Paul Russo: KCB Group CEO Named African Business Leader Of The Year

• KCB Group CEO Paul Russo was named the 2024 African Business Leader of the Year at the 14th annual African Business Leadership Awards
• Under Russo's leadership, KCB Group became the most profitable bank in East Africa after it recorded a KSh 16.5 Billion Q1 net profit
• KCB Group was the first financial institution in the region to exceed the KSh 2 trillion mark in asset size after reporting assets worth KSh 2.1 trillion

TUKO.co.ke journalist Japhet Ruto brings over eight years of experience in financial, business, and technology reporting, offering deep insights into Kenyan and global economic trends.

Paul Russo, the chief executive officer of Kenya Commercial Bank (KCB) Group, was named the 2024 African Business Leader of the Year at the 14th annual African Business Leadership Awards.

Russo was chosen from a strong pool of nominees across the continent based on his leadership abilities, transformative vision, and exceptional contributions to the African corporate scene.

Russo hailed the remarkable achievement following a rigorous and competitive selection process.

"It is a great honour to receive this esteemed recognition. This award shows the collective efforts of the entire KCB team and our commitment to driving positive change and sustainable growth across this region. I am humbled by this acknowledgement and remain dedicated to advancing our mission of transforming lives and communities through innovative banking solutions," Russo said in a statement seen by TUKO.co.ke.

What was KCB's profit?

Under Russo's leadership, KCB Group became the most profitable bank in East Africa after it recorded a KSh 16.5 Billion Q1 net profit.

The lender gained 69% growth in profit from KSh 9.8 billion reported in Q1 of 2022, reclaiming the top spot.

In 2023, KCB Group was the first financial institution in the region to exceed the KSh 2 trillion mark in asset size after reporting assets worth KSh 2.1 trillion.

Customer deposits increased to KSh 1.5 trillion, representing a 25.4% growth driven mainly from the Kenyan market.

KCB Group to sell National Bank

TUKO.co.ke earlier reported that KCB Group finalised a deal to sell its subsidiary, National Bank of Kenya (NBK), to Nigeria's Access Group at 1.25 times book value.

The transaction was expected to close in about six months and aims to bolster Access Group's presence in Kenya while leveraging NBK's assets to expand operations.

KCB's acquisition of NBK in 2019 aimed to revitalise the state-controlled medium-sized lender, but challenges in NBK's performance led to a reevaluation, ultimately resulting in the decision to divest.

Proofreading by Asher Omondi, current affairs journalist and copy editor at TUKO.co.ke.