Fast-growing commercial bank, Jamii Bora Bank Limited, has announced it hit the landmark Kshs. 10 billion-mark in deposits last week following efforts to mobilize low-cost funds from the market.
Making the announcement to staff, Chief Executive Officer, Samuel Kimani, said he was excited by the achievement which anchored the bank’s efforts to grow the loan book from low-cost deposits rather than depending on expensive wholesale funds.
“I am excited to share with you the good news that this week we recorded a major milestone in the growth of the business by hitting the Kshs. 10 billion-mark in our deposits” said the CEO.
“Growth in deposits means that we are increasingly able to lend more to the market and can anticipate improved performance in the bottom line going forward,” added Kimani.
The bank’s deposits as at July 10, 2015 stood at Kshs. 10.2 billion having grown from Kshs. 7.4 billion in January to Kshs. 9.7 billion in June. Also growing was the bank’s loan book that went up from Kshs. 6.2 billion in January to Kshs. 9.2 billion in June while the bank opened over 12,000 accounts during the six-month period.
“I would like to take this opportunity to thank all our staff and customers for making it possible for us to record this important milestone,” concluded Mr. Kimani.