Ratio Magazine :: The Inside Track to East Africa’s Economies - Kenya: Press Releases: Fitch Affirm CBA Rating

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Kenya: Press Releases: Fitch Affirm CBA Rating

Thursday, 10 September 2009

Nairobi, 9 September 2009 --- Commercial Bank of Africa Limited (CBA) annually benefits from the rigorous analysis and assessment by international rating agency Fitch Ratings. CBA is pleased to note that in spite of challenging market conditions, the bank has sustained its Fitch rating achieved last year, i.e. the long-term issuer default rating (IDR) at “B” and its individual rating at “D”.

CBA’s Managing Director Isaac Awuondo commented: “The latest ratings are consistent with our carefully planned medium and long term strategy. As we continue in the process of rigorously executing our corporate strategy, the Fitch rating has highlighted areas of significant strength and functional improvements for CBA. The rating review noted the planned strong loan book growth, by 66% in 2008. Whilst highlighting the need for banks to be well capitalized, especially in today’s global economic conditions, Fitch recognized CBA’s significant and strengthening capital ratio of 12.9% compared to a regulatory requirement of 8%.The report also highlighted the bank’s strong liquidity position which has been consistently above 40% compared to the statutory requirement of 20%.”

“In addition to our comprehensive range of corporate products, CBA recently launched two new retail products, the Freedom Account and Nufaika Account, both aimed at improving CBA’s customer acquisition activities as part of our overall growth strategy. The strategy includes extending our branch network, with recently opening up a new branch in Meru town with more to follow soon and extending our brand opening hours during weekends to meet the expectations of our customers. In Tanzania, CBA Tanzania opened a new branch to serve the Industrial Area of Dar es Salaam in August” added Mr. Awuondo.

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