NAIROBI, Nov 13 (Reuters) - Kenya’s biggest bank by assets KCB Group reported on Wednesday a 6% increase in net profit for the first nine months of this year to 19.2 billion shillings ($187.59 million.
KCB, which also operates in Uganda, Tanzania, Burundi, Rwanda and South Sudan, attributed its profit growth to a 10% increase in its total income as lending on its digital platform surged.
Its lending via mobile phones, which are offered on Safaricom’s M-Pesa platform typically for one month, increased more than three times during the period to 98 billion shillings, boosting non-interest income, the group said.
It released its results after the market close.
Shares of Kenyan banks have attracted renewed interest from foreign investors after the government removed a three-year old cap on commercial lending rates last week.
KCB said it also cut operating expenses, its cost to income ratio as well as its funding costs in January-September.
KCB said it expects its acquisition of National Bank of Kenya, which closed in October, to strengthen its position in the domestic market.
$1 = 102.3500 Kenyan shillings Reporting by Duncan Miriri and Omar Mohammed Editing by Susan Fenton