KCB Group’s net profit nearly doubles to stand at Sh29.9 billion in the first half of 2024, compared to Sh16.1 billion during the same period last year, thanks to robust revenue growth across its diverse portfolio of businesses.
The lender’s subsidiaries, excluding KCB Bank Kenya, played a significant role in driving profitability, contributing 37.8 per cent to the overall pretax profit, proving to be a strategic advantage for KCB.
Additionally, its board of directors recommend a Sh1.5 per share interim dividend to be paid on or about 30 October 2024, to shareholders on the Register of Members at the close of business on September 12, 2024. With an interim dividend payout amounting to Sh4.8 billion, KCB has set a new record for its highest dividend distribution, demonstrating its dedication to creating value for its investors.
According to Paul Russo, the Chief Executive Officer of KCB Group, the group delivered a commendable first half of the year, despite strong headwinds in the operating environment, especially in Kenya.
“This is thanks to the goodwill and confidence from our customers and commitment by our staff. We were intentional in working with our customers and stakeholders to support them in navigating the difficult environment,” said Russo.
KCB has also reinforced its market position by expanding its total assets, which grew by 6% to reach Sh1.98 trillion. Customer deposits also witnessed a significant increase, reaching Sh1.49 trillion, reflecting the trust and confidence that clients have in the bank. Furthermore, net loans and advances experienced a notable uptick, rising by 7% to Sh1.03 trillion, signaling KCB’s continued support for businesses and individuals seeking financial assistance.
KCB’s net interest income recorded a remarkable 35% increase, driven by improved yields and strategic lending practices. Due to the group’s resilience, strategic vision, and commitment, it continues to deliver value to its stakeholders.
“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,” said Russo. With a robust performance driven by revenue growth, prudent financial management, and customer-centric initiatives, KCB has set a high benchmark in the banking industry in the region.
