Kenyan bank subsidiary, KCB Bank Rwanda, recorded Rwf857.5 million net profit last year, a huge increase from Rwf71.1 million in 2013, a financial statement from the lender indicates.

The bank’s net interest income grew from Rwf4.4 billion in 2013 to Rwf5.9 billion last year; non-interest income was at Rwf4.9 billion during the period, up from Rwf4.6 billion the previous year, while the total operating income to Rwf10.8 billion.

The bank’s total operating expenses declined slightly during the year, from Rwf8.768 million in 2013 to Rwf8.767 million last year.

However, its total assets grew by over 50 per cent, from Rwf80.3 billion to Rwf121.4 billion mainly driven by a 45 per cent increase in loans and advances to customers during the year, which grew from Rwf48 billion in 2013 to Rwf69.6 billion last year.

The institution’s liabilities expanded to Rwf110.2 billion, up from Rwf71 billion, while customer deposits rose from Rwf62 billion in 2013 to Rwf87.7 billion last year.

Maurice Toroitich, the bank’s managing director, said the good performance is a sign they are creating efficiencies using their existing banking channels, adding that customers are finding the bank’s services relevant to their needs.

He said the bank has increased its internal control procedures, which has driven down non-performing loans.