KCB Group Reports 86% Profit Surge and Dividend

KCB Group has reported a significant net profit increase of 87% to Sh29.9 billion for the first half of 2024, backed by robust revenue growth and higher interest income. The bank is set to pay an interim dividend of Sh1.50 per share, totaling Sh4.8 billion, marking its largest interim payout to date after skipping dividends last year. KCB's total assets rose 6% to Sh1.98 trillion, largely due to stable customer deposits, which reached Sh1.49 trillion. The group’s net loans and advances grew by 7%, while net interest income increased by 35%, driven by improved yields and lending activities. Group CEO Paul Russo highlighted their strategic focus on customer support and economic recovery as key to their strong performance amidst challenging conditions. KCB maintains its position as the most profitable bank in East Africa, outpacing competitors like Equity Group.