KCB Group has announced Sh61.8 billion profit after tax for the full year ended December 2024. This was equivalent to a profit rise of 66.1 percent from the Sh36.1 billion net profit that the bank realized in the same period the previous year.

“This strong performance illustrates our resolve over the past three years to build an organization for the future that is anchored on delivering value for our customers, shareholders and all stakeholders,” KCB Group chief executive officer Paul Russo said.

“KCB Group strives to be more agile by rethinking our customer-centred value propositions and leveraging group capabilities in the markets we operate in. Our focus is on ensuring we have fit-for-purpose technology that drives seamless, reliable, secure and innovative solutions for our customers.”

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During the year under review, the bank’s total assets closed at Sh1.96 trillion. The group’s subsidiaries contributed 34.9 percent of the total assets. There was however a 10 percent drop in assets that was mainly due to an appreciation of the Kenyan currency against foreign currencies.

Total operating income increased by 23.9 percent to stand at Sh204.8 billion from the previous year’s Sh165.2 billion. At the same time, net interest income increased by 27.9 percent, even as net loans and advances to customers decreased from Sh1.095 trillion in full year 2023 to Sh990.4 billion in full year 2024.

Customer deposits increased by 32.5 percent to Sh55.4 billion from Sh41.8 billion while nonfunded income increased by 16.5 percent from Sh57.9 billion to Sh67.5 billion.

The bank’s subsidiaries continued to record impressive performance, with 31 percent of the total group loans being contributed by subsidiaries and 38.2 percent of the revenue coming from subsidiaries.

“Our investments in the regional businesses continued to bear fruits. The subsidiaries recorded impressive performance. As we continue to expand, our operational resilience remains a cornerstone of our growth and expansion strategies,” said KCB Group chairman Dr. Joseph Kinyua.

Revenue from subsidiaries outside of KCB Bank Kenya grew by 16 percent to Sh73.28 billion. Overall, the group’s total revenues rose 24 percent to hit Sh204.9 billion.

At the same time, the bank continued to record an increase in the number of digital loans it was processing. In the year under review, digital loan products saw an increase of 21 percent in mobile loans that were disbursed to Sh407 billion. According to Mr. Russo, the bank is currently lending an estimated Sh1.1 billion in mobile loans per day.

Following this performance, the bank announced that shareholders will receive a final dividend of Sh1.50 per share which will be paid in the month of May. This final dividend will bring the total payout for the year to Sh3 per share. This will amount to a Sh9.6 billion total dividend in full year 2024.