KCB Deposits Reach sh21b
Kenya Commercial Bank (KCB) customer deposits have reached sh21b, the Group chief executive officer, Martin Odour Otieno, said;
“The bank has also given out loans worth sh8.7b during the last nine months it has been in operating in Uganda. The third financial quarter results indicate a 64% growth in profits for the KCB Group. Our profits before tax rose to sh119.6b from sh73.6b, The assets stand at sh4.3 trillion as opposed to sh2.5 trillion last year,’ Odour said.
He said the bank was in final stages of opening new branches in Hoima, Gulu, Lira and on Ben Kiwanuka Street in Kampala before the end of the year.
He added that other branches would be opened later in Fort Portal, Mbale and Arua.
On the matter of cross listing on the Ugandan border, he said KCB had obtained approval and would introduce a sub-register for ease of trading.
“We expect a lot of interest from the market,” he said. KCB had registered 7,500 customers in the last nine months. He also added that the bank would help businesses who have transactions in southern Sudan.
KCB recently launched a financial facility code-named Biz flex, to help businesspeople involved in cross border trade. Biz flex enables traders to transfer money or get funding.
By Deborah Allen
Gorilla Trekking Safari News Reporter