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.