KCB resumes dividend payouts as profit nearly doubles to Sh29.9bn
KCB Group has announced a Sh1.5 interim dividend as net profit nearly doubles to Sh29.9 billion in the half year ended June 30, 2024.
The bank, which had paused dividends last year amid profit slump, has earmarked Sh4.8 billion for investors.
The resumption follows an 86 percent jump in profit after tax from Sh16.1 billion recorded during a similar period last year.
The lender attributes improved performance to revenue growth across its businesses.
For instance, its subsidiaries, excluding KCB Bank Kenya, contributed 37.8 percent in pretax profit.
“We delivered a commendable first half of the year, despite strong headwinds in the operating environment, especially in Kenya, thanks to the goodwill and confidence from our customers and commitment by our staff,” KCB Group Chief Executive Officer Paul Russo said.
“We were intentional in working with our customers and stakeholders to support them in navigating the difficult environment.”
In the review period, the Group total assets grew by 6 percent to Sh1.98 trillion from Sh1.86 trillion. This was after customer deposits expanded to Sh1.49 trillion.
While net loans and advances went up by 7 percent to Sh1.03 trillion, its net interest income jumped by 35 percent, supported by improved yields and lending.
“Looking ahead, we see a stronger second half, leveraging on our Transforming Today Together strategy and the expected economic turnaround in the markets we operate in,” Russo added.
“We are confident that this strategy will give fresh impetus to our business, as we focus on cost optimization.”
