Business

Kenya Commercial Bank (KCB) Rwanda, a subsidiary of Kenya’s KCB Group, registered a surge in net profit of Rwf475 million ($798,319) in 2011, compared to Rwf1.7 billion ($2.8million) net losses reported the previous year.

The announcement was made by KCB Rwanda Managing Director, Maurice K. Toroitich, in an exclusive interview with The New Times in Kigali, Wednesday.

The KCB Group subsidiary maintained the good performance in its third year of operation after breaking-even in quarter one of last year, following two years of operating in losses that were attributed to high initial costs.

Toroitich attributes the impressive performance to the strong growth of banking business and money markets related trade.

“2011 was a profitable year for the bank; the bank’s business has grown in all areas. Customer deposits went up from Rwf32 billion in 2010 to Rwf47 billion in 2011,” Toroitich explained.

According to Toroitich, the lender’s loan book grew to Rwf35 billion last year, compared Rwf13 billion in 2010, while their balance sheet grew to Rwf11 billion.

“This year we are looking forward to another profitable year and we expect a 50 per cent overall growth,” he asserted.

He disclosed that the bank is in the pilot phase of Agency Banking, set to be commercially launched next month.

Contact email: saul.butera[at]newtimes.co.rw