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Kenya Commercial Bank profits up by 64%

By Vision Reporter

Added 26th October 2008 03:00 AM

Kenya Commercial Bank (KCB) profits have increased by 64%.

Kenya Commercial Bank (KCB) profits have increased by 64%.

By Vision Reporter

Kenya Commercial Bank (KCB) profits have increased by 64%.

Martin Oduor-Otieno, the KCB Group chief executive, said in a statement over the weekend that the profits were recorded in the last nine months.

“The bank’s unaudited trading results for the third quarter show a profit before tax of Ksh5.2b up from Ksh3.2b for the same period last year,” he said.

“This steady improvement in our trading results reflects the momentum we have witnessed in the business over the past couple of years,” Oduor said.

He added that funded income increased by 29% from Ksh6.2b in September 2007 to Ksh8.04b this year.

Non-funded income contributed Ksh3.9b, an 18% growth over 2007, while foreign exchange income doubled to Ksh1.1b, up from Ksh555m for the same period in 2007.

“Our foreign exchange income line performed well due to increased activities in the financial markets,” the chief executive said.

Oduor said operating income stood at Ksh13.8b from Ksh1ss0.5b for the respective period last year, representing an increase of 33% against operating expenses of Ksh8.9b, up from Ksh6.6b spent during the same period in 2007.

He said the bank was on target to deliver good results for the year based on their performance.

“The bank’s balance sheet now stands at Ksh183b, making it one of the largest in the region.

“This represents a 67% increase over the Kshs110b balance size in September 2007.

KCB operates in Kenya, Tanzania, Sudan and Uganda.

It started operations in Uganda last year and has three branches.

Oduor said plans were underway to open eight more branches.

“Our business in Uganda is picking up well and we expect to return a profit within the projected period,” the bank’s chief executive, said.

Otieno said the bank would also open a branch in Rwanda to complete its representation across the region.

It has been in southern Sudan since 2006.

Kenya Commercial Bank profits up by 64%

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