Sharp Daily
No Result
View All Result
Sunday, June 1, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home Banking

KCB Group profits surge 86%, resumes dividend payout

Brian Murimi by Brian Murimi
August 22, 2024
in Banking
Reading Time: 2 mins read

KCB Group has reported a remarkable 86% increase in profit after tax for the first half of 2024, reaching KES 29.9 billion. The Group’s resilient performance was driven by strong revenue growth across its businesses, both funded and non-funded income lines.

The impressive financial results have enabled the Board to recommend an interim dividend of KES 1.50 per share, the largest interim payout in the lender’s history. This move signals the Group’s confidence in its long-term growth prospects and commitment to shareholder value creation.

“We delivered a commendable first half of the year, despite strong headwinds in the operating environment, especially in Kenya, thanks to the goodwill and confidence from our customers and commitment by our staff,” said KCB Group CEO Paul Russo.

The Group’s total assets grew by 6% to KES 1.98 trillion, underpinned by stable customer deposit growth, which closed the period at KES 1.49 trillion. Net loans and advances also saw a 7% jump, reaching KES 1.03 trillion, as the Group continued to support its customers’ business activities.

RELATEDPOSTS

KCB Group issues cautionary announcement on sale of National Bank of Kenya

March 21, 2024
[Photo/Courtesy]

KCB Boardroom Coup Backed by President Ruto

April 4, 2023

Diversification has been a key driver of KCB’s performance, with the contribution by its subsidiaries (excluding KCB Bank Kenya) increasing to 37.8% in pretax profits and 34.4% in total assets.

However, the Group faced some challenges, with its gross non-performing loan (NPL) book standing at KShs. 212 billion, resulting in an NPL ratio of 18.5%. To mitigate the impact of the increased NPLs, KCB has implemented various measures, including enhanced provisions, which grew by 20%, and a regulatory coverage ratio of 104.3%.

“Looking ahead, we see a stronger second half, leveraging on our Transforming Today Together strategy and the expected economic turnaround in the markets we operate in,” added Russo. “We are confident that this strategy will give fresh impetus to our business, as we focus on cost optimization.”

The Group’s performance has also been recognized through various accolades, including being listed among Kenya’s top 3 most valuable brands by Brand Finance, a UK-based consultancy, and receiving awards for its customer excellence and women in banking initiatives.

“KCB Group demonstrated remarkable strength and adaptability amid global and local challenges, by delivering good asset growth and improved capital adequacy ratios,” said KCB Group Chairman Dr. Joseph Kinyua. “This performance has enabled the Board to recommend an interim dividend of KES 1.50 per share.”

Previous Post

President Ruto to officially launch Raila Odinga’s bid for AU Chair next week

Next Post

Revealed: Why Central Bank paid a German firm KES 14 billion for new banknotes

Brian Murimi

Brian Murimi

Brian Murimi is a journalist with major interests in covering tech, corporates, startups and business news. When he's not writing, you can find him gaming, watching football or sipping a nice cup of tea. Send tips via bireri@thesharpdaily.com

Related Posts

NCBA Bank
Banking

NCBA group records 3.4% profit growth in Q’1 2025

May 23, 2025
Banking

Stanbic bank Kenya posts 16.6% profit decline in Q1 2025

May 9, 2025
Banking

Kenya’s risk-based credit pricing: Five years on

April 24, 2025
Banking

CBK introduces green finance taxonomy to guide climate risk management in banking

April 4, 2025
Banking

The impact of mobile banking on Kenya’s economy

February 19, 2025
Banking

Absa Bank Kenya cuts lending rates again to spur private sector growth

February 14, 2025

LATEST STORIES

Best investments for Kenyan seniors: Secure, predictable & low-risk

May 30, 2025

Why June is the Secret Sweet Spot for Travel

May 30, 2025

Strategies to elevate more women to corporate leadership

May 30, 2025

Tap on Kenya’s 2025 tech revolution

May 30, 2025

How CURBS supports employers and employees

May 30, 2025

NSE deserves more attention from young investors

May 29, 2025

The silent strain of remote work on Kenya’s urban workforce

May 29, 2025

How Kenya’s crypto bill could reshape the digital economy

May 29, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024