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KCB Tanzania Triumphs with Stellar FY’23 Performance: Profits Soar By 74% And Asset Base Strengthens To Tshs 1.4 Trillion

BY Steve Biko Wafula · February 1, 2024 09:02 am

KCB Tanzania has unveiled its FY’23 results, showcasing a robust performance that is bound to resonate with shareholders and investors alike.

The bank has reported a striking 74% surge in profit after tax, amounting to Tshs 37.4 billion (Ksh 2.3 billion), a clear indicator of its thriving operations and efficient management.

This financial year has seen KCB Tanzania make significant strides in expanding its loan and overdraft facilities, with an impressive portfolio that has reached Tshs 892.2 billion.

The bank’s total assets have swelled to Tshs 1,423.7 billion, underpinned by customer deposits that have hit the Tshs 845.8 billion mark. This growth trajectory is a testament to the confidence that customers and the market have in KCB Tanzania’s stability and future.

Further emphasizing its operational success, KCB Tanzania has witnessed a 34% increase in operating income, which now stands at Tshs 106.0 billion. Moreover, the Non-Performing Loan (NPL) ratio has been maintained at a low 1.6%, highlighting the bank’s prudent credit risk management and robust collection strategies.

The bar graph illustrates the significant leap in KCB Tanzania’s profit after tax from FY 2022 to FY 2023, growing from 21.4 billion Tsh to 37.4 billion Tsh, a 74% increase. This visual representation clearly demonstrates the bank’s financial growth and robust performance, likely to instill confidence among shareholders and attract prospective investors.

The Return on Average Equity (ROAE) is another highlight, with an impressive figure of 23.4%, signifying a remarkable utilization of shareholders’ equity to generate earnings. The bank’s workforce has also expanded, adding 21 employees to its talent pool, and extending its reach with one additional branch.

In essence, KCB Tanzania’s FY’23 performance is not just a set of numbers but a narrative of resilience, growth, and potential. These results paint a picture of a financial institution that is not only weathering the economic climate but also forging ahead with vigor, promising shareholders and investors continued prosperity and unwavering commitment to excellence.

About Steve Biko Wafula

Steve Biko is the CEO OF Soko Directory and the founder of Hidalgo Group of Companies. Steve is currently developing his career in law, finance, entrepreneurship and digital consultancy; and has been implementing consultancy assignments for client organizations comprising of trainings besides capacity building in entrepreneurial matters. He can be reached on: +254 20 510 1124 or Email: info@sokodirectory.com

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