KCB’s pretax profit rises

Kenya’s largest bank by assets, Kenya Commercial Bank (KCB.NR, said on Thursday its pretax profit for the first nine months of 2009 was 4.951 billion shillings ($65.8 million) up from 4.796 billion last year.

Kenya’s largest bank by assets, Kenya Commercial Bank (KCB.NR, said on Thursday its pretax profit for the first nine months of 2009 was 4.951 billion shillings ($65.8 million) up from 4.796 billion last year.

Together with the bank’s mortgages business and operations in the countries in the region, pretax profit was 5.3 billion shillings up from last year’s 5.2 billion shillings.

“The pleasing thing is that we have seen substantial growth in our business. Our loans have gone up by 30 percent. Our balance sheet remained strong at 184 billion shillings,” Chief Executive Martin Oduor-Otieno told a news conference.

The bank, which is also known as KCB, said net interest income rose to 9.396 billion shillings from 7.219 billion shillings in the same period of 2008 for the Kenyan bank.

For the group, net interest income rose 10.91 billion shillings, up from 8.05 billion in the same period last year.

KCB’s operations span the region with branches in Tanzania, Uganda, Sudan and Rwanda. Its management is aiming for a pan-African reach in the years ahead.

It said in a statement that the bank’s directors did not recommend the payment of an interim dividend.

Rival Equity Bank (EQTY.NR) said this week its pretax profit for the same period was flat. Other banks are expected to unveil their nine-months results soon.

KCB closed at 19.80 shillings down slightly from 19.90 at Wednesday’s close.

Agencies

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