KCB Group has announced an interim dividend payout of Kes 1.5 per share, amounting to Kes 4.8 billion to investors.
This is after the lender recorded a net profit increase of 86% to Kes29.9 billion in the half year ended June 30, 2024, compared to Kes16.1 billion recorded during a similar period last year.
The lender paused dividend payout last year due to a decrease in profit.
The lender attributes improved performance to revenue growth across its businesses.
For instance, excluding KCB Bank Kenya, its subsidiaries contributed 37.8 percent in pretax profit.
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“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.”
Further, the Group's total assets grew by 6 percent to Kes 1.98 trillion from Kes 1.86 trillion in the period under review after customer deposits expanded to Kes 1.49 trillion.
While net loans and advances increased by 7 percent to Kes 1.03 trillion, 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.
