By Silvia Nyambura
KCB Group has registered a 10% rise in pre-tax profits for the first 9 months of 2015. This translates to Kshs. 19.4 billion (Ushs 679 billion) up from Kshs 17.7 billion (Ushs 619 billion). This performance was buoyed by a substantial growth in net interest income, fees and commissions and cost management initiatives.
The bank’s international business in Uganda, Rwanda, Tanzania, Burundi and South Sudan had an impressive performance. It grew by 74% year on year to contribute 12% of the Group’s profit, compared to 7% in the same period last year.
In a statement seen by The CEO Magazine, the Group’s CEO Joshua Oigara said the performance in the subsidiaries affirms the Bank’s growing role as a regional lender and a sustainable business.
“The new expansion strategy adopted for the international business is gaining momentum and underpins our regional expansion model. The September 2015 numbers are an indication of a robust business model that we have continually adopted through initiatives that support customer-centricity to deliver affordability, efficiency and convenience in deepening financial inclusion across the East African region and beyond,
