KCB Group PLC after tax profit grew 11% to KShs. 5.8 billion in the first quarter of 2019.
Stronger non-funded income lines, robust loan book growth and reduction in interest expense drove performance from KShs. 5.2 billion reported the same period last year.
KCB Group CEO and MD Joshua Oigara said while the regulatory and operating business environment remained in flux, the Group’s corporate and retail franchises continued to post impressive returns, helping the lender to grow its market share.
“The performance is as a result of a sustained strategy that is anchored on a simplified customer journey and products that provide solutions to our customers” said Mr. Oigara during the release of the financial performance in Nairobi.
Further to the upgrade on digital banking platform in 2018, channel performance has significantly improved with 91% of total transactions performed outside the branch.
This comprised of 56% on mobile, 27% on agency, internet and POS and 8% on the ATM.
Non branch revenue grew 137% to KShs. 3.2 billion driven by disbursement of mobile loans, which grew 270% from KShs. 9.2 billion in March 2018 to KShs. 33.8 billion in March 2019. Financials