KCB ranked first banking group in East Africa (Global Finance)
Kenya Commercial Bank (KCB) is positioned as the leading banking group in East Africa, according to the latest 2020 Global Finance ranking. The financial magazine also identified KCB as one of the top 10 safest African banks in terms of liquidity, growth, profitability, operational efficiency and soundness.
“We remain committed to strengthening our socio-economic contribution to the East African region and beyond and our commitment to creating value in the economies in which we operate. The core of our business is driving innovation while leveraging technology in the way we do business and support our stakeholders,” said the group CEO.
In addition, KCB Group Plc was ranked 667th in the ranking of the 1000 best banks in the world for the year 2020.The banking establishment thus gained 50 places, or 667 places in 2020 against 717 the previous year in this report, showing a stabilization of the finances of most of the major African banks.
At the end of the first half of 2020, the bank’s total assets increased by 28% to 953.1 billion shillings ($ 8.7 billion). As for net loans and advances, they rose 17% to end the period at 559.9 billion shillings (5.1 billion dollars). For customer deposits, they rose 35% to 758.2 billion shillings ($ 6.9 billion).
KCB has been running on Compass Plus software since 2012, having embarked on a major project to overhaul and replace its entire retail banking system in order to future-proof its business. Since the initial project to launch an in-house processing centre built on Compass Plus software, the partnership has gone from strength to strength, with various additional pioneering projects implemented as part of KCB’s long-term strategy to develop its retail banking business.
*** News announcement originally published on Personal Financial ***