KCB Group full year net profit grows to Ksh 40.8B
KCB Group full year profit after tax to December last year has jumped 19.5pc to Ksh 40.8 billion from Ksh 34.2 billion reported in the previous year.
The profit surge was due to higher revenues from interest earnings during the period under review.
KCB Group Chief Executive Officer Paul Russo says revenues increased by 19.6pc to Ksh 129.9 billion, driven by net interest income which grew by 11.5pc.
“The strong performance for the year was as a result of our business strategy that is anchored on customer obsession, sharper execution, and a productive organisation culture. The business benefited from a vibrant core banking business, growth of new business lines and accelerated digital transformation to post this record performance,” said Russo.
Total assets went up 36.4pc to Ksh 1.55 trillion driven by growth in loan book and investment in government securities.
Customer loans increased by 27.8pc to Ksh 863 billion from additional lending in the Kenya business, increased lending in the international businesses and the acquisition of TMB.
For the first time, the giant lender customer deposits hit a trillion shillings mark after a 35.6pc increase to Ksh 1.135 trillion, mainly from TMB and organic growth in the existing businesses, the bank stated.
On the other hand, Gross non-performing loans stood at Ksh 161.2 billion.
KCB Group shareholders are expected to pocket Ksh 6.4 billion in total dividend payment after the board proposed a final dividend payout of Ksh 1 per in addition to an interim payout of Ksh 1 per share which was paid out in January 2023.