KCB Group reported a 69% jump in net profit to KShs 16.5 billion in Q1 2024 from KShs 9.8 billion, reclaiming the top spot as East Africa’s most profitable bank by assets.
Total revenues increased 31.6% to KShs 48.5 billion, driven by interest income and non-interest income.
“The performance which was boosted by revenue growth across all the Group network also saw the balance sheet close the quarter at KShs.2.0 trillion, from KShs.1.6 trillion a similar period last year,” the lender said in a statement.
Financial Highlights
- Profit Soars: Net profit surged 69% year-on-year to KShs 16.5 billion, reclaiming the top spot as East Africa’s most profitable bank.
- Revenue Up: Total revenues increased 31.6% to KShs 48.5 billion, driven by both interest income and non-interest income.
- Deposits Grow: Customer deposits rose 25.4% to KShs 1.5 trillion, demonstrating customer confidence.
- Loans Increase: Customer loans grew 12.2% to KShs 1.13 trillion, reflecting support for customer business activities.
- Cost Management: Cost-to-income ratio improved to 43.3% from 51.2% due to strong income growth and cost control.
- Capital Strength: The core capital ratio remains well above the regulatory minimum, showcasing a strong financial position.
“Despite a difficult operating environment across the region, we saw a strong revenue performance in the business as we entrenched prudent credit, liquidity, cost, and overall risk management. Consumer deposits continued to grow, a show of confidence that our clients have in the brand,” said KCB Group Chief Executive Officer Paul Russo.
KCB Group is optimistic about the remaining part of the year, with a focus on delivering strong shareholder value and building a future-proof business.
