Kenya Commercial Bank Chief Executive Officer Joshua Oigara (left) and
group Chairman Ngeny Biwott at a past event. PHOTO | SALATON NJAU |
NATION
Kenya Commercial Bank has posted a 14
per cent after-tax profit for the half year ending June 2014, riding on
increased lending activities and growth in non-funded income.
East
Africa’s biggest lender by market capitalisation recorded Sh8.17
billion, up from Sh7.19 billion it earned over a similar period last
year.
The loan book grew by 14 per cent to Sh244.01
billion compared with Sh214.09 billion as of June 2013, which saw the
lender increase its returns from interest income.
Net interest income thus went up 7 per cent to Sh17.13 billion in the period under review, up from Sh16.05 billion last year.
“This
is a very good performance, which compares well with the same period
last year and shows an impressive growth trend year-on-year over the
past few years,” KCB Chairman Ngeny Biwott said at an investor briefing
Thursday.
Earnings from fees and commissions grew to
Sh5.67 billion, up from Sh5.04 billion in June 2013 in what the bank's
executives attributed to increased usage of alternative channels, such
as M-Benki, agency banking and strategic partnerships.
The
performance underlines KCB's continued dominance among Kenyan lenders
after its main rival, Equity Bank, posted a 21 per cent profit after tax
of Sh7.66 billion, up from Sh6.30 billion it had recorded for the first
half of 2013.
“We are excited with the performance
reflecting growth in all our business segments according to target,” KCB
Chief Executive Officer Joshua Oigara said
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