KCB Group PLC recorded Ksh40.8 billion in profit after tax for the full year ending December 2022 on higher funded and non-funded income streams.
This was a 19.5% rise in profitability from Ksh34.2 billion reported in 2021, KCB said on Wednesday during the release of the financials.
The profit before tax contribution of other subsidiaries excluding KCB Bank Kenya increased to 17.0% (up from 13.9% in 2021), riding on organic growth and increased scale in the businesses.
Parameter 2021FY 2022FY Change
PAT Ksh34.2 billion Ksh40.8 billion 19.5%
Revenues Ksh108.6 billion Ksh129.9billion 19.6%
Costs Ksh47.8 billion Ksh59.4 billion 24.1%
Total Assets Ksh1.14 trillion Ksh1.55 trillion 36.4%
Customer Loans Ksh675 billion Ksh863 billion 27.8%
Customer Deposits Ksh837 billion Ksh1.135 trillion 35.6%
“The strong performance for the year was as a result of our business strategy that is anchored on customer obsession, sharper execution, and a productive organisation culture. The business benefited from a vibrant core banking business, growth of new business lines and accelerated digital transformation to post this record performance,” said KCB Group CEO Paul Russo.
“Overall, we have positive momentum, and we shall build on this and ensure that we make significant step change in culture and performance, across all our business units. Despite a challenging operating environment, the belief in our people, enhanced digital capabilities, impetus in our regional businesses and successful integration of Trust Merchant Bank (TMB)—our latest subsidiary in the Democratic Republic of Congo— makes a good case for better performance,” he added.
