Nairobi, June 2 -- The cumulative pre-tax profit of commercial banks operating in Kenya rose 13.6 percent in the three months ended March, riding by cheaper deposits.

Data from the Central Bank of Kenya (CBK) shows that lenders posted a cumulative pre-tax profit of Sh83.5 billion in the first quarter of the year, up from Sh73.5 billion in the same period last year.

The performance is limited to the banks' operations in the Kenyan market.

Kenyan banks have been quick to cut the cost of deposits while remaining slow to reduce lending rates, allowing them to enjoy wider revenue margins.

Read: Banks squeeze depositors in race for bumper profits

"It was driven by a gradual uptick in lending and lower interest expenses, which partly offset...