7 April 2014

Rwanda: KCB Rwanda Posts Rwf71.1 Million Profit

KCB Rwanda made Rwf 71.1m in net profit (after tax) in 2013, overcoming a more than Rwf1bn after tax loss it recorded in 2012.

According to a statement released by the Kenyan lender last week, the bank's loan book grew by 9.8 per cent last year to Rwf48bn from Rwf43.7bn in 2012. At the same time, total customer deposits increased to Rwf62.02bn last year from Rwf54.28bn in 2012.

The bank's net operating income went up by 5.91 per cent year on year, from Rwf8.48bn to Rwf8.98bn.

Maurice Toroitich, the chief executive officer, said that the bank took up a number of initiatives last year that led to a surge in profit. Some of the initiatives include increasing staff productivity, loan portfolio and stabilising the bank's operating expenses.

He said that most of the bank's branches were now making profit and noted that customer deposits were also growing as a result of good customer service and other banking services like the mortgage facilities that clients know can impact their lives positively.

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