KCB Group shareholders have approved a Ksh. 9.6 billion total dividends payout for the 2024 financial year. The shareholders approved a final dividend of Ksh. 1.50 per share at the Annual General Meeting (AGM) in Nairobi, as recommended by the Board.
The dividend shall be paid on or about May 23, 2025, net of withholding tax to the shareholders on the members’ register at the close of business on April 3, 2025.
This together with an interim dividend of KSh. 1.50 per share paid on October 23, 2024, brings the total dividend paid for the year to KSh. 3.00 per share, equivalent to KSh. 9.6 billion. This coupled with a share price appreciation of 90.0% recorded in the year amounts to a total shareholder return of 97.2% in 2024 up from -42.5% in 2023.
Speaking during the AGM, Group Chairman Dr. Joseph Kinyua noted: “Amidst a challenging operating environment, KCB Group remains committed to supporting businesses, individuals, and communities to weather the challenges and, where possible, provide opportunities for growth through its regional footprint and diverse products, services and solutions”.
On Wednesday, KCB Group reported a profit after tax of KSh.16.53 billion in the first quarter of the year ending March 2025, compared to KSh.16.48 billion reported a similar period last year, with notable growth in key financial metrics. Total revenues rose 2% to KSh.49.4 billion, while the Group’s balance sheet closed the period at KSh. 2.03 trillion, from KSh. 1.99 trillion on the back of a stable loan portfolio. The profit before tax contribution by the subsidiaries outside KCB Bank Kenya improved to 32%, resulting from the Group’s focus on deepening regional scale.
“The past year provided the Bank with an opportunity to showcase its resilience underscoring the strength of our fundamentals, strategic direction, and leadership depth. Our focus remains on leveraging the Group’s scale, capabilities and partners, to deepen financial inclusion and availing the relevant products and services that contribute to economic growth, sustainability, and shareholder value. Based on our performance for the year and our commitment to providing our shareholders with long-term sustainable value from their investment, the Group proposed the payment of interim and final dividends, while ensuring adequate capital retention for growth and regional expansion.” Said KCB Group CEO Paul Russo.
Shareholders were also updated on the ongoing sale of National Bank of Kenya Limited (NBK) to Access Bank PLC (Access Bank). In April, the Group received regulatory approval from the Central Bank of Kenya (CBK) to progress the transaction. KCB also received a nod by the Cabinet Secretary for the National Treasury and Economic Planning, 2025, approving the transfer of certain assets and liabilities of NBK to KCB Bank Kenya Limited pursuant to section 9 of the Banking Act.
In 2024, the bank disbursed green loans worth Ksh 53.2 billion and screened loans worth KSh. 513 billion under the Environmental and Social Due Diligence (ESDD) tool.