By Samuel Sanya

KCB and Standard Chartered Bank have recorded increased profits on the back of better global and local economic conditions for the year 2012.

KCB group recorded a 14% increase in pretax profit to Ksh17.2b (sh516b) with customer deposits, net interest income on loans and advances and earnings from government securities rising during the previous year.

“We had a great year with impressive performance in all our business segments. In the last eight months of the year, the monetary stance has eased and the bank has lowered its base lending rate,” said KCB Group chairman Eng. Musa Ndeto in a statement.

Shareholders of the Kenyan bank will receive a higher Ksh1.9 (sh57) per share dividend up from Ksh1.85(sh55.5) the year before with an extra Ksh18m (sh540m) allocated to the KCB foundation, bringing up the charity wings funding to Ksh175m (sh5.2b).

Sir John Peace, the Standard Chartered Group chairman noted that the bank has recorded its tenth straight growth in profit by focusing on the basics of good banking; in markets they are familiar with and with clients and customers with whom they have deep relationships.

“Our China business and Wholesale Banking in Africa have both reached $1b of income for the first time.

We are entering the New Year with strong momentum in both of our businesses and the board remains confident for the year ahead,” he said.

Total group income was up 8% to $19.07b (sh51trillion) with African countries South Africa, Kenya, Ghana, Zambia, Nigeria in the top ten markets of the global bank helping Africa contribute $1.59b (sh4.1 trillion) to the total group incomes.