Chase Bank Kenya Profit Up 29% to reach 3.2 Billion

Chase Bank Kenya posted 3.2 billion in profit before tax representing a 29% growth at the back of an aggressive customer recruitment drive that saw customer numbers grow by 37% to over half a million. During the period ended 30th September, the Bank’s core capital base also increased by 3.6 billion to record a 41% climb following a rights issue by the Bank.

Commenting on the quarterly results, Chase Bank Kenya Chief Executive Paul Njaga attributed the impressive growth on the Bank’s focus on SMEs, youth and women as well as its innovative financial solutions developed to drive business. “Chase Bank is constantly looking for ways to enable businesses and individuals achieve what matters most to them. This year, we have strengthened partnerships with various players so as to offer more value to our customers. We plan to continuously innovate to meet the evolving needs of our customers.”

The leading SME lender committed to lend KES 60 billion to SMEs over 3 years during the GES summit, KES 20 billion of which has already been advanced to it’s SME customers mainly through competitive pricing. The Bank has established several strategic partnerships over the past few months as it seeks to increase its lending base for its core small and medium business customer base.

The partnerships include a Public Private Partnership with Rabo Bank to increase access to financial services in Kenya, a KES 2.5 billion IFC partnership with loans specifically to women owned businesses, a KES 3 billion credit line with Agence Française de Développement (AFD) for renewable energy projects as well as a KES 5 billion credit line by the African Development Bank (AfDB) for onward lending to SMEs.

Chase Bank has also brought digital solutions to its customers through a partnership with the telco Safaricom to launch “Mobile2Bank” a revolutionary solution to businesses that aggregates all their banking services making them easily accessible through a mobile phone.