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May 1, 2009

KCB reveals Q1 profits

by Richard Kilner

Story link: KCB reveals Q1 profits

Kenya Commercial Bank (KCB) has announced its quarterly financial results, which include a 5% rise in pretax profits which now stand at KShs.1.73bn.

Peter W. Muthoka, group chairman, has said that the rise reflects the slow momentum that occurs during each first quarter and added that he forecast an improvement in Q2 and Q3.

Group chief executive Martin Oduor-Otieno has stated that quarterly interest income was up to KShs.3.3bn, a rise of 24%.

Operating expenses were up by 28%, due to higher headcount and investment in Information Technology as well as spending on continuing business operations.

Compared to Q1 in 2008 the latest quarter saw assets up by 30% to reach KShs.171.1bn, with deposits up by 19% to KShs.129.2bn.

Oduor-Otieno has said that the KCB’s aims for 2009 were to consolidate its business growth through enhanced customer service, technology and staffing.

He went on to say that the bank was on course to meet its regional expansion plans which include 70 new branches and 200 new ATMs across East Africa.

The Q1 profits come after a good annual result for the bank which saw it record a profits surge of 42%.

Since then the KCB has enlarged its network of branches in southern Sudan, and now operates in Kenya, Uganda, Tanzania, Southern Sudan and Rwanda.

 

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