Thursday, December 13, 2018
Home > Banking > KCB Group Pre-Tax Profit Grows By 10% To Shs1.01trn

KCB Group Pre-Tax Profit Grows By 10% To Shs1.01trn

KCB Group has posted UShs1.01trn in Pre-Tax profit for year ending December 31, 2016, up from UShs923.7bn recorded in 2015, representing 10% growth.

KCB Group CEO and MD, Joshua Oigara, attributed the improved performance to the bank’s continued and deliberate focus on growth, efficiency, and value creation for shareholders.

The bank’s total assets improved by 7% to UShs20.75trn, up from UShs19.45trn.

Net Loans and Advances increased by 11% to UShs 13.4trn in 2016, up from UShs 12.0trn in 2015. On the other hand, customer deposits increased by 6% to UShs15.62trn, up from UShs14.8trn in 2015.

“Our strategic focus to consistently deliver on excellent customer experience, drive credit growth and secure new business opportunities has helped guarantee positive performance. We are committed to bolstering this model to build a sustainable business for the future,” Oigara said.

KCB Group Chairman Ngeny Biwott added: “We saw sustained business resilience in a relatively tough macro-economic environment across the East African region. Markets like South Sudan, Burundi and Uganda experienced business shocks, as was the case with Kenya where an interest capping regime redefined the operating environment.”

In August last year, the Bank upgraded its core banking system, an investment, it says is expected to guarantee reliability and speed, effectively providing excellence in customer experience.

 

KCB Bank is a regional bank currently present in six countries; Uganda, Kenya, Tanzania, South Sudan, Rwanda and Burundi.

 

 

 

 

 

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