Another Kenyan company records massive profit

[MK254]

Kenya Commercial Bank (KCB) Group has announced Ksh18.04 billion for the third quarter of 2018, for the period ending September 30.

This is a 19.63 per cent rise as compared to Ksh15.08 billion reported in the same period last year.

Loans and advances grew by 3.76 per cent to Ksh435.28 billion from Ksh419.49 billion the same period last year.


Customer deposits also rose 6.15 per cent to Ksh526.84 billion from Ksh496.31 billion while net interest income grew by 1.77 per cent to Ksh36.3 billion, improving from 1.05 per cent decline reported last year to stand at Ksh35.67 billion.

Read: Andrew Kairu Appointed KCB Group Chairman

The growth was attributed to improved cost management and increased gains from net interest income.

“Our focus on technology driven growth continues to deliver both client satisfaction and efficiencies while keeping costs under control and diversifying the income streams,” KCB Group CEO Joshua Oigara said.

Non-interest played a booster to the Group’s income, accounting for 33 per cent of the income, growing by 2.63 per cent to Ksh17.94 billion.

Non-branch transactions stood at 87 per cent of total volumes, compared to 13 per cent handled at the branches.

Agency banking transactions grew by 74 per cent, Mobile banking was up by 34 per cent, with ATM and Point Of Sale transactions increasing by 36 per cent and 16 per cent respectively.


KCB Announces Ksh18 Billion Profit In Q3 Of 2018

 

[Bottas]

Benki za ldc zinatengeneza hasara alafu mijitu ya
ccm inatoa tu povu Hadi Raha....

 

[vulcan]

growing in leaps and bounds.
twasonga mbele

 

[KENPAULITE]

Watch this space for NIC bank next year

 

[JKasuku255]

Fastjet Tanzania has signalled losses.
The company on Tuesday, November 6, 2018, announced the appointment of Mr Lawrence Masha its first executive chairman, the strongest indication yet of the plan to disengage from Fastjet Plc.
The appointment of the former cabinet minister who is also a minority shareholder in the airline is one of the planned interventions to steady the airline from operational crosswinds.
Fastjet Plc. CEO Nico Bezuidenhout recently issued a red alert on the company over mounting debts and inability to fund day-to-day operations.
He said they were considering closing the Tanzania operations should shareholders not urgently pump in more liquidity.
Fastjet Plc announced half-year operational loss of $14.6 million (over TSh33 billion, Ksh1.47 billion) in June as opposed to $13.2 million over the same period last year.
The company planned to raise $44 million (Over TSh100 billion, Ksh1.95 billion) last year September but only managed $28 million.
The airline’s majority shareholders feel it was untenable to continue bailing out the loss making company.
Fastjet Plc operations are anchored in Tanzania from where it flies to a few countries but has recently struggled to get enough traffic while regulatory bottlenecks have delayed plans to scale down operations by deploying the cheaper and efficient ATR aircraft.
Turnaround strategy
Mr Masha would therefore be expected to quickly oversee a turnaround strategy that include making the airline wholly owned by Tanzanians.
“Mr Masha will be working closely with the company’s management team to oversee the smooth operation of the airline and the (equity) buyout which is currently in progress,” Fastjet Tanzania general manager, Mr Derrick Luembe, said in a statement seen by The Citizen.
Details of the plan by Fastjet Tanzania to purchase all stake from the mother company will likely be made public tomorrow November 9, 2018 at a planned briefing of the media.
“We are optimistic that Mr Masha’s experience in various sectors will help us attain our set goals,” said Mr Luembe.
Mr Masha is also chairman of Board of Tanga Cement and Ecoprotection. He is also a member of the Board of the Newforest Company and managing partner of Gabriel and Co. Attorneys.
“As a former minister for Home Affairs, deputy minister for the then ministry of Energy and Minerals and managing director of Tanzania Oxygen Limited , the board has confidence that under his stewardship the airline will grow stronger,” said Mr Luembe.
Fastjet Tanzania has over its six years of operations carried more than 2.5 million passengers in Tanzania alone.
The budget career, which operates flights between Dar es salaam and Mwanza, Mbeya, Kilimanjaro, Lusaka and Zimbabwe, records an average of 30,000 passengers on a monthly basis.
Fastjet Tanzania Plc was founded in November 29, 2012 after the acquisition of Fly540 in the same year. It runs a fleet of two Embraer E190 aircraft.