KCB Bank Rwanda recorded a 42 per cent growth in gross profit to over Rwf908.8 million in the first quarter of the year compared to Rwf641.8 million over the same period the previous year.
According to the bank’s financial statement, total operating income rose by 7 per cent year-on-year, while operating costs dropped by 1.4 per cent.
The growth in operating income was attributed to fees and commissions generated through non-loan related banking activities, which rose by 27 per cent, from Rwf750 million in the first quarter of 2016 to Rwf952 million between January and March this year.
“The first quarter of 2017 has demonstrated growth in income and overall profit due to continuous efforts to provide multiple financial solutions to the Rwandan market,” Maurice Toroitich, the KCB Bank Rwanda chief, said in the statement released yesterday.
“Primarily, we have seen a positive impact in our payments, remittances and money market channels. For us this further cements our intention to diversify banking for all our customers,” the bank official said. Toroitich said the bank’s overall performance has also been boosted by effective cost management the bank started to implement last year.