Nairobi, May 7 -- Stanbic Bank Kenya has reported a 5.5 percent growth in net profit for the first quarter ended March when the benefits of lower costs and provisions for bad debts were eroded by a heavier tax bill.

The bank's profit before tax had jumped 20.5 percent but a faster growth in its tax bill saw its net earnings rise by 5.5 percent to Sh3.5 billion for the three months ended March compared to Sh3.3 billion a year earlier.

The subsidiary of Stanbic Holdings Plc had tax deductions of Sh1.4 billion, nearly double the Sh751 million billed a year earlier.

The lender's operating costs declined 7.8 percent to Sh5.02 billion owing largely to provisions for bad debts declining to Sh350.1 million from Sh855.5 million. The bank's gros...