Kenya's first fully fledged Sharia’h compliant bank net profit sour to more than four-fold despite harsh economic environment
During the period under review, FCB total assets grew by 13 percent to KSh17 billion compared to KSh15 billion in 2016.
The Bank's profitability jumped by 375 per cent in 2017 despite harsh economic environment occasioned by prolonged electioneering period, inflationary pressures, and full effect of the capping of interest.
FCB growth in profitability was underpinned by a 17 percent growth in deposits during the year netting the highest growth in the bank’s ten year history.
Announcing the bank’s results at the bank’s headquarters, FCB Chief Executive Officer, Mr. Fazal Mehmood Saib said the bank’s loyal customers and dedicated staff members were the reason behind the institution's exceptional performance.
“The bank has performed exceptionally well in a very difficult trading environment to improve its bottom line performance.” He said.
During the period under review, FCB total assets grew by 13 percent to KSh17 billion($170m) compared to KSh15 billion ($150m) in 2016.
FCB further registered an 11% increase in non-funded income which bolstered the bank’s growth in profitability.
FCB’s liquidity during the period under review closed at 44% amid the challenging market conditions that characterized 2017.
Going forward, the bank has outlined five strategic areas it will focus on to grow its business including targeting niche segments of the economy that drive financial inclusion agenda such as investing in women and youth.
“The improved performance of the bank is attributed primarily to its focus on developing the SME segment. The bank’s strategic thrust is to continue assisting the development of this segment together with community-based entrepreneurship programs. The bank believes strongly that the future development of Kenya is based on a sound and thriving SME base”, said Mr. Saib.
FCB, the first fully fledged Sharia’h compliant bank to be approved by the Central Bank of Kenya will be marking its tenth anniversary in the banking industry on 1st June.
FCB offers its banking services and solutions to all Kenyans.
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