Corporate News
KCB chief executive Joshua Oigara. PHOTO | FILE
By GEORGE NGIGI, gngigi@ke.nationmedia.com
Kenya Commercial Bank (KCB) has reported a 13 per cent growth in profits after tax for the half year to June this year riding on increased lending.
The lender announced a Sh9.2 billion net profit for the six
months to June compared to Sh8.1 billion in a similar period last year.
The bank’s loan book expanded by 31.3 per cent to
Sh320 billion from Sh244 billion in June last year resulting to 15 per
cent increase in interest income.
“We have consistently focused on growing new
business lines and strengthening the subsidiaries to drive the business
to higher profitability and guarantee its sustainability. This is
bearing fruit as seen in the increased earnings,” said KCB’s chief
executive Joshua Oigara.
The bank's deposit base expanded by 26.2 per cent
to Sh443 billion over the one year period driven by increase in customer
numbers due to new business lines such as its partnership with
Safaricom and Islamic finance arm, KCB Sahl.
The management said the number of users of KCB
MPesa currently stands at 2.1 million who have borrowed over Sh2 billion
in the four months the product has been existent.
No comments:
Post a Comment