Nairobi, March 12 : Kenya Commercial Bank, KCB Group, has reported a 64.9% increase in profits after tax for the financial year ending December 2024, reaching KSh 61.8 billion.
Lawrence Kimathi Kiambi, the KCB Group finance director attributed the growth in profits to the 24% growth in revenue.
The KCB's FY 2024 Investor Presentation highlighted strong revenue growth, driven by various factors such as interest income from customer loans, government securities, placements, and growth in non-funded income (NFI) through trade finance, digital channels, and forex income.
The total income amounted to KSh 204.9 billion. Interest income contributed significantly, with KSh 153.6 billion (26%) from loans, KSh 50.2 billion (18%) from government securities, and KSh 9.6 billion (148%) from placements.
AD.
