KCB 2024 profit after tax grew by 64.9% to Ksh61.8 billion, accelerated by strong top-line expansion across all businesses. This was a rise from Ksh37.5 billion reported a similar period last year.
KCB Group’s balance sheet closed the year at Ksh1.96 trillion, funded by a strong deposit franchise and stable loan portfolio, despite the tough operating environment. Total revenues increased 24.0% to KShs. 204.9 billion on higher interest income and non-funded income arising from foreign exchange trading income.
“The strong performance illustrates our resolve over the past three years to build an organisation for the future that is anchored on delivering value for our customers, shareholders and all stakeholders,” said Group Chief Executive Officer, Mr Paul Russo, while releasing the results on Wednesday in Nairobi. “Our focus is on ensuring we have fit-for-purpose technology that delivers seamless, reliable, secure, and innovative solutions for our customers.”
He said in line with the Group’s 2024–2026 Strategy dubbed Transforming Today Together, KCB remains committed to the principle of Sustainability and Shared Value — unlocking impact in a meaningful and socially responsible way.
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Financial Highlights
• The Group’s diversification model continued to deliver strong benefits, with the contribution by subsidiaries (excluding KCB Bank Kenya) to the total assets standing at 34.9%, while the share of profit after tax closed the year at 30.3%. Total Income grew by 24.0%, to Ksh204.9 billion from Ksh165.2 billion, with net interest income increasing by 28.0%. Non-funded income contribution of 33.0% of the total revenues was boosted by fees & commissions from transactions, trade finance and forex.
• Operating costs grew by 11.8%, to Ksh92.9 billion, impacted by staff costs, technological investments, inflationary pressures and business-driven expenditure. Provisions for expected credit losses declined by 11.0%, driven by appreciation of the Kenya shilling, successful rehabilitation of key NPL exposures and an aggressive recovery strategy. The Group’s stock of gross NPLs closed the period at Ksh225.7 billion.
• On the balance sheet side, customer deposits closed the year at Ksh1.4 trillion and despite pressure attributable to the appreciation of the Kenyan Shilling against the US dollar, customer loans and advances stood at Ksh990.4 billion. Return on equity improved to 24.6% up from 17.8% last year. Total equity attributable to Group shareholders increased by 20.8% from Ksh227.5 billion to Ksh274.9 billion.
• The Board has proposed a final dividend payout of Ksh1.50 per share, subject to shareholder approval. This is in addition to an interim payout of Ksh1.50 per share which was paid out in September 2024. This brings the total dividend payout for the year to Ksh3.00 per share, amounting to a total of Ksh9.6 billion for the year 2024.
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