KCB Group Posts 6% Q3 Profit Rise on Digital Growth

KCB Group Posts 6% Q3 Profit Rise on Digital Growth

KCB Group on Thursday posted a 6.67 percent growth in profit for the third quarter ending September 2019 to post KSh19.2 billion which was attributed to its 10% increase in total income from its digital platform.

KCB Group which is Kenya’s biggest bank by assets said total income was up 10 percent from KSh54.2 billion to KSh59.7 billion, with non-funded income increasing 16.9 percent from its digital KCB M-PESA.

KCB Group chief executive Joshua Oigara said their cost to income ratio dropped to 44.7 percent compared to 49.7 percent in the same period last.

“We had a strong quarter and the business witnessed growth across various segments. We made continued strong investments in our capabilities to serve customers better. The international businesses have continued to improve while our digital offerings are witnessing increased activity, giving the business impetus to continue growing,” said Oigara.

The acquisition of the National Bank of Kenya is expected to further cement KCB’s position in the domestic banking sector and strengthens its ability to access more business flows.

Early this month, NBK announced profits before tax of KSh675 million for the period ended September 30, representing a 45 percent growth from a similar period in 2018.