KCB reaps big in first half of 2017

KCB Group CEO Joshua Oigara attributed the performance to the bank’s retail and corporate business. Courtesy photo.

KCB bank registered UGX356.8 billion net profit for the first half ending June 2017, the bank’s chief executive officer Joshua Oigara, more about revealed yesterday.

Oigara attributed the performance to the bank’s retail and corporate business, non- interest income and lower interest expense.

He revealed that the retail and corporate loan book growth started late last year and continued into the first half of 2017.

Stakeholders to benefit
Following this success, the bank has announced payment of its shareholders in the next three months.

“The Board of Directors approved payment of an interim dividend of UGX34.78 per share to be paid in the next 90 days,” Oigara said.

However, despite the profits registered, business remained resilient, according to Oigara.

He added that KCB’s management has since put up strategies to boost earnings largely through digital channels.

“The business fundamentals remain strong and we are optimistic of better performance in the remaining part of the year,” Oigara said.

“The banking sector continues to undergo numerous challenges and as a bank, our continuous innovation and customer centric orientation ensures that we remain focused,” he added.

KCB has over the past three years pursued a strategy which departs from the traditional bricks and mortar banking channels to non-branch channels, particularly digital platforms, including internet, agency, mobile banking, and cards.

“This strategy focuses on growing digital banking so as to enhance the experience of our esteemed customers whenever they interact with us and at the same time spread our network in KCB,” Oigara said.



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