Even after posting a net profit of Sh5.77 billion, Kenya Commercial Bank (KCB) Group rallied behind Equity group as the most profitable micro finance. The results were for the first quarter Q1 from January to March.
On an annual basis, KCB has topped as the most profitable bank for at least three years consistently.
The success of KCB emanated mainly from interest income. The bank continues to register high interest income despite the capping law effected 2017.
During the presentation, KCB boss Joshua Oigara accredited the bank’s strategy as the foundation of the success.
“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 on the performance.
Equity’s main strategy has always been keeping low the operational costs.
KCB has not been so successful in minimizing operational costs which stood at Sh10.3 billion against Equity’s Sh8.7 billion.
While Equity and KCB continue to exchange leads as the most profitable banks in Kenya, Co-operative bank too rose to reach the bar by recording a profit rise of 4.4% with a non-interest income of Sh4.2 billion.
Like Equity bank, Co-op too decrease its operational costs in favour of it’s net income.