JAMII Bora Bank has posted a 300 per cent jump in net profit boosted by increased market access and SME business. The bank said its net profit for last year rose to Sh157.2 million from Sh52.74 million posted in 2012.
"We made a deliberate decision to invest in the SME sector and Kenya's growing middle class while keeping our total faith in our historical roots at the bottom of the economic pyramid," said Jamii Bora's chief commercial officer Timothy Kabiru.
Customer deposits surged 285 per cent to a value of Sh3.42 billion in 2013 from Sh1.21 previously driven by increase in SME customers.
Total assets held by the bank increased to a value of Sh7.01 billion from Sh3.47 billion, a rise of 202 per cent. The bank's loan book grew by 292 per cent to a value of Sh3.8 billion from Sh1.3 billion.
"These results confirm that indeed Jamii Bora bank is a long term and serious player in the banking sector," said MD Sam Kimani.
During the period under review, the bank opened 13 outlets, raising the number of its branches in the country to 34.
"The solid confidence shown by our customers makes the future of the bank very promising," added Kimani.
Jamii Bora Bank entered the local banking industry in 2010 when it bought out City Finance Bank. During the period under review, the bank had a Sh1 billion bond issue which was oversubscribed.
In the current year, the bank plans to open another 10 branches across the country as it strives to make further inroads into the market.