KCB Group’s FY21 Profit Surges by 76% to Ksh 34.2 Billion

KCB Group has realised a historic rise in full-year net profit of Kshs. 34.2 billion for the period ended December 31, 2021 which rose 74% from Kshs. 19.6 billion the lender posted a year earlier.

KCB Bank Kenya, Kencom Branch: KHUSOKO

KCB Group said on Wednesday its pre-tax profit for the financial year 2021 witnessed an 86 percent increase to Ksh 47.8 billion. 

Its net profit surged by 74 percent riding on an economic recovery across markets – in Rwanda, Burundi, Tanzania, Uganda, and South Sudan.

Net profit grew to Ksh 34.2 billion compared to Ksh 19.6 billion a year earlier, on the back of increased income, cost management, and lower credit provisions which saw the Group post higher returns to shareholders.

“We made significant progress in achieving our 2021 strategic targets which delivered a strong financial performance that was in line with gradual economic recovery across all markets.”

 “The third and fourth quarters were the turning point with a pick-up in lending activity even as the COVID-19 pandemic continued to impact on economic activity.”

Revenues increased by 13.5 percent to Ksh 108.6 billion on account of a rise in net interest income which was up 15.0 percent to Ksh 77.7 billion.

Non-funded income grew by 9.9 percent to Ksh 30.9 billion on increased customer transactions, FX income, and income from accelerated loan growth.

Costs went up by 11.9 percent to Ksh 47.8 billion shillings from Ksh 42.8 billion on account of an increase in staff and organizational costs, consolidation of Banque Populaire du Rwanda (BPR), and inflationary adjustments across the group.

Key Financial Highlights

Profit after Tax – Up 74% to KShs.34.2 billion compared to KShs.19.6 billion.

Revenue – Increased 13.5% to KShs.108.6 billion on account of an increase in interest income driven by an increase in earning assets, non-funded income, and lower cost of funding.

Costs – Up by 11.9% to KShs.47.8 billion.

Total Assets – Increased 15.4% to KShs.1.139 trillion.

Customer Loans – Increased by 13.5% to KShs.675.5 billion through organic and strategic acquisitions.

Customer Deposits — increased 9.1% to KShs.837.1 billion due to organic growth mainly in the Kenyan market.

The Board recommended a final dividend of Ksh 2.00 per share, bringing the total for the year to Ksh 3.00 shillings per share equivalent to KSh6.43 billion, or a cumulative KSh9.64 billion. 

“We have increased our dividend three-fold and it is well within our ambition this year. But as you go forward into next year, you do expect that dividends should go to 45 percent of our total earnings, which is what we have done before,” said Mr. Oigara.


“We are optimistic about the East African economy’s inherent medium and long-term potential despite the looming effects of the geopolitical crisis in Europe, lurking threats of COVID-19 and other local developments, including the upcoming General Elections in Kenya,” said KCB Group Chairman Andrew Wambari Kairu.

“The priority is to identify suitable investment prospects and consumption drivers to accelerate the pace of recovery and growth. As the growth gains momentum, it will lead to many more opportunities for all sectors of the economy and, in turn, inclusive growth,” he added.

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