KCB Rwanda records 45% increase in total assets

KCB Bank Rwanda posted a 45 per cent increase in total assets during the first nine months of this year, a financial statement from the bank shows.

KCB Bank Rwanda posted a 45 per cent increase in total assets during the first nine months of this year, a financial statement from the bank shows.

The Kenya Commercial Bank Group subsidiary recorded Rwf113.4 billion in assets in the period ended September 30, compared to Rwf80.3 billion last year.

The bank’s after tax profit for the period increased from Rwf71.1 million to Rwf193.4 million, while its loans and advances to customers grew from Rwf48 billion last year to Rwf61.7 billion in September.

Deposits from clients increased from Rwf60.7 billion in December last year to Rwf77.7 billion, the bank’s statement indicated.

Opened in 2009, the bank saw its operating expenses decrease from Rwf8.8 billion last year to Rwf6.4 billion this year while its operating income stayed on course of surpassing the Rwf8.9 billion earned last year, standing at Rwf7.97 billion at the end of September this year which is higher than the Rwf6.6 billion of September last year.