In its 2024 financial year report released on Wednesday, KCB Group‘s profit after tax increased by 64.9 percent to KShs. 61.8 billion, spurred by robust topline growth in all industries.
This was an improvement from KShs. 37.5 billion reported the previous year.
Despite the challenging operating climate, a robust deposit franchise and a steady loan portfolio supported the Group’s balance sheet, which ended the year at KShs. 1.96 trillion.
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KCB’s total revenue increased by 24% to KShs. 204.9 billion
Higher interest income and non-funded income from foreign exchange trading contributed to a 24.0.per increase in total revenues to KShs. 204.9 billion.
“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,” said Paul Russo, KCB Group’s CEO.
“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,” Mr Russo added.
KCB Bank’s partnership with International Housing Solutions
To accelerate the construction of green cheap homes in Kenya, KCB Bank Kenya announced a strategic partnership with International Housing Solutions (IHS) Kenya, a top provider of green affordable housing in Africa, on Wednesday.
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Among other financial products, the partnership would offer debt financing to IHS to enable the building of high-quality affordable housing units and end-user financing for homebuyers to acquire the apartments.
It was launched at IHS’s Tilisi Development PLC project site in Limuru, Kiambu County. Over the next five years, IHS Kenya hopes to supply more than 3,000 units worth about KShs. 10 billion through its IHS Fund.
“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,” said KCB Director Mortgage Business Caroline Wanjeri Kihara.