Nov. 29 (Bloomberg) -- Kenya Commercial Bank Ltd., East Africa’s biggest lender by assets and profit, promoted Chief Financial Officer Joshua Oigara to chief executive officer as it expands operations on the continent.
He will replace CEO Martin Oduor-Otieno, whose contract ends in April. Oigara worked as finance director for Bamburi Cement Co., Lafarge SA’s Kenyan unit, before joining the lender, known as KCB, in December 2011.
“The board has approved his name to be the next CEO,” Chairman Musa Ndeto told reporters in the capital, Nairobi. “The central bank has accepted this.” The contract is renewable after four years, he said.
The bank, Kenya’s biggest by outlets, has operations in six East African countries including Uganda, Tanzania, Rwanda, Burundi and South Sudan. The units outside Kenya are expected to contribute 25 percent of profit “in the mid-term,” compared with 10 percent now, as trade within the East African Community increases, Oigara said in an Aug. 7 interview.
KCB intends to open offices in three more African countries over the next three to five years, he said.
Profit in the nine months through September surged 35 percent as income from loans grew. Net income climbed to 8.69 billion shillings ($102.1 million) from 6.43 billion shillings a year earlier. The stock has rallied 63 percent so far this year, outperforming a 36 percent surge in the Nairobi Securities Exchange’s All-Share Index over the same period.
Oigara’s appointment takes effect from Jan. 1, Oduor-Otieno said.
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