KCB Rwanda pretax Profits Up by 165%

KCB Bank Rwanda has reported a profit before tax increase by 165% in Full Year 2015 to Frw 3.2 Billion compared with Frw 857 Million reported in year 2014. This marks the third year of consistent growth and profitability reported by the bank.
The bank’s total operating income increased by 28% buoyed by a 35% increase in Net Interest Income due to increased lending activity. Notably, the bank reported a 38% decrease in net impairment for financial assets which indicates a significant improvement in the quality of its loan book.

Related Post; Equity Bank Rwanda Pre-Tax Profit up 66%

Highlights

Total assets increased by 23% to reach Frw 149 Million from Frw 121 Million in 2014.

The Bank’s total operating income increased by 28 per cent sustained by a 35 per cent increase in Net Interest Income.

The Bank reported a 38% decrease in net impairment for financial assets, an indicator of significant improvement in the quality of its loan book.

A 14% growth in customer deposits and a 34% increase in external long term funding sources.

Related; Technology helps boost KCB’s FY-2015 pretax profit by 12% to Ksh 26.5 Billion

Commenting on the results, the Managing Director, Mr Maurice Toroitich noted that the bank has significantly stepped up operations in supporting SME’s in all sectors of the economy. The Bank had embraced technology and this was a key factor in driving convenience and affordability of the bank’s services and noted that in year 2015 as more than 55% of all banking transactions were conducted through a technology platform which currently includes a state of the art mobile banking platform, agency banking, ATMs, Internet Banking and Merchant POS.

KCB Bank Rwanda Ltd is a 100% subsidiary of KCB Group Ltd, a company that is quoted in the Nairobi stock exchange and cross listed in the Uganda, Rwanda and Tanzania stock exchanges. The Group operates in all the 6 EAC countries (including South Sudan) and has a representative office in Ethiopia. Recently, KCB Group Ltd reported a 16.5% increase in net earnings from USD 165 Million to USD 192 Million.