The Kenya Commercial Bank Group has reported a 13 % increase in profit before tax for the first half of this year. The bank recorded Ksh13 b***ion pretax profit, up from Ksh11.7 b***ion-recorded same period in 2014.
Group CEO Joshua Oigara attributed the growth to the rise in funded income, international business and efficient cost management. He said growth was also supported by an increase in net interest income by 13.5%. “We have consistently focused on growing new business lines and strengthening the subsidiaries to drive the business to higher profitability,” Mr Oigara said.
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“We had relatively tough macro-economic and political environment in Burundi and South Sudan due to political in****ility,” said KCB group chairman Ngeny Biwott. He said he sees good times ahead despite fall in sh***ing and high inflation in Rwanda.
“The fall in sh***ing is understandable. **wever, it w*** not weaken our operations and we are diversifying our revenues. Markets are looking up,” Mr Oigara said. “We are not pulling out of South Sudan or Burundi instead we w*** capitalise our banks. We shall double our capital base, a target set for 2018. The progress is immensely huge.”
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