Transnational Bank has recorded a 32 per cent growth in profit before tax in the financial year 2015, to Sh252 Million, compared to Sh190 million the lender recorded a year earlier.
The growth is attributed to the bank’s focus on financing key agribusiness value chains in the country, thus empowering farmers to create more wealth and access financing affordable and conveniently.
“Based on the bank’s strategic plan for 2015 – 2020, we will enable the targeted agribusiness entrepreneurs and SMEs access customized agribusiness financial products and reduce knowledge based risks in the sector,” he said.
Apart from financing, the mid-tier bank is also focusing on increasing the farmers’ knowledge on agribusiness and trade, in conjunction with knowledge partners.
In 2016, the bank plans to train 2,000 farm groups’ and cooperative managers in Kenya, specifically targeting the tea, dairy and cereal sectors.
The bank has invested in last mile formal financing inclusion initiative that will see rural farmers empowered to further participate in their respective value chains.
The bank is currently empowering agribusiness cooperatives to invest in alternative revenue streams beyond production.
By the end of 2016, the bank eyes grown its branch network by a further 7 branches, targeted at key agricultural regions in the country.
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