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| KCB Bank Board Chairman, John Ulanga speaks in Dar es Salaam yesterday during a press conference to announce that the bank has grown its assets value to over TShs 1 trillion for the third quarter of the year 2022. Second right is KCB Bank Managing Director, Cosmas Kimario. Extreme right is the bank's Head of Finance, Willis Simbatia and on the left is Acting Head of Marketing and Corporate affairs, Shose Kombe. |
The increase was mainly driven by growth in customer deposits, which grew by over 103 per cent in five years (2017/22) while profit before tax grew by 182 per cent in the period under review.
KCB Bank Tanzania Managing Director, Mr Cosmas Kimario said in Dar es Salaam yesterday when announcing the bank’s third-quarter performance that the achievement is a result of strong strategies laid by the bank as well as improvement of the country’s business and economic environment.
“Most businesses laid down intermediate strategies to revive their activities and they have started bearing fruits. This has helped us to earn a strong asset base while serving our clients better,” he said.
“Most businesses laid down intermediate strategies to revive their activities and they have started bearing fruits. This has helped us to earn a strong asset base while serving our clients better,” he said.
He said the banking sector has started gaining momentum from the Covid-19 adverse effects that hit the globe in 2019.
Deploying digital technology in its operations was cited as another key driver for the growth, whereby the bank has focused on strengthening service delivery through alternative channels instead of the branch network alone.
Deploying digital technology in its operations was cited as another key driver for the growth, whereby the bank has focused on strengthening service delivery through alternative channels instead of the branch network alone.
“Digital services like internet banking, mobile banking and Point of Sale (POS) have increased efficiency in service delivery to our customers. Currently, most transactions are done out of the banking halls offering more convenience to customers,” he said.
Mr Kimario also cited the improvement of the country’s economy, a result of stable and sound economic policies put in place by the government and the Bank of Tanzania (BoT) as another contributor to the growth.
He also mentioned the Bank’s continued investment in human capital as a key factor to the growth. “We have continued to invest in human resources to speed up efficiency and were able to cut down operational costs to 49 per cent from 72 per cent within five years,”
The Board Chairman for KCB Bank, Mr John Ulanga explained his confidence to the management, saying that the bank has shown steady growth since its inception in 1997.
“We are currently implementing our expansion plan to reach more Tanzanians across the country. We have a strategy to ensure organic expansion by opening five new branches in different regions with business potential,” he said.
He added that the bank is also looking for acquisition opportunities to strengthen its business reach.
On his part, the Head of Finance Mr Willis Mbatia said that the bank’s loans value increased from 330bn/- in 2017 to 623bn/- this year, representing an increase of 88 per cent.
During the reference period, he said the customer deposits increased by 103 per cent from 318bn/-in 2017 to 646bn/-.
The Non-Performing Loans ratio has decreased from 17.51 per cent in 2017 to 3.16 this year. The plan is to reduce the NPL ratio to less than 3 per cent by the end of this year.
Mr Mbatia hinted also that profit before tax grew by 39 per cent to 22.4bn/- as of September this year compared to the corresponding period last year and that the profit in this year’s three quarters was 6.9bn/-for quarter one, 7.7bn/- for quarter two and 7.9bn/- for quarter three, respectively.
Mr Kimario also cited the improvement of the country’s economy, a result of stable and sound economic policies put in place by the government and the Bank of Tanzania (BoT) as another contributor to the growth.
He also mentioned the Bank’s continued investment in human capital as a key factor to the growth. “We have continued to invest in human resources to speed up efficiency and were able to cut down operational costs to 49 per cent from 72 per cent within five years,”
The Board Chairman for KCB Bank, Mr John Ulanga explained his confidence to the management, saying that the bank has shown steady growth since its inception in 1997.
“We are currently implementing our expansion plan to reach more Tanzanians across the country. We have a strategy to ensure organic expansion by opening five new branches in different regions with business potential,” he said.
He added that the bank is also looking for acquisition opportunities to strengthen its business reach.
On his part, the Head of Finance Mr Willis Mbatia said that the bank’s loans value increased from 330bn/- in 2017 to 623bn/- this year, representing an increase of 88 per cent.
During the reference period, he said the customer deposits increased by 103 per cent from 318bn/-in 2017 to 646bn/-.
The Non-Performing Loans ratio has decreased from 17.51 per cent in 2017 to 3.16 this year. The plan is to reduce the NPL ratio to less than 3 per cent by the end of this year.
Mr Mbatia hinted also that profit before tax grew by 39 per cent to 22.4bn/- as of September this year compared to the corresponding period last year and that the profit in this year’s three quarters was 6.9bn/-for quarter one, 7.7bn/- for quarter two and 7.9bn/- for quarter three, respectively.
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