Bloomberg News

Kenya Commercial Bank’s Rwandan Unit Returns to Profit on Loans

February 22, 2012

Feb. 22 (Bloomberg) -- Kenya Commercial Bank Ltd.’s Rwandan unit returned to profit last year as loans almost tripled, said Maurice K. Toroitich, managing director of KCB Rwanda.

Net income totalled 475 million Rwandan francs ($785,000) compared with a loss of 1.7 billion francs a year earlier, Toroitich said in an interview today in Kigali, the capital.

The bank’s loan book grew to 35 billion francs, from 13 billion francs in 2010, while customer deposits increased 47 percent to 47 billion francs, he said.

“This year, we are looking forward to another profitable year and we expect 50 percent overall growth,” Toroitich said. He declined to provide more specific details.

Kenya Commercial is Kenya’s biggest bank by outlets. The lender has 10 branches in Rwanda.

--Editors: Paul Richardson, Karl Maier.

To contact the reporter on this story: Saul Butera in Kigali via Nairobi at pmrichardson@bloomberg.net.

To contact the editor responsible for this story: Paul Richardson at pmrichardson@bloomberg.net.


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