Kenya Commercial Bank’s Ugandan Unit Reports First Annual Profit

Kenya Commercial Bank Ltd. (KNCB)’s Ugandan unit posted a full-year profit for the first time since starting operations in November 2007 as loan and investment income grew, the bank said.

Net income was 9.04 billion shillings ($3.7 million) in the 12 months through December, compared with a loss of 11.4 billion shillings a year earlier, the Kampala-based bank said in a statement published today in New Vision newspaper. Loans and advances to customers surged 91 percent to 126.6 billion shillings, as deposits climbed 43 percent to 217.3 billion shillings, it said.

The bank, which has 14 branches in Uganda, plans to open two new outlets this year, according to the statement.

Kenya Commercial is Kenya’s biggest bank by assets, according to data compiled by Bloomberg.

To contact the reporter on this story: Fred Ojambo in Kampala at fojambo@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net

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