Kenya Commercial Bank (KCB) has reported a 64.9 percent growth in profit after tax for the full year of 2024, to KES 61.8 billion, up from KES 37.5 billion during the same period in 2023.
The lender says the performance was driven by robust topline growth across all business segments, even amid a challenging operating environment. The Group’s total revenues rose 24.0 percent, hitting KES 204.9 billion, from KES 165.2 billion in the same period in 2023, supported by increased interest income and a strong performance in non-funded income, particularly from foreign exchange trading.
Notably, the group’s balance sheet recorded a contraction with the total assets decreasing by 9.6% to close at KES 1,962.3 billion, from KES 2,170.9 billion in 2023, due to decrease in net loans to customers by9.6%.
KCB’s CEO Paul Russo expressed confidence in the bank’s strategic direction, citing the Group’s commitment to customer-centric innovation and the advancement of technology solutions.
“The strong performance illustrates our resolve over the past 3 years to build an organisation for the future that is anchored on delivering value for our customers, shareholders, and all stakeholders,” he said.
“We are focused on ensuring we have fit-for-purpose technology that delivers seamless, reliable, secure, and innovative solutions.”
Additionally, the bank’s net interest income increased by 28.0 percent to KES 137.3 billion from KES 107.3 billion in 2023 while non-funded income accounted for 33.0 percent of total revenues, boosted by transaction fees, trade finance, and foreign exchange trading and increasing by 16.6 percent to KES 67.4 billion in 2024.
The Board of Directors recommended a final dividend of 1.5, in addition to an interim dividend of 1.5 paid during the year, leading a to a total dividend of 3.0 in 2024, from a total dividend of 0.0 in 2023.
KCB Group also maintained strong capital buffers, with all banking subsidiaries, except National Bank of Kenya (NBK), remaining compliant with their respective local regulatory capital requirements.
