KCB Group has announced Sh60 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 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.
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.
