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KCB announces pretax profit increase

31 July 2014, 20:54

Nairobi - Kenya Commercial Bank has announced a KES17,1 billion, representing a 16 percent increase from the corresponding period in 2013.

“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. The pretax profit we have announced is very much in line with our projections and is sustainable going into the future,” said KCB Group Chairman, Ngeny Biwott, as he announced the bank’s half-year trading results.

He added that the strong performance underlines the momentum of the bank’s strategy to drive business growth and also underpinned the confidence that its customers have shown in the business in the recent past.

“This good performance also comes at a time when KCB has just been awarded ‘Best Bank in Kenya’ by Euromoney. This prestigious recognition is a very positive reflection on the significant progress that we have made over the past few years to grow our business in the East African region through innovation, partnerships and new business lines,” said the group chairman.

The Global Credit Rating (GCR) also affirmed the national scale ratings assigned to KCB of AA and A1+in the long term and short term respectively with the outlook accorded as stable.

Despite the setbacks in South Sudan, overall the International Business reported improved performance. In the month of August, two additional branches will be opened in Juba as business now starts to pick up in the country. The international business contributed 7,3 percent to the group profits and we are planning to roll out mobile banking and agency services to the subsidiaries in the next quarter.
Group Chief Executive, Joshua Oigara, said that the half year performance showed good growth in revenue across the business with net interest income up by 7 percent from KES 16, 05 billion in June 2013 to KES17,13 billion this year.

“Foreign exchange income also leaped by 25 percent from KES1,78 billion during the same period in June 2013 to KES2, 22 billionn this year following increased marketing activity for our foreign exchange businesses. Fees and commissions also went up by 13 percent from KES5,04 billion in June 2013 to KES5,67 billion this year following increased usage of our alternative channels such as M-Benki, agency banking and strategic partnerships,” said Ogara.

 – CAJ

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