KCB and Absa Kenya record huge net profits in first quarter

KCB and Absa Kenya reported profits for the first three months of the year with the former's net profit standing at Sh9.9 billion while the latter recorded Sh2.95 billion.

KCB's profit was a jump from the Sh6.4 billion recorded during the same period last year while Absa Kenya had their net profit increase by 22 percent from Sh2.41 billion.

The two banks also recorded an increase in total income with Absa Kenya experiencing a 12 percent growth to Sh9.9 billion. While KCB had an 18 percent growth to Sh19.7 billion.

“The year has started with great momentum and we are encouraged by this performance which is a reflection of the tenacity, determination and resilience of our customers across our different business segments,” Absa Bank Kenya chief executive Jeremy Awori told Business Daily.

Absa Kenya office in Nairobi, Kenya Pulse Live Kenya

On the other-hand, soon to be former KCB chief executive Joshua Oigara said; “During the quarter, the business showed sustained resilience backed by our proactive approach towards driving income growth, managing liquidity, conservation of capital, and cost containment.”

The revelation comes only days after KCB announced the culmination of Oigara's tenure after ten years at the helm. The company named Paul Russo as its new CEO, to head the Kenya-based lender that has seen tremendous success over the last decade.

In the nine and a half years Oigara has been in charge, KCB has witnessed a growth in customer deposits, number of loan accounts, trends on non-performing loans, and expansion of the branch network.