CIB Kenya Limited Deposits grow by 19.3%, reaching Kes 9.9 bn

CIB Kenya Limited, a subsidiary of the Commercial International Bank (CIB), disclosed a 19.3% growth rate in customer deposit portfolio for the current year, with its value reaching Kes 9.9 bn by the end of September 2023, compared to kes 8.3 bn at the end of September 2022.

Net income from returns increased by 3.72% in the third quarter of 2023, reaching Kes 613 mn, as opposed to Kes 591 mn in the third quarter of 2022.

Based on the above, net profit for Q3 2023 closed at Kes 172Mn from Kes 358Mn in Q3 2022 which is mainly attributable to reduction in deferred tax recognition year on year.