KCB Bank has graduated to tier one – highest ranking in the banking industry – after its asset value hit KSh 1.04 trillion.
According to the Bank of Tanzania (BoT), a bank should command an asset of at least KSh 1 trillion in order to graduate to tier one.
According to The Citizen, the bank’s assets was hugely attributed to the growth in customer deposits and profits.
DON'T MISS: Stay informed with the latest news and interact with us on Instagram.
KCB Bank managing director, Cosmas Kimairo, said customer deposits increased by 103 percent between 2017 and 2022.
At the same time, Kimairo noted that profits before tax increased by 182 percent in the five-year period.
“We are grateful that our bank is now one of the big lenders in Tanzania’s banking sector,” Kimairo said.
He noted that the bank’s impressive performance was contributed by strong bank strategies, improvement in the country’s business environment and the use of digital technology in its operations.
“Digital services like internet banking, mobile banking and point of sale have increased efficiency in service delivery to our customers
“Above all, we have been investing in human resources to speed up our efficiency,” Kimairo added.
JOIN US: Stay informed with the latest Kenyan news and join the conversation on Telegram.
KCB Bank Tanzania Limited is a member of the Kenya Commercial Bank Group (KCB Group) headquartered in Nairobi with subsidiaries in Kenya, Rwanda, South Sudan, Tanzania and Uganda.
KCB Tanzania Limited was incorporated in Dar es Salaam in 1997.
Since then, KCB has opened 11 more branches in Tanzania.