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Bank to launch mortgage financing this year-official Sunday, 02 January 2011 21:50 digg
A housing project in Dar es Salaam. The KCB bank plans to start mortgage financing this year. Photo/File
By The Citizen Correspondent
Dar es Salaam. KCB Tanzania plans to introduce mortgage financing in 2011 in the Tanzanian market, a move that would increase the bank's loan portfolio to about 50 per cent growth, a senior official said in Dar es Salaam on the weekend.
Mr Ronald Kitti, the bank's head of Credit told The Citizen that KCB Tanzania gave out loans totaling Sh100 billion in 2010.
"We hope to increase this level to Sh150 billion in 2011.We are sure of achieving the projected amount, especially with introduction of mortgage financing soon," he said at the sidelines of a function to present a Sh10 million cheque donation to Hai district commissioner, Dr Norman Sigalla.
The donation is meant to aid construction of a classroom-block at Lyasikika Secondary School in the district. According to Mr Kitti, the bank expects a sound performance in all aspects in 2010. The good performance will go through 2011.
"We expect our results for 2010 will show a clean performance in all aspects and we hope 2011 will be yet another good year for the bank," he said.
Headquartered in Kenya, KCB has operations in Uganda, Southern Sudan and Rwanda.
It is currently eyeing Burundi and the Democratic Republic of Congo as it expands its operations in the region, according to KCB Tanzania board chairman, Mr Edmund Mndolwa. In the corporate social responsibility arena, said Mr Mndolwa, KCB Tanzania has given out over Sh140 million in support of education, health and sports activities in Tanzania during the entire 2010.
The bank listed on Nairobi Stock Exchange and cross-listed on Dar es Salaam Stock Exchange, started its operations in the country in 1997. Currently, it has 11 branches. At group level, KCB is among major commercial banks in East Africa, boasting a capital base of over $2.5 billion. It also has a network of over 200 branches and over 400 Automated Teller Machines.
A housing project in Dar es Salaam. The KCB bank plans to start mortgage financing this year. Photo/File
By The Citizen Correspondent
Dar es Salaam. KCB Tanzania plans to introduce mortgage financing in 2011 in the Tanzanian market, a move that would increase the bank's loan portfolio to about 50 per cent growth, a senior official said in Dar es Salaam on the weekend.
Mr Ronald Kitti, the bank's head of Credit told The Citizen that KCB Tanzania gave out loans totaling Sh100 billion in 2010.
"We hope to increase this level to Sh150 billion in 2011.We are sure of achieving the projected amount, especially with introduction of mortgage financing soon," he said at the sidelines of a function to present a Sh10 million cheque donation to Hai district commissioner, Dr Norman Sigalla.
The donation is meant to aid construction of a classroom-block at Lyasikika Secondary School in the district. According to Mr Kitti, the bank expects a sound performance in all aspects in 2010. The good performance will go through 2011.
"We expect our results for 2010 will show a clean performance in all aspects and we hope 2011 will be yet another good year for the bank," he said.
Headquartered in Kenya, KCB has operations in Uganda, Southern Sudan and Rwanda.
It is currently eyeing Burundi and the Democratic Republic of Congo as it expands its operations in the region, according to KCB Tanzania board chairman, Mr Edmund Mndolwa. In the corporate social responsibility arena, said Mr Mndolwa, KCB Tanzania has given out over Sh140 million in support of education, health and sports activities in Tanzania during the entire 2010.
The bank listed on Nairobi Stock Exchange and cross-listed on Dar es Salaam Stock Exchange, started its operations in the country in 1997. Currently, it has 11 branches. At group level, KCB is among major commercial banks in East Africa, boasting a capital base of over $2.5 billion. It also has a network of over 200 branches and over 400 Automated Teller Machines.