KCB Group PLC announced a 19.5 per cent growth in net profit at Sh40.8 billion for the fiscal year ending December 2022 from Sh34.2 billion reported in 2021.
The lender attributed the sterling performance to higher funded and non-funded income streams.
Non-funded income grew 39.8 per cent, mainly from trade finance income, lending fees and commissions.
KCB Group CEO Paul Russo attributed the solid performance to a sound business strategy anchored on customer obsession, sharper execution, and productive organizational culture.
“The business benefited from a vibrant core banking business, growth of new business lines and accelerated digital transformation to post this record performance,” Russo said.
| Parameter | 2021FY | 2022FY | Change |
| PAT | KShs.34.2 billion | KShs.40.8 billion | 19.5% |
| Revenues | KShs.108.6 billion | KShs.129.9billion | 19.6% |
| Costs | KShs.47.8 billion | KShs.59.4 billion | 24.1% |
| Total Assets | KShs.1.14 trillion | KShs.1.55 trillion | 36.4% |
| Customer Loans | KShs.675 billion | KShs.863 billion | 27.8% |
| Customer Deposits | KShs.837 billion | KShs.1.135 trillion | 35.6% |
Group Subsidiary performance
Profit before tax contribution of other subsidiaries excluding KCB Bank Kenya increased to 17 per cent (up from 13.9 per cent in 2021) on organic growth in the subsidiaries and increased scale through BPR Bank Rwanda and Trust Merchant Bank (TMB) in DRC.
Revenues increased by 19.6 per cent to Sh129.9 billion, driven by net interest income, which grew by 11.5 per cent, supported by earning assets and partially offset by increased interest expenses from higher borrowing costs and interbank market rates.
“We have made significant investments in our regional expansion strategy, among them, our latest entry into DRC through TMB bank. These investments are key to accelerating our future growth and commitment to delivering shareholder value,” said Andrew Wambari Kairu, KCB Group chairman.
The board has proposed a final dividend payout of Sh1.00 per share, subject to shareholder approval. This is in addition to an interim payout of Sh1.00 per share, which was paid out in January 2023.
This brings the total dividend payout for the year to Sh6.4 billion.