KCB Bank 2014 profit up by 18%

Kenya-based Kenya Commercial Bank (KCB) Group, the mother company of KCB Bank Rwanda, posted an 18 per cent growth in full-year pre-tax profit last year.

Kenya-based Kenya Commercial Bank (KCB) Group, the mother company of KCB Bank Rwanda, posted an 18 per cent growth in full-year pre-tax profit last year.

The group’s profit before tax rose from Ksh20.12 billion (about Rwf148 billion) to Ksh23.79 billion (about Rwf174.4 billion), KCB Group chairman, Ngeny Biwott, said in a statement.

He said growth was buoyed by a favourable macro-economic environment across the region. KCB Bank Group has branches across the region, including South Sudan.

“During the period, the region benefited from improved macro-economic indicators with most economies posting better growth figures, reduced inflation, lower lending rates and higher remittances,” said Biwott.

The bank’s total operating income rose by 16 per cent to Ksh56 billion (about Rwf410.5 billion), driven by a sharp growth in fees and commissions, which were up by 21 per cent to Ksh12.7 billion (about Rwf94 billion).

The group’s net interest income was up by nine per cent from Ksh33 billion (about Rwf242 billion) to Ksh35.9 billion (Rwf264 billion), while net loans and advances rose by 24.6 per cent from Ksh227.72 billion (about Rwf1.7 trillion) to Ksh283.7 billion (about Rwf2.1 trillion) supported by a steady credit appetite.

ADVERTISEMENT