Kenya’s KCB group says sees more growth from diversified services




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By George Obulutsa

NAIROBI  – Kenya Commercial Group expects growth in services like , Islamic banking and mobile transfer services to further its income, after posting a 12 percent rise in first quarter pretax .

A mobile service, which KCB runs in partnership with telecoms firm Safaricom, had already attracted 1 million customers since launching in March, the said.

has also set up an agency business, an Islamic Banking unit and a programme to help regional country governments collect taxes, all of which sees boosting its growth.

“I think banking needs to be seen not just as lending. ’s more about the continuum, which we don’t see all the ,” Joshua Oigara, KCB chief executive officer, told an investor briefing.

“So, , investment banking. We’ll be looking at Islamic banking. We see mobile transfer. That is the realm of business,” he said.

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Oigara however said these services were meant to supplement income from loans to customers.

The ’s first-quarter 2015 pretax rose to 6.23 shillings ($65.5 million) from the same period last year, helped by higher interest income.

Its net loans and advances to customers rose to 297 shillings from 234 shillings, which resulted in an 11 percent rise in net interest income to 9.26 shillings.

*(Reuters)*