Banks post 15.6pc rise in pre-tax profits
05 August 2013, 17:03
Nairobi - In the period ended June this year banks have locally recorded a rise in profit before tax of 15.6 per buoyed by a drop in interest paid on deposits as more customers used bank agents who are convenient whilst saving the banks costs.
According to Central Bank of Kenya (CBK) data released on on Monday, the banking sector’s profit before tax hit Kes 61.5 billion ($715 million) for the period ended June this year up from KES 53.2 billion ($631.5 million) posted for the period ended June 2012 The East African reports.
The growth in profits is also expected to be reflected in most of the large listed banks such as Barclay Bank, CfC Stanbic, Standard Chartered and Cooperative Bank.
- For more visit The East African
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