S&L profits increase by 118%

by Richard Kilner

Story link: S&L profits increase by 118%

The mortgage arm of the KCB (Kenya Commercial Bank), S&L, has seen its pre-tax profits skyrocket by 118% to achieve 2009 profits of Ksh1.015bn, up from 2008’s pre-tax profit of Ksh.465m.

Total asset rose from Ksh11.5bn to Ksh.19.2bn, with operating expenses declining by 10%, year-on-year.

Mortgage Division Director Caroline Kariuki, formerly MD of S&L, has cited a combination of good customer service and high quality products as the cause of the firm’s excellent annual results.

The Kenyan housing market is in good shape, and S&L is aiming to maintain a sustainable level of growth as it is amalgamated with parent firm KCB.

S&L has now merged with KCB, and will operate as KCB Mortgage Division.

Last month the KCB reported its pre-tax profits had increased by 5% during 2009, a year in which the firm had heavily invested in cutting-edge technology.