KCB announces dividends as profits soar to KSh 61 billion

Nairobi – KCB Group has released the financial year results for the year that ended in December 2024.

The group has reported a 64.9% increase in profits after tax to KSh 61.8 billion compared to the previous year.

Lawrence Kimathi Kiambi, the KCB Group finance director attributed the growth in profits to the 24% growth in revenue.

How much revenue did KCB group make?

The KCB’s FY 2024 Investor Presentation highlighted strong revenue growth, driven by various factors such as interest income from customer loans, government securities, placements, and growth in non-funded income (NFI) through trade finance, digital channels, and forex income.

The total income amounted to KSh 204.9 billion. Interest income contributed significantly, with KSh 153.6 billion (26%) from loans, KSh 50.2 billion (18%) from government securities, and KSh 9.6 billion (148%) from placements.

Other revenue sources included forex income, which grew substantially by 62% to reach KSh 17.5 billion. Lending fees saw a modest increase of 1%, amounting to KSh 11.5 billion, while service fees grew by 14% to KSh 30.8 billion.

Revenue from subsidiaries

Revenue from subsidiaries outside of KCB Bank Kenya increased by 16% to Ksh 73.2 billion, contributing 38.2% of the group’s total revenue, a slight decrease from 39.2% in 2023.

KCB Bank Kenya contributed the largest share of the group’s total income at Ksh 118.23 billion, representing 62% of the overall income. Among the subsidiaries, KCB Uganda experienced a growth of 25%, while KCB South Sudan posted the highest year-on-year growth of 53%.

TMB generated KSh 30.67 billion, accounting for 16% of the group’s revenue, while NBK contributed KSh 12.65 billion, representing 7%. BPR provided KSh 10.11 billion (5%), and KCB Uganda and KCB Tanzania generated KSh 6.28 billion and KSh 5.49 billion, respectively.

Additionally, KCB South Sudan contributed KSh 4.1 billion, while KCB Burundi and KCB BIL accounted for KSh 1.37 billion and KSh 1.92 billion, respectively.

KCB has announced a KSh 9.6 billion in total dividend in 2024 due to the strong profitability and solid capital buffers.