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Chase Group ambitious investments paying off

05 August 2014, 13:36

Nairobi - Chase Group announced it had reaped huge benefits from aggressive recruitment of small and medium enterprise customers, ambitious branch expansion strategy in local counties as well as investment in information and communication technologies.

The bank recorded a 62 percent growth in its balance sheet from KES 57 billion at the same period last year to KES 93 billion at the end of June 2014.  

The bank has reported KES 79 billion in total assets by 31 December 2013.

Its overall customer deposits grew by 54 percent to close at KES 68.4 billion, up from KES 44.3 billion recorded in the same period last year.

The bank reaped the benefits from aggressive recruitment of SME customers as well as the on-going branch expansion strategy in the counties.

Chase Bank Group’s total income rose by 84 percent attributed to the bank’s aggressive expansion program, investment in IT and scaling up of its operations to meet customers’ needs and expectations.

Furthermore, the bank’s customer numbers have grown by 427 percent to close at 201,326 in June 2014, up from 47,169 in the same period in 2013.

This, it claimed, has been driven by card business and mobile banking, among other technological platforms.

While commenting on the group’s performance and outlook, Chase Bank Deputy Chief Executive Officer, Paul Nag said that the results are a clear demonstration of the continuous strides the bank is making.

“We are steadfast in improving our business operations by implementing strategic plans, which focus mainly on the SME sector, women and the youth. We are dedicated to providing relationship driven, efficient and convenient service to our customers. We do this by our customer centric approach to banking by remaining relevant to our customers’ needs and aspirations,” said Njaga.

 – CAJ News

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