KCB Group PLC’s net profit rose 21.4% to KShs.30.6 billion in the first nine months of 2022 on the back of sustained growth from both Net interest and non-funded income lines.
The contribution of Group businesses, which excludes KCB Bank Kenya stood at 16.3% (up from 15.2%) driven by new businesses and the impact of BPR Bank.
This was on account of the impact of BPR Bank, increased business activities and increase in staff costs. The Group has put in place cost-saving initiatives targeting savings across all its businesses.
The balance sheet expanded 13.7% with total assets standing at KShs1.28 trillion largely driven by growth in loans, investment in government securities funded by growth in customer deposits and additional borrowings.
Customer Deposits increased by 7.4% to KShs.922.3 billion on higher deposits from the growth of current and savings accounts.
The Group maintained strong capital buffers with core capital as a proportion of total risk-weighted assets standing at 14.5% against the statutory minimum of 10.5%.
This followed the signing of a definitive agreement with shareholders of TMB to acquire 85% of the shares in TMB while the existing shareholders will continue to hold the balance for a period of not less than 2 years after which KCB will have the right to acquire their shares.
The acquisition is part of KCB’s ongoing strategy to expand its regional participation, accelerate growth and maintain sustainable long-term regional success.
KCB Group, which has presence in six countries and a representative office in Ethiopia, has been keen to tap into new growth opportunities while reinforcing existing market capabilities. 250 billion to fund women entrepreneurs in the next five years, cementing the Bank’s role in catalyzing economic growth. In a newly revamped women offering dubbed Female-Led and Made Enterprises- FLME, the Bank will extend the funding to women-led and owned Small and Medium Enterprises (SMEs) across the country
