KCB Group PLC has announced a final dividend payout of KES 3.2 billion for the 2022 financial year, bringing the total dividend to KES 6.4 billion.
The shareholders approved the final dividend of KES 1.00 per share at the 52nd Annual General Meeting (AGM) held on Thursday through electronic means. The dividend will be paid on or about May 26, 2023, to the shareholders on the register as of April 6, 2023.
The dividend payout reflects the Group’s strong performance in 2022, which saw a 20% rise in net profits to KShs 40.8 billion, driven by increased revenues and regional expansion. The Group also posted KES 9.8 billion in profit after tax for the first quarter of 2023, supported by growth in corporate and retail businesses.
The shareholders also approved the appointment of two directors to the Group Board— Ms. Anuja Pandit, and Dr. Joseph Kinyua to fill in casual vacancies.
KCB Group Chairman Andrew W. Kairu said the Group had a robust strategy that enabled it to deliver value to stakeholders and solidify its foundation in the region.
“We are bullish about 2023 and are gearing up to maximize on all the opportunities that are available in our various markets. We have continued to embed sustainable practices in all our business operations and strategy. The business is well aligned to drive green finance and accelerate our net zero ambitions while also supporting our citizenship agenda to deliver meaningful change in our communities,” he said.
KCB Group CEO Paul Russo said the Group had maintained a steady growth in all its core indicators and was focused on supporting its customers to navigate the tough economic environment.
“Our focus was on delivering value and support to our customers to help them navigate the tough economic environment, while driving revenue growth for the Bank through both funded and non-funded income lines,” he said.
He added that the Group had deepened its support to the micro, small and medium sized enterprises (MSME) segment, which powers the bulk of the businesses across the region. He also said that the Group had enhanced its sustainability agenda by supporting the transition to clean energy and screening its projects for environmental and social due diligence.
KCB Group has undertaken an ambitious investment strategy aimed at achieving long-term growth and enhancing shareholder value. In 2022, the Group acquired Trust Merchant Bank (TMB), a leading bank in the Democratic Republic of Congo, as part of its ongoing strategy to expand its regional presence and build scale for regional relevance.
The contribution of PBT from Group businesses, which excludes KCB Bank Kenya, stood at 17% in 2022 and increased further to 35% in Q1 2023 as investments in regional businesses continued to pay off.
KCB Foundation, the social investment arm of the Group, continues to make a significant impact in the communities across all the markets the Bank operates in. In 2022, the Foundation scaled up its flagship program, 2jiajiri, to support youth entrepreneurship and also enhanced its humanitarian support and education scholarship program.