The KCB Group Chairman Mr. Peter Muthoka yesterday released the bank’s First Quarter 2012 results. The bank’s profit before tax increased by 35% in the quarter to KES 3.4 billion from KES 2.5 billion reported in the same period in 2011. The bank's profit after tax increased by 36.77% from KES 1.77 billion as of March 2011 to KES 2.43 billion as of the end of March 2012.

Net interest income rose 36% to KES 6.9 billion as of March 2012 from KES 5.1 billion in March 2011. Fees and commission rose 23% from KES 1.96 billion in March last year to KES 2.4 billion in March 2012. Total operating expenses were up 28% from KES 5 billion to KES 6.4 billion in the period. Net loans and advances increased 24% from KES 155 billion in the first quarter of last year to KES 195 billion as of March 2012. Customer deposits jumped 24% from KES 209 billion as of March 2011 to KES 260 billion as of 31^st March 2012.

The bank has a customer base of 1.8 million customers and when commenting on the bank’s performance, KCB Group Chief Executive Dr. Martin Oduor-Otieno said, “The impressive first quarter results are attributed to the on-going product and services innovations that the bank continues to implement seamlessly across the group.”

The group is optimistic that the current business environment and the regional outlook will continue to improve and support the group's growth and profitability.