KCB Group Posts KShs. 61.8 Billion Profit Despite Economic Hurdles

KCB Group has defied economic challenges, reporting a remarkable 64.9% increase in profit after tax for the 2024 financial year. The financial giant’s earnings soared to KShs. 61.8 billion, a significant leap from the KShs. 37.5 billion recorded in the previous year.

Despite operating in a tough business environment, KCB’s robust deposit franchise and steady loan portfolio have strengthened its balance sheet, which closed the year at an impressive KShs. 1.96 trillion. The company’s performance highlights its strategic resilience and determination to expand its footprint across various sectors.

Higher interest income and non-funded income, particularly from foreign exchange trading, played a critical role in boosting revenues. The Group’s total revenues for 2024 rose by 24.0% to KShs. 204.9 billion.

Paul Russo, KCB Group’s CEO, expressed pride in the company’s progress, stating, “The strong performance illustrates our resolve over the past 3 years to build an organisation for the future that is anchored on delivering value for our customers, shareholders and all stakeholders.”

He further emphasised the Group’s commitment to enhancing customer-centred solutions, adding, “The Group strives to be more agile by rethinking our customer-centered value propositions and leveraging Group capabilities in the markets where we operate in. Our focus is on ensuring we have fit-for-purpose technology that delivers seamless, reliable, secure, and innovative solutions for our customers.”

Green Housing Initiative to Boost Affordable Homes

KCB Bank Kenya is also making waves in the housing sector by announcing a strategic partnership with International Housing Solutions (IHS) Kenya, a leading provider of green affordable housing across Africa.

The collaboration, unveiled at IHS’s Tilisi Development PLC project site in Limuru, Kiambu County, aims to accelerate the construction of over 3,000 high-quality, affordable housing units over the next five years. The project, valued at approximately KShs. 10 billion, seeks to provide debt financing for developers and end-user financing for potential homeowners.

Speaking on the partnership, KCB Director Mortgage Business Caroline Wanjeri Kihara said, “KCB believes that homeownership is a key pillar of economic and social progress. By combining our financial strength with IHS’s development expertise, we are unlocking new opportunities for individuals and families to achieve their dream of homeownership.”

KCB Group’s commitment to sustainable growth, coupled with its strategic partnerships, is solidifying its position as a financial powerhouse. The company’s recent success suggests that its approach to navigating economic difficulties is proving effective.