Browsing: KCB (Kenya Commercial Bank)

KCB Group Director Marketing, Corporate Affairs & Citizenship, Rosalind Gichuru offers a scholarship certificate to one of the 251 beneficiaries who will be taken through the University through the KCB Foundation Education Scholarship Program.

The University Scholarship Programme will facilitate a smooth transition for the top performers who attain a mean grade of A and A- and the best 2 students living with disabilities each year, from the KCB Foundation High School programme.

“The laptops are part of a deliberate effort by the Foundation to enable the scholars to effectively undertake their schoolwork as well as access their virtual class lessons” said Rosalind.

“We want our Scholars to have an equitable opportunity by continuing to access their class courses and complete their assignments on time. With many of them coming from marginalized communities, access to a laptop for purposes of following the classroom lessons or undertaking assignments was going to be a big challenge,” she added.…

KCB is expanding indicating good performance of the Kenyan economy which is projected to grow 5.9 percent in 2022.

The most recent expansion by Kenya’s KCB was in Tanzania where the bank launched a mini-branch, at the EAC Secretariat Headquarters in Arusha, Tanzania late last year. This expansion speaks volumes to the merit of Kenya banking sector.

Overall speaking, Kenya’s banking industry as exemplified by KCB’s good performance is symbolic of the resilience of Kenya’s economy. The country’s economy has remained strong even in the face of recent economic shock waves wrought by Covid-19 and even regional conflict like the ongoing demonstrations in Sudan.

Actually, according to the Africa Development Bank (AfDB), Kenya’s economy is well on its way towards a full recovery, if no other Ovid waves emerge that is. However, it is not all sugar and candy, the AfDB does acknowledge that “…nearly 2 million people are estimated to have fallen into poverty, and nearly 900,000 lost their jobs,” over the cause of the pandemic.…

KCB Group PLC has completed the acquisition of Banque Populaire du Rwanda Plc (BPR) from Atlas Mara Mauritius Limited and Arise B.V, days after announcing the doubling of its net profit in the six months to June 2021.

According to the Kenya-based regional bank, the acquisition follows the securing of the requisite regulatory approvals in Kenya, and Rwanda in what makes KCB Group the majority shareholder in BPR, Rwanda’s second-biggest bank, with effect from August 25, 2021.

KCB Group CEO and MD Joshua Oigara said that the completion of the transaction in Rwanda will give the Group a stronger edge in deepening the ongoing Group strategy to scale regional presence.

He added that combined history of BPR and KCB will take the Group to greater heights, and would give them a stronger edge to play a bigger role in driving the financial inclusion and economic empowerment agenda in the East

KCB Group

Regional bank Kenya Commercial Bank has doubled its profit after tax for the period ended June 2021.

In a statement, KCB says its profit reached Sh15.3 billion, up from Sh7.6 billion posted during a similar period last year.

During the period under review, revenues increased by 14 percent on account of higher interest income driven by an increase in earning assets and a lower cost of funding.

The Group’s total income increased by 13.7 percent to Sh51.2 billion during the period, with net interest income going up by 17.7 percent to Sh36.6 billion from Sh31.1 billion last year.

This was on the back of higher interest-earning assets and effective management of the cost of funding during the period.

The Group’s assets stood at Sh1.02 trillion, up from Sh953 billion reported in the first half of 2020.

Commenting on the performance, KCB Group CEO Joshua Oigara said the bank’s resilient and …

East African banks among the world’s top performers

East Africa’s top banks ranked among the world’s 1,000 best lenders despite tough operating environment.

The banker, a monthly London-based international financial affairs publication owned by the Financial Times Ltd, shows that Kenya Commercial Bank (KCB), Equity, Diamond Trust Bank and Co-operative Bank, remained resilient in a tough operating environment so as to maintain an upward growth in profitability.

The banks made significant strides in strengthening their balance sheets (assets) and increasing their Tier 1 capital in line with the Basel III requirements.

Tier 1 capital is the core measure of a bank’s financial strength which is reserved to ensure banking operations are not disrupted during periods when lenders make losses.

The chief executive Kenya Bankers Association, Habil Olaka said that banks are taking advantage of opportunities in the East Africa Region and providing their customers with seamless service delivery.

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KCB eyes DRC and Ethiopia for regional expansion

Kenya Commercial Bank (KCB ) plans to venture into Ethiopia and the Democratic Republic of Congo (DRC) as it seeks to grow its regional footprint.

The bank is looking at additional markets for expansion while it awaits a licence to operate in Ethiopia, where it already has a representative office that was opened in 2015.

“We are talking about two markets in trying to scale up our businesses so the market we are looking at is Congo and Ethiopia because they are very much aligned to our business,” said Joshua Oigara chief executive.

“For us, there is a chance to really grow our business to reach the psychological height of Sh1 trillion of balance sheet size which is a strong size,” he added

Mr Oigara did not provide a timeline for when the bank will enter DRC. The bank also operates in Uganda, Tanzania, Rwanda, Burundi and South Sudan.

The …