Wednesday 20, June 2018 by Jessica Combes

Bank of Khartoum increases 2017 capital, maintains IIRA rating

 

The Bank maintained its IIRA rating with a long-term domestic credit rating of A- and A-1 with a stable outlook

Bank of Khartoum has released its financials for the year 2017 subsequent to its Annual General Meeting of its shareholders. The bank, considered the oldest and largest in Sudan, has achieved and sustained strong growth across all financial metrics:

  • The Bank registered a growth of 96 per cent from December 2016 in its assets reaching SDG 34.5 billion in 2017;
  • Its Deposits grew to reach SDG 30 billion in 2017 compared to SDG 14.5 billion at the end of 2016, marking a growth of 106 per cent;
  • Bank’s total income amounted to SDG 2.1 billion in 2017 compared to SDG 1.2 billion in 2016 with a growth rate of 81 per cent;
  • Despite all economic challenges of 2017 the net income reached to SDG 827 million compared to SDG 473 million in 2016 with a growth rate of 75 per cent

The Bank maintained its Islamic International Rating Agency—Bahrain (IIRA) rating with a long-term domestic credit rating of A- and A-1 with a stable outlook.

Bank of Khartoum has been ranked 12th among East African Banks and was ranked the 75th in Africa.

Throughout the year the bank has positioned itself and made its mark as a leading bank in the country through its strategic initiatives, contribution to national strategic projects in the varied sectors, it held strong lead in the country’s export import activities and external commerce, implemented social initiatives and contributions and maintained a solid reputation as a well trusted bank to external correspondents and foreign investors with a solid compliance and AML best practices in place. The bank is also the driver and leading bank in introducing and educating the Sudanese market to electronic banking products channels.

As part of its strategic direction, the Bank has adopted a strategy of internal expansion through continuous utilisation and enablement of technology and automation, as well as investment and establishment of subsidiaries in various activities, and external expansion through the opening of external branches.

Bank of Khartoum is one of the largest banks in Sudan in terms of size of bank deposits, bank financing, distribution of networks and branches. Its largest role has been to activate financial inclusion by expanding coverage and enhancing the use of technology to increase penetration through alternative banking channels and Sharia compliant products which meet customer needs such as mobile banking and agents, POS etc. Through a network of distributed branches and ATM networks, the Bank is able to reach a larger segment of the beneficiaries in addition to its various initiatives in serving the community, providing training and employment opportunities, and enhancing the economy through strategic projects to serve both economy and society.

Features & Analyses

Wealth Management Why is there no inflation?

  Mark Burgess, Deputy Global CIO & CIO, EMEA, Columbia Threadneedle Investments, writes about one of the biggest questions… read more