Saturday, June 22, 2024

KCB Bank Group assets cross Sh. 1.55 trillion

KCB Bank Group assets have crossed the Sh. 1.5 trillion mark. Total assets now at Sh.1.55 trillion, growing 36.4 percent on higher in loans and investment in government securities and funded by growth in customer deposits and additional borrowings.

This has seen the bank take the lead position as a top bamk by asset size. The growth in assets has come on the back of an aggressive expansion of foreign subsidiaries.

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According to regulatory filings, KCB Bamk Group total assets stood at Sh. 1.55 trillion in the year ended December 2022.

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KCB said it absorbed a loss of Sh. 65 million out of the DRC business for the month of December.

According to the regulatory disclosures, KCB Bank Group’s customer deposits stood at Sh. 1.14 trillion. KCB’s shareholder funds stood at Sh. 200 billion.

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Locally,  KCB Group PLC recorded Sh. 40.8 billion in profit after tax for the full year ending December 2022 on higher funded and non-funded income streams.

This was a 19.5 per cent rise in profitability from Sh. 34.2 billion reported in 2021, KCB said on Wednesday during the release of the financials.

The profit before tax contribution of other subsidiaries excluding KCB Bank Kenya increased to 17.0 percent (up from 13.9 percent in 2021), riding on organic growth and increased scale in the businesses.

Revenues increased by 19.6 percent to Sh. 129.9 billion, driven by net interest income which grew by 11.5 percent, supported by earning assets and partially offset by interest expenses from higher borrowing costs and interbank market rates.

Non-funded income grew 39.8 percent largely from trade finance income, lending fees and commissions.

Customer loans increased by 27.8 percent to Sh. 863 billion from additional lending in the Kenya business, increased lending in the international businesses and the acquisition of TMB.

Shareholders’ funds grew by 18.9 percent from Sh.173.5 billion to Sh.206.3 billion on improved and accumulated profits for the year to date.

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