KCB reports 10% rise in pre-tax profits

by Richard Kilner

Story link: KCB reports 10% rise in pre-tax profits

Kenya Commercial Bank (KCB) has reported its financial performance results for the first quarter of 2010.

Year-on-year pre-tax profits soared by 10% to KShs1.9bn from KShs1.7bn in Q1 2009.

The KCB also saw its total assets surge upwards by 29% to KShs220bn, with total despits skyrocketing by 43% from KShs129.2bn to KShs185.4bn.

Net interest income was up 10% to KShs3.9bn, with fees and commissions income also up 10% to reach KShs.1.5bn.

Group Chairman Peter Muthoka has expressed his delight at the KCB’s strong start to the year, particularly given the challenging period the bank faced during 2009.

Group Chief Executive Martin Oduor-Otieno stated that the bank’s improving results reflected an improving economic picture.