KCB In 56% Profit Growth to Kshs9.8 Billion
The KCB Group has reported an impressive 56% jump in pretax profits for 2010 from KShs6.3 billion in 2009 to KShs9.8 billion.
Group Chairman, Mr. Peter Muthoka, announced the bank’s 2010 full year audited results that reflected a 29% increase in total operating income to KShs29.6 billion from KShs22.9 billion the previous year. Total operating expenses were stable at KShs18.7 billion growing by 18% from KShs15.9 billion in 2009.
“The Board is very pleased to present these impressive results which confirm that our consolidation agenda is bearing fruit”, said Muthoka.
He said the bank’s good results were anchored on a 36% increase in net interest income from KShs14.5 billion in 2009 to KShs19.6 billion, foreign exchange earnings growth by an impressive 68% to KShs2.8 billion up from KShs1.6 billion in 2009 and fees and commissions that went up by 16% from KShs5.9 billion to KShs6.8 billion.
The KCB Group Chief Executive, Dr. Martin Oduor-Otieno, hailed the bank’s performance attributing it to hard work and commitment among employees and great support from customers, shareholders, the Board and other stakeholders.
“We experienced a significant increase in both our loans and deposits volumes due to our effective business drive and growth in our customer base which now stands at approximately 1.5 million,” he said.
The Chief Executive said the bank’s balance sheet continued to grow with a further 29% expansion last year to KShs251.4 billion up from KShs194.8 billion in 2009.
“Total assets increased as a result of growth in loans and advances (201% to KShs148.1 billion), investments in Government securities (800% to KShs44.2 billion) and an increase in balances with other institutions (406% to KShs19.2 billion),” added Oduor-Otieno.
The bank registered an increase in total deposits of 21% to KShs197 billion from KShs163 billion in 2009 while balances with other banks went up by 66% to KShs11 billion from KShs6.7 billion the previous year.
This article was originally posted on East Africa Business Communities