KCB Group has registered a net profit of Ksh30.7 billion for the nine months to September 2023, a Ksh200 million from the Ksh30.5 billion recorded in a similar period the previous year.
The lender’s balance sheet rose by 64.5 per cent from Ksh1.28 trillion aided by the consolidation of its DRC subsidiary Trust Merchant Bank (TMB).
The group boss noted that the lender has remained resilient despite the current economic and market environment, as its diversified revenue income streams resulted in a 27.3 per cent jump in its revenue to Ksh117.3 billion driven by non-funded income.
“We have had a rather difficult nine months due to a tough operating environment that has negatively affected our customers. Our performance was borne out of diligent implementation of our strategy, which saw us close the 16% gap in PBT from Quarter 2 performance,” said KCB Group Chief Executive Officer (CEO) Paul Russo.
“Our focus has been on speedy and sustainable resolution of our customers’ pain points and ringfencing the business to guarantee long-term growth,” added Russo.
For the nine months to September, the group’s non-funded income (NFI) rose 38.7 per cent to Ksh42.4 billion from Ksh30.6 billion it posted in a similar period a year prior.
Read: KCB Group Posts Ksh16 Billion Half-Year Profit
NFI was driven by enhanced investments in digital capabilities while funded income shot 21.6 per cent up to Ksh74.9 billion on loans and government securities growth.
“It is upon this premise that we continuously innovated and delivered products with leading value propositions, in line with our resolve on opening doors of opportunities for all,” said Russo.
Customer deposits surged 79.6 per cent to Ksh1.7 trillion from the Ksh922.3 billion posted in a similar period in Q3 of 2022.
“This performance demonstrates the agility and strength of the financial institution which we have built over the years,” said KCB Group Chairman Joseph Kinyua.
“We have deliberately continued to build strong governance and risk management frameworks to cushion the business against shocks and to guarantee shareholder returns,” added Kinyua.