KCB Group Chief Executive Officer Joshua Oigara. PHOTO | COURTESY The deal, the bank said, will push the regional lender’s assets towards the Ksh1.5 trillion ($13.15 billion) mark in the next financial year.
Chief executive Joshua Oigara told The EastAfrican that negotiations for a potential buyout are at an advanced stage and the deal should be completed in the next quarter.
Regional subsidiaries’ contributions to the earnings increased to 13.7 percent from 13.6 percent during the period under review. Tanzania contributed $6.33 million, South Sudan ($8.03) million, Uganda ($2.36 million), Rwanda ($9.56 million) and Burundi ($4.54 million).
KCB Group is pursuing an undisclosed bank in Democratic Republic of Congo to set a foothold on the Central African country.
The deal, the bank said, will push the regional lender’s assets towards the Ksh1.5 trillion ($13.15 billion) mark in the next financial year.
Chief executive Joshua Oigara told The EastAfrican that negotiations for a potential buyout are at an advanced stage and the deal should be completed in the next quarter.
KCB’s assets amount to Ksh1.13 trillion ($9.91 billion) and the lender listed on the Nairobi Securities Exchange (NSE) is keen on establishing a foothold in the mineral rich Central African nation, spreading its operations to seven countries: Kenya, Uganda, Tanzania, Rwanda, Burundi, South Sudan and DRC. It also runs a representative office in Ethiopia.
“We are in discussions in our markets and are focused on a key market, DRC, and that remains our key priority in the coming quarter (April-June),” Oigara told The EastAfrican . “The negotiations have taken a bit longer, largely because of the December holidays, when people were stuck on annual audits and financial statements,” he added.
The Group’s net profit for 2021 jumped 74 percent to Ksh34.2 billion ($300 million) from Ksh19.6 billion ($171.92 million) in the previous year (2020) buoyed by increased revenues from trading operations and by over 50 percent reduction in loan loss provisions.
Regional subsidiaries’ contributions to the earnings increased to 13.7 percent from 13.6 percent during the period under review. Tanzania contributed $6.33 million, South Sudan ($8.03) million, Uganda ($2.36 million), Rwanda ($9.56 million) and Burundi ($4.54 million).
“The benefits of our regional expansion continue to positively contribute to the KCB’s performance.In 2022, KCB will continue exploring and pursuing attractive regional expansion opportunities to enhance our regional participation, accelerate growth, and maintain sustainable long-term performance,” said Oigara. The bank’s directors have recommended a final dividend of Ksh2 […]
