From left Paul Russo, KCB Group CEO (Center) Dr.Joseph Kinyua, KCB Group Chairman
KCB Group Plc has reported a 64.9 percent jump in profit after tax, reaching KShs. 61.8 billion for the financial year ending December 31, 2024, compared to KShs. 37.5 billion in 2023. The significant growth was fueled by strong topline expansion, higher interest income, and increased non-funded income from foreign exchange trading and transaction fees.
The Group’s total income grew by 24.0 percent to KShs. 204.9 billion, while return on equity improved to 24.6 percent, up from 17.8 percent the previous year. KCB’s balance sheet remained robust, closing the year at KShs. 1.96 trillion, supported by a strong deposit base of KShs. 1.4 trillion and a stable loan portfolio of KShs. 990.4 billion.
A major corporate development in 2024 was the planned divestment of National Bank of Kenya (NBK) to Nigeria’s Access Bank Plc for an estimated KShs. 13 billion. The sale, which received approval from the COMESA Competition Commission, is in the final stages, pending regulatory approvals.
The transaction aligns with KCB’s strategic focus on optimizing its portfolio and strengthening its regional footprint. The sale will unlock capital, allowing KCB to reinvest in high-growth areas such as digital banking, SME lending, and regional expansion.
“Our strategic decision to sell NBK is aimed at enhancing efficiency and improving returns for our shareholders while reinforcing our position as a leading financial institution in East Africa,” said KCB Group CEO Paul Russo.
KCB Group has rewarded its shareholders with a record total dividend payout of KShs. 9.6 billion for 2024. The Board proposed a final dividend of KShs. 1.5 per share, bringing the total annual payout to KShs. 3.0 per share. This follows an interim dividend of KShs. 1.5 per share, which was disbursed in September 2024.
KCB Group’s profit after tax surges by 64.9% to KShs. 61.8B in 2024
The dividend payout reflects KCB’s commitment to delivering sustainable returns to investors while maintaining strong capital buffers. As of December 2024, the Group’s total equity rose by 20.8 percent to KShs. 274.9 billion, reinforcing its financial resilience.
Beyond financial performance, KCB continues to drive socio-economic transformation through its For People. For Better agenda. The bank has made significant strides in financial inclusion, sustainability, and community development:
Under its Financial Inclusion for Women in Business (FLME) program, KCB has set aside KShs. 250 billion over five years to bridge the financing gap for women entrepreneurs. As of 2024, the bank had already disbursed KShs. 139 billion, supporting thousands of women-led businesses across Kenya.
The bank plans to expand this initiative further in all 47 counties, providing not only capital but also business training, mentorship, and market linkages to female entrepreneurs.
Through the KCB Foundation, the Group continues to support education initiatives, particularly for underprivileged students. The bank has invested millions in scholarships, skills development programs, and school infrastructure projects, ensuring that more young people access quality education and economic opportunities.
The bank secured a $100 million Tier 2 capital facility from the British International Investment (BII) to boost lending for climate-related projects and women-led SMEs. This funding will support businesses in renewable energy, green mobility, and sustainable agriculture, reinforcing KCB’s commitment to climate resilience and environmental sustainability.
KCB Group’s profit after tax surges by 64.9% to KShs. 61.8B in 2024
Additionally, the €230 million (KShs. 32 billion) partnership with the European Investment Bank (EIB Global) aims to provide affordable financing for youth and SMEs, further accelerating economic growth.
KCB Group remains focused on digital leadership, with plans to launch an enhanced mobile banking platform across Kenya, Tanzania, South Sudan, and Burundi. The new platform will improve customer experience by offering seamless, secure, and innovative financial solutions.
“Our 2024-2026 strategy, Transforming Today Together, is centered on sustainability, innovation, and shared value creation. We are committed to leveraging technology to improve service delivery while driving positive impact in the communities we serve,” said KCB Group Chairman Dr. Joseph Kinyua.
KCB Group’s 2024 financial performance underscores its resilience, strategic agility, and commitment to stakeholders. With a strong profit growth trajectory, a historic dividend payout, the NBK divestment, and impactful social programs, the bank is well-positioned for continued success in 2025 and beyond.
