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KCB Bank

KCB Bank to close two branches in Kampala

KCB Bank has announced plans to close its branches at Oasis Mall and Luwum Street on October 30.
posted onSeptember 5, 2020

KCB Bank has announced plans to close its branches at Oasis Mall and Luwum Street on October 30.

The bank, which did not give reasons for closing the units, said "all customers of these branches can continue accessing banking services through the Forest Mall and Ben Kiwanuka branches, any other KCB branch or through KCB Mobi, KCB iBank, ATMs and Debit cards (POS]."  Officials were not immediately available for further comment.

KCB Bank, which opened up its first Ugandan branch in November of 2007, is a subsidiary of  KCB Group, a financial services conglomerate, headquartered in Nairobi, Kenya.

The group also operates other units in Tanzania, Rwanda, South Sudan, Burundi, and a representative office in Ethiopia.

KCB Group in August reported a 40 percent drop in net profit for the six months to June 30, 2020, over increased provisioning to deal with bad loans linked to the Covid-19 pandemic.

Most businesses have struggled to repay loans due to a decline in business activity, following lockdowns that were instituted to prevent the spread of Covid-19. 

KCB Bank recorded a net profit of Ksh7.57 billion ($75.7 million) compared to Ksh12.72 billion ($127.2 million) in the same period last year.

With the decline in banking activity coupled with continued disruption from FinTechs and banking apps, most banks will have to reduce occupancy in brick and mortar space, since people no longer need to visit banks to carry out transactions.

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