Kenya Commercial Bank
in 2004 KCB posted a net-profit Kshs. 793 million, slight increase from 713 million in 2003. It’s loan portfolio was 33 billion (up by 8b) while customer deposits were 52 billion (up by 4b) Staff costs increased by 15% to 3.4 billion and the bank still has a non-performing loan portfolio of 15 billion. Shareholders will be asked to approve payment of a 2 shillings per share dividend at the Bank’s AGM at KICC on June 17
As expected NIC'’s successful MOVE did not improve profits much in 2004, during the year. The benefits will be seen in 2005/06. The Bank recorded an 8% profit increase to 261 million. Deposits increased by 57% to 12.5 b and loans to customer increased by 67% to 11.5 billion thanks to various MOVE loan packages. – however operating expenses increased by 35% to 782 million, including a 30% increase in staff costs. NIC’’s AGM will be on May 27th at Intercontinental Hotel and a dividend of 2.4 shillings/share for the year will be paid
Net profit for the year increased by 6% to 131 million. The Bank increased its loans to customer by 46% (to 7.1b) while reducing its investment in government securities by 50% (to 1.2b) the bank introduced 3 flat fee accounts (imitating NIC’s MOVE) and also launched an ATM network during the year – this increased deposits by 35% to 8 billion, but operating costs also increased by 30% to 578 million. The directors declared a dividend of 70 cents.