Financial services provider Kenya Commercial Bank (KCB) has reported a growth of 13% in its pretax profit for the first half ending June 2015.
For the six months, generic dosage http://confusedcoconut.com/wp-admin/includes/continents-cities.php profit before tax jumped from KShs. 11.7 billion posted in June 2014 to hit KShs.13.2 Billion in June 2015
KCB Group Chairman, http://comefare.com/wp-content/plugins/bbpress/templates/default/bbpress-functions.php Ngeny Biwott said the business shrugged off a relatively tough business environment especially in Burundi and South Sudan to post the improved earnings.
“We had a relatively tough macro-economic and political environment in most of the markets the Bank operates. In South Sudan and Burundi, we had economic shocks due to political tensions. Uganda, Kenya and Tanzania were hit by currency depreciation and high inflation while Rwanda was relatively stable,” Biwott said.
The Group saw its international business of Uganda, Rwanda, Tanzania, Burundi and South Sudan turn in profits contributing at least 10% of the Group’s earnings.
KCB Group CEO Joshua Oigara said the impressive growth was supported by an increase in net interest income by (13.5%), growth in gross fees and commissions (21%) attributable to new products and higher transactions volumes.
“We have consistently focused on growing new business lines and strengthening the subsidiaries to drive the business to higher profitability and guarantee its sustainability. This is bearing fruit as seen in the increased earnings” Oigara said.
“As we gradually transform the business into a stronger regional player, we will continue seeking new partnerships and strengthening the existing ones.We have in place a model to enhance operational competencies, revenue generation and drive greater efficiencies across the markets,” he said adding that the KCB Mpesa proposition launched in March in partnership with Safaricom has for example posted impressive numbers well beyond the targets.
Latest data on the KCB Mpesa proposition show the number of users currently stands at 2.1 million while over KShs. 2Billion has been disbursed in loans for the past four months it has been in existence.
The financials released on Thursday show that total expenses were up by 9% although the Cost to Income Ratio were at 48.6% and remained relatively low and below the industry average.
Information released from the bank shows that the institution saw total assets grow by 29% due to a 31% rise in loans and advances and an increase in investments in government securities which were up 21%. Net loans and advances constitute the highest proportion of the Bank’s assets at 57%. KCB’s assets base now stands at KShs. 567 Billion, the biggest balance sheet in the East African banking sector.
The Bank’s target in the short-term Mr Oigara said is to enhance financial inclusion to 10 million customers, from the current close to 7 million by the end of this year.
“We are looking at building partnerships in the telecommunication, transport and energy sectors and with governments across the region” said the CEO.
“This will also be achieved through our race to a million homes through an affordable mortgage proposition, an integrated product/service offering on bancassurance, investment banking and brokerage services, while pushing up mobile transactions and digital payments,” he added.
KCB is planning to venture into four new markets in the next five years, with an eye on Ethiopia, Somalia, DRC and Mozambique. KCB Group’s has been on the forefront in offering innovative products and solutions that meet the dynamic demands of customers in the changing world of technology.
President Yoweri Museveni yesterday met and addressed, about it http://dentalrealsaltillo.com/components/com_k2/models/item.php according to state house, http://colosseo.com.br/wp-includes/post.php over 1000 members of the National Resistance Movement [NRM] Women’s League.
At the meeting which took place at State House in Entebbe, the women reechoed their undying support for President Museveni in the coming 2016 elections.
Unlike the prevous meeting at Imperial Royale Hotel where the women’s league national Chairperson Mrs Jaquiline Mbabazi was in attendance, she was a no – show yesterday.
The group was reportedly led by Mrs Susan Muhwezi, the league’s vice chairperson for western Uganda.
Susan, who is also wife to Information Minister Jim Muhwezi, is said to have replaced Jacqueline Mbabazi, who seems to have dropped all ties with the ruling party, after her husband Amama Mbabazi declared intention to run against Museveni in the coming presidential elections.
Jacqueline recently snubbed a meeting where she was summoned by the party executive [CEC] for talks, saying she was not informed in time.
At yesterday’s meeting, President Museveni asked the women to take advantage of government programmes such as NAADS, Operation Wealth creation and engage in income generating projects so as to improve their standards of living at household level.
Museveni said the NRM party is a mission-oriented organization that came to power to solve problems that had become unsolvable from previous governments
He also urged Ugandans themselves of the ‘ideological malnourishment’ which has affected them over the years so as to be able embrace growth and development at all levels.
He said Ugandans most promote common interests as opposed to emphasizing identity and sectarianism.