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[2008-04-25] First Quarter Profit for KCB Hits Sh1.65bn
Kenya Commercial Bank Group has reported a 62 per cent increase in pre-tax profit for the first three months of 2008.
The profit increased from Sh1 billion reported in the first quarter of 2007 to Sh1.65 billion this year. Releasing the results Thursday, Mr Martin Oduor-Otieno, the group's chief executive officer, said the results reflect the momentum in business growth from the last quarter of 2007.
"It also reflects the resilience of this bank in the face of the unstable political environment during the past quarter," said Oduor-Otieno. Growth in profit was largely driven by interest income which grew by 59 per cent to Sh3 billion, up from Sh1.9 billion reported in March 2007 and foreign exchange income which jumped by 194 per cent from Sh160 million for the same period in 2007 to Sh470 million.
"Our fees and commissions remained flat due to effects of post-election violence that undermined the ability of the business to conduct increased transactions as a number of our customers were affected by the insecurity," he said. The bank's balance sheet increased by 31 per cent from Sh100 billion in 2007 to Sh132 billion this year. Net loans and advances increased by 29 per cent from Sh52.4 billion in 2007 to Sh67.4 billion.
