K-Rep profits for 2015 grow by 29 percent


29 Mar 2016 | by
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K-Rep profits for 2015 grow by 29 percent

K-Rep bank which was recently bought by Centum Investments Limited has recorded a pre-tax profit of Sh520 million in the last financial year.

The bank which is undergoing branding, complete with a new name, will also get a further injection of Sh400 million from Centum which has a controlling share of 67 percent.

The profit reflected a growth of 29 percent according to the bank's CEO Titus Karanja.
With the injection of an estimated Sh1.6 billion in two years, K-Rep is expected to move from at least two ranks from a tier 4 financial institution to tier 2.
Karanja said the bank had set itself a ten-fold growth in the next five years by growing the customer base, increasing revenue and boosting the bank's products and services.
"Our vision as a bank is buttressed on innovative financial services solutions that will drive the growth of the more than 2.2 million enterprises in Kenya", the bank's CEO added.
The bank's profit would have been higher but the gross non-performing loans and advances chipped it away. Non-performing loans and advances rose by at least 107 percent.

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