KCB group Plc. Q1 2019 Net Profit up 11% to kshs.5.8 billion
Growth driven by increased transactional activity and higher loan volumes
KCB Group PLC after tax profit grew 11 per cent to kshs. 5.8 billion in the first quarter of 2019.
Stronger non-funded income lines, robust loan book growth and reduction in interest expense drove performance from kshs. 5.2 billion reported the same period last year.
KCB Group CEO and MD Joshua Oigara said while the regulatory and operating business environment remained in flux, the Group’s corporate and retail franchises continued to post impressive returns, helping the lender to grow its market share.
“The performance is as a result of a sustained strategy that is anchored on a simplified customer journey and products that provide solutions to our customers,” said Mr. Oigara during the release of the financial performance in Nairobi.
Further to the upgrade on our digital banking platform in 2018, channel performance has significantly improved with 91 per cent of total transactions performed outside the branch. This comprised of 56 per cent on mobile, 27 per cent on agency, internet and POS and 8 per cent on the ATM.
In line with the strategic shift and investment in our digital channels, non-branch revenue grew 137 per cent to kshs. 3.2 billion in March 2018 to kshs. 33.8 billion in March 2019