Kenya’s largest bank by assets, KCB Group has reported a slight drop in its net profit for the first three months of 2017.
Net profit came in at Sh 4.54 billion versus Sh 4.63 billion in Q1 2016. Profit before tax fell to Sh 6.59 Billion compared to Sh 6.61 Billion posted in March 2016.
Loans to customers shot up from Sh 345.9 Billion as March 2016 to Sh 395.5 Billion in March 2017 while total asset base grew from Sh 556.8 Billion to Sh 605.7 Billion. Customer deposits increased from Sh 423.4 billion to Sh 456.8 Billion.KCB GROUP PLC- Unaudited quarterly financial statements and other disclosures for the period ended 31st March 2017.
Interest income fell by 15% to Sh 14.1 billion from Sh 16.04 Billion reported over the same period in 2016. Interest from loans and advances to customers fell by Sh 1.4 Billion to Sh 11.3 Billion while interest from government securities also fell by 16.8 percent to Sh 2.57 Billion.
Total non-interest income was unchanged as foreign exchange trading income grew to Sh 1.29 billion from Sh 746.7 Billion.
Related; Stanbic Kenya Q1 2017 Earnings Slump by 9% on Lower Interest Income
