Kenya Commercial Bank (KCB) has recorded a Ksh16.5 billion net profit in the first quarter of 2024, representing a 16 per cent growth.
In a statement, the CEO Paul Russo remarked that the profit was achieved despite the difficult business environment in the region. He added that in the period under review, consumer deposits continued to grow indicating the client's confidence in the bank.
"We continued to leverage Group capabilities through syndication of facilities and tapping on centers of excellence to drive operational efficiency. Under our shared services model, we prioritized automation of key processes, roll out of more products on our self-serve channels and review of loan application processes continued to drive customer obsession and reduce friction," he added.
Per the data released by the bank, total revenues increased by 31.6 per cent to Ksh48.5 billion. This was attributed to the funded and unfunded lines.