KCB group profits after tax increase by over 13%

Kenya commercial Bank Group posted an impressive increase in profits after tax during the last quarter of this year, group results indicate.

Kenya commercial Bank Group posted an impressive increase in profits after tax during the last quarter of this year, group results indicate.

The retail bank recorded a $124.3m rise in net profits in last quarter compared to $107.7m recorded over the same period last year. This was a 13.3 per cent increase year-on-year, according to the financial statement from the firm.

The statement indicated that total assets grew to $4.4b from $4.27b year-on-year, while liabilities grew to $3.8b from $3.7b in the same period.

Customer deposits grew by 1.6 per cent to $3.5b in the last quarter from $3.4b during the same period last year.

Its net interest income grew by 12 per cent to $273m from $249.5m, while operating costs rose by 8 per cent.

Total non-performing loans and advances increased by 37 per cent to $202.4m from $147.7m compared to last year, the firm said.

The bank’s total income stood at $121.9m, down from $129.9 in September last year, while the earnings per share went up to $0.048 compared to last year.

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