- KCB Group reported a 6% increase in assets to KSh 1.98 trillion and an 86% growth in profit after tax (PAT) to KSh 29.9 billion for the first half of 2024
- KCB's eight subsidiary banks across Kenya, South Sudan, Rwanda, Tanzania, Burundi, Uganda, and the Democratic Republic of Congo played a key role
- KCB Bank Kenya, led by managing director Annastacia Kimtai, was the largest contributor to the group's profits, reporting KSh 21.223 billion in PAT
Elijah Ntongai, a journalist at TUKO.co.ke, has more than three years of financial, business, and technology research expertise, providing insights into Kenyan and global trends.
The KCB Group released half-year financial results for the first six months of 2024 (HY1).
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The group reported a 6% increase in assets to KSh 1.98 trillion in the first half of 2024, and profit after tax grew by 86%, reaching KSh 29.9 billion.
KCB subsidiary banks across East Africa contributed significantly to the groups' profitability, accounting for 37.8% of pre-tax profits and 34.4% of total assets.
KCB bank subsidiaries
KCB Group owns eight subsidiaries across Kenya, South Sudan, Rwanda, Tanzania, Burundi, Uganda, and the Democratic Republic of Congo and a total of 566 branches.
The group owns 100% of six subsidiaries, 87% of BPR Rwanda, and 85% of Trust Merchant Bank.
KCB Bank Kenya
Under the leadership of managing director Annastacia Kimtai, KCB Bank Kenya continues to be the primary contributor to KCB Group’s overall financial success.
The bank reported a Profit After Tax (PAT) contribution of KSh 21.223 billion for HY1, representing a substantial 71% of the group's total PAT.
Trust Merchant Bank (DRC)
Managed by Oliver Meisenberg, Trust Merchant Bank in the Democratic Republic of Congo (DRC) reported a PAT contribution of KSh 5.106 billion, accounting for 17% of the group’s total PAT.
Trust Merchant Bank has shown robust growth, with its year-on-year change reaching 66%, underscoring its rising importance within the KCB Group.
National Bank of Kenya (NBK)
George Odhiambo, as the managing director, has overseen a notable turnaround at the National Bank of Kenya (NBK).
The bank’s PAT contribution was KSh 840 million, which represents 3% of the total group PAT for the HY1.
BPR Bank Rwanda
BPR Bank Rwanda, led by Patience Mutesi, contributed KSh 1.382 billion to the group’s PAT, representing 5% of the overall figure.
KCB Bank Tanzania
Cosmas Kimario, the managing director of KCB Bank Tanzania, has steered the bank to a Profit After Tax (PAT) of KSh 1.285 billion, making up 4% of the group's total PAT.
KCB Bank Uganda
Edgar Byamah, as managing director of KCB Bank Uganda, has facilitated a solid financial performance, recording a PAT of KSh 1.111 billion, representing 4% of the group’s total PAT.
KCB Bank South Sudan
Managed by Jaldesa Roba, KCB Bank South Sudan has shown impressive growth with a PAT contribution of KSh 834 million.
It achieved a remarkable year-on-year growth of 84%, highlighting its potential as a key growth market for KCB Group.
KCB Bank Burundi
Under the leadership of managing director Masika Mukule, KCB Bank Burundi has made a modest contribution to the group’s profitability, recording a PAT of KSh 360 million.
KCB Group announces dividends
KCB Group's strong performance led to the resumption of dividend payouts, with the board recommending a record interim dividend of KSh 4.8 billion to shareholders.
Joseph Kinyua, the chairman of KCB Group, commended the bank for its exceptional resilience and flexibility in effectively addressing both international and domestic obstacles.
This is a relief to investors after the KCB Group paid zero dividends in the financial year that ended December 31, 2023.
Proofreading by Otukho Jackson, a multimedia journalist and copy editor at TUKO.co.ke
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