Nairobi — KCB Group will open 12 new branches in Kenya and Tanzania, increasing its presence in the region.
The new branches will bring the total number of branches to over 500.
In an interview with Business Daily, the group's managing director (MD), Paul Russo, said that the move will help it reach more customers.
"We already have the approval to open six branches in Kenya and six more in Tanzania this year," the MD said.
As of September last year, KCB branches stood at 498. The 12 new branches will push its total network to Sh510.
On the other hand, Equity Group had 253 branches during the period.
In the first nine months of 2022, the group grew its net profit by 21.4 percent to Sh30.5 billion, up from Sh25.2 billion in the same period of 2021.
The growth was driven by sustained growth on the net interest and non-funded income lines.
The lender's total revenue grew by 15.3 percent to Sh92.1 billion, mainly driven by the growth in non-funded income, which increased by 30.2 percent on higher foreign exchange earnings and lending fees.
Additionally, interest income grew mainly from an increase in the earning assets portfolio, in particular loans disbursed during the period and investments in government securities.
