KCB Tanzania has graduated to tier one status after increasing its asset value to TSh1.04 trillion.
For a bank to earn tier one status, the highest ranking in the banking industry, it should boast assets of at least TSh1 trillion, according to the Bank of Tanzania (BoT).
The growth in the KCB’s assets, which is equivalent to a 105% increase within five years, was mainly driven by growth in customer deposits and profit, according to the bank’s managing director, Cosmas Kimario.
He revealed that customer deposits grew by over 103% in the last five years (2017–22), while profit before tax grew by 182% in the same period.
He said the bank’s handsome performance was triggered by strong bank strategies as well as improvement in the country’s business environment. Deploying digital technology in its operations was cited as another key driver for the growth.
The bank’s head of finance, Mr Willis Mbatia, said that the KCB Bank’s profit before tax by the third quarter ending September 2022 was TSh22.4 billion.
This, he said, is an increase of 39% compared to the same period in 2021.
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