Kenya Commercial Bank posted a
5 percent rise in 2009 pretax profit on Thursday and said it would raise 15 billion shillings in debt and equity to fund further expansion in the region.
"The funds are required to fund growth in Kenya and the other east African markets the bank operates in," Chief Executive Officer Martin Oduor-Otieno told an investor briefing.
He said the long-term funding plans had been approved by the bank's board, subject to regulatory and shareholder approval, and the aim was to raise the money during 2010.
Ranked the number one bank in Kenya by assets, KCB has operations spanning the region from Tanzania to South Sudan.
The bank said 2009 profit rose thanks to gains in net income, debt recoveries and a fall in provisions for bad loans.
Net income jumped 23 percent to 14 billion shillings. Profit before tax rose to 6.3 billion shillings from 6.01 billion shillings the previous year.
The bank maintained its dividend at 1 shilling per share