[VIDEO]: KCB Bank opens new branch in Nyarutarama
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KCB bank Rwanda, a subsidiary of the Kenyan-based KCB Group, has opened a new branch in Nyarutarama, a Kigali city upscale suburb as it moves to further ease access to its services, as well as improve efficiency.
The new branch brings the bank’s number of outlets to 14 countrywide.
Speaking at the launch of the outlet, Maurice Toroitich, the KCB Bank Rwanda managing director, said the new branch will provide clients with a range of products, including loans and mortgages.
“It is designed to serve our clients better in terms of quality and transparent services.
“It will also help us connect customers on our network both locally and regionally,” Toroitich said on Wednesday.
Fred Uwambo, the general manager of Hydroform Energy and a client to the bank, said, the new branch will help reduce congestion and enhance services.
The Rwanda Stock Market cross-listed regional financial services provider recorded an increase in half year gross profit of 13 per cent to Ksh13.2 billion (Rwf89.8 billion), up from Ksh11.7 billion (Rwf79.6 billion) in June 2014.
Its total assets were up by 29 per cent due to a 31 per cent rise in loans and advances and investments in government securities which were up by 21 per cent.
Net loans and advances constitute the highest proportion of the bank’s assets at 57 per cent.
KCB’s assets base now stands at Ksh567 billion (Rwf3.9 trillion), the biggest balance sheet in the East African banking sector.
Total liabilities increased by 30 per cent as a result of a sharp growth in deposits, by 26 per cent as customer numbers grew due to new business lines like KCB M-Pesa, KCB Insurance Agency, KCB Capital and KCB Sahl Banking, the financial institution’s Islamic finance arm.