KCB sees pre-tax profits up 1% in Q3
by Richard Kilner
Story link: KCB sees pre-tax profits up 1% in Q3
Kenya Commercial Bank (KCB) has announced its interim results for the third quarter of the year.
The firm made pre-tax profits of KSh5.3bn, a 1% increase from the Q3 2009 figure of KSh5.2bn.
In the first half of the year the firm enjoyed a larger rise in pre-tax profits, which rose by 4% to KSh3.64bn.
Operating profits (before taxes or provisions), increased more, up 18% from KSh4.99bn to KSh5.9bn.
Group Chairman Peter Muthoka has stated that the firm’s performance is due to the commitment of its staff and its resilience, allowing continuing rises in profitability despite the difficult operating environment.
Group Chief Executive Martin Oduor-Otieno added that the surge in operating income was due to an increase in interest income and foreign exchange business.