
Total revenues went up 15.3% to KShs.92.1 billion mainly driven by the growth in non-funded income. This increased by 30.2% on higher foreign exchange earnings and lending fees.
Operating Costs went up 19.6% to KShs.41.6 billion compared to KShs.34.8 billion last year. This was on account of the impact of BPR Bank, increased business activities and increase in staff costs.
Net loans and advances surged 16.4% to KShs.758.8 billion from additional lending to the personal, building & construction and manufacturing sectors across the Group.
Customer Deposits increased by 7.4% to KShs.922.3 billion on higher deposits from the growth of current and savings accounts.