Browsing: N ational Bank Bancassurance Intermediary Limited (NBIL)

KCB Group CEO Paul Russo.
  • In the three months to March 2023, Group’s total assets rose by 39.8 percent to close at $11.8 billion buoyed by DRC subsidiary TMB.
  • Revenue increased by 26.9 percent to $267.4 million mainly driven by the non-funded income from customer transactions across the Group.
  • This is the Group’s newest subsidiary in the Democratic Republic of Congo.
  • It demonstrated the range and diversified income streams across the group’s businesses, adequate to cover the elevated operating and funding costs.

Regional lender KCB Group Plc posted $68.8 million in profit after tax for the first quarter 2023, a marginal drop attributable to acquisition and consolidation costs of its newest subsidiary, Trust Merchant Bank (TMB), in the Democratic Republic of Congo.

In the quarter, however, the Group recorded a strong balance sheet growth with total assets hitting $11.8 billion, with TMB contributing 14 percent to the Group’s total assets. The bank said this was …