KCB Group, Kenyas biggest bank, grew its profits by 49 in the first nine months of 2024, driven by income growth. It reported KES 45.8 billion 354 million in profits compared to KES 30.7 billion 238 million in the same period last year.
Its revenue also jumped by 22 to KES 142.9 billion 1.1 billion, including contributions from both lending and non-lending activities such as foreign exchange income and transaction fees.
The banks total assetsincluding cash, loans, investments, and propertyalso grew to KES 2.0 trillion 15.4 billion, led by customer deposits of KES 1.5 trillion 11.5 billion.
Net loans and advances rose to KES 1.1 trillion 8.5 billion following a sharp rise in retail sector lending.
KCBs ability to grow deposits and loans at this scale shows strong customer confidence and operational capacity amid currency volatility that pressures foreign-denominated loans, one banking executive told TechCabal.
