First Community Bank (FCB) is set to open branches in north eastern Kenya. The move follows the approval of its expansion plan by Central Bank of Kenya, yesterday. The bank’s Chief Executive Nathif Adam said the expansion had been infomed by growing demand for Islamic banking services in the country. “FCB’s growth is driven  by the retail market and the creation of the new branches in Northern Kenya is a continuation of our commitment to reach out to our niche markets,” said Mr Adam.

“Being Sharia compliant and with our unique style of community banking, we intend to fill up the banking gap that has for long haunted residents of the largely Muslim dominated northern regions of the country.” The bank plans to open four branches in Wajir, Habaswein, Moyale and Masalani in the next two months.

BRANCH NETWORK

The planned expansion is set to increase the number of the bank’s branch network in the region to five, making it the most represented bank in North Eastern Province.

FCB has also embarked on the construction of three other branches in Nairobi’s Industrial Area, Nakuru and Mombasa raising the number of branches countrywide to 17. The bank, which started operations in the country 13 months ago, has so far established 10 branches across the country, including one in Garissa. FCB recorded impressive results in its first half year results at a time when most banks reported loses due to the harsh economic enviroment.

Its deposit book grew by over 24 per cent from Sh2 billion in December last year to Sh 2.6 billion in June. Total asset base grew by eight per cent from Sh3.1 billion to Sh3.4 billion. FCB predicts that the high growth levels will see it break-even before the next financial year.