BusinessMoney MarketsNews

KCB Bank Kenya and TMB win 2023 Best Bank of the Year Awards

KCB Bank Kenya and TMB win 2023 Best Bank of the Year Awards
Spread the love

KCB Bank Kenya and TMB win 2023 Best Bank of the Year Awards

KCB Group has bagged two top global awards after its two subsidiaries – KCB Bank Kenya and Trust Merchant Bank SA (TMB) were named 2023 Best Banks of the Year in their respective countries during a gala dinner yesterday by the Banker Magazine in the United Kingdom.

For KCB Bank Kenya, the coveted award was in recognition of its expansion efforts when it successfully finalized the acquisition of Trust Merchant Bank SA (TMB) in the Democratic Republic of Congo (DRC) in 2022 as well as the bank’s expanding green lending business model that has seen it target to increase its share of the overall loan book to 25% by 2025.

Speaking on the achievement, KCB Group CEO, Paul Russo noted that the twin wins are a testament to the bank’s ability to put in place sound business models and strategies to deliver long-term returns while at the same time setting high standards for regional banking excellence in the face of a challenging business operating environment.

KCB Bank Kenya and TMB win 2023 Best Bank of the Year Awards

“We are delighted to receive these recognitions as they give us the impetus to further entrench our ability to consistently deliver on our long-term product innovation and service promise. They also entrench our ongoing focus on supporting inclusive finance ideals hinged on taking advantage of the investments within the digital banking ecosystem to deliver value to all our stakeholders,” Russo noted.

The recognition comes on the back of major recent accolades won by the bank with the latest one being ranked as one of Africa’s largest banks for the second year running by The Banker’s Top 100 African Banks 2023 Report. The bank also declared the world’s 6th strongest banking brand with a Brand Strength Index (BSI) score of 90.4 out of 100 and a corresponding AAA+ rating and climbed 3 places to 363rd making it among the world’s top 500 most valuable banking brands by Brand Finance.

At the same time, the bank has emerged as a true lender of purpose given as its assets grew to KShs. 2.1 trillion while it posted KShs. 30.7 billion in net profit for the nine months ending 30th September 2023. The performance was attributed to prudent financial control measures as well as the impressive contribution from the regional subsidiaries.

The Banker Magazine provides economic and financial intelligence for the world’s financial sector and has built a reputation for objective and incisive reporting. Since 1926, it has navigated its way through over 90 years of banking coverage from the Wall Street Crash of 1929 to the financial crisis of 2008 with the same reputation for accuracy, authority and integrity. The Banker strives to stimulate and inform, offering an unparalleled outlook with a wide range of news, features, analysis and interviews, and in-depth coverage of all the key issues facing the financial sector.

Visa’s 30-Year AI Legacy Fuels Launch of Global AI Advisory Services Practice

Previous article

Borrowers Tie Lenders in Web of Litigation as Defaults Rise

Next article

More in Business

You may also like


Leave a reply

Your email address will not be published. Required fields are marked *