Kenya Commercial Bank (KCB) Group on Thursday announced that its first-quarter 2016 pretax profit rose 6 percent to 6.6 billion shillings attributed to a rise in interest income, stable earnings from subsidiaries and prudent cost-management.
Total Assets were up 9 percent from KShs. 510.2B to KShs 556.8B, with Net Loans & Advances up 16 percent from KShs 297B to KShs. 345.9B.
The bank’s net loans and advances to customers rose to 345.94 billion shillings, from 297.03 billion shillings in 2015. That leading to a 24 percent rise in net interest income to 11.45 billion shillings.
Their partnership with Safaricom Ltd, through its KCBMpesa now has a customer base of over 7 million users with over Ksh10B worth of loans disbursed since March last year, the bank announced.
“Our strategic partnership with Safaricom Ltd has enabled us to develop superior expertise in micro lending,” said Joshua Oigara.
“Digital payments and mobile money are key catalysts in deepening financial inclusion,” said the Joshua Oigara the banks CEO. Going forward Oigara says they will continue making deliberate investments and focus on building a business around diversification.