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Shareholders of KCB Group Plc have approved the payment of a final dividend of KShs. 3.2 billion for the 2022 financial year.
This brings the total dividend payout for the year to KShs. 6.4 billion, including an interim dividend of KShs. 3.2 billion was declared at the end of last year.
The approved final dividend is KShs. 1.00 per share and was recommended by the Board at the 52nd Annual General Meeting (AGM) held through electronic means on Thursday.
The dividend will be paid on or around May 26, 2023, after deducting withholding tax. Only shareholders listed in the company’s records as of April 6, 2023, will receive the dividend.
During the AGM, the shareholders also approved the appointment of two directors, Ms Anuja Pandit and Dr Joseph Kinyua, to fill casual vacancies on the Group Board.
The decision to pay the dividend reflects the strong financial performance of KCB Group in 2022. The Group recorded a 20% increase in net profits after expenses, provisions, and taxes, reaching KShs. 40.8 billion.
This contributed to a 60 basis points rise in the Group’s return on equity, which now stands at 23.0%, one of the highest at the Nairobi Securities Exchange.
KCB Group has been pursuing an investment strategy focused on long-term growth and enhancing shareholder value. In 2022, the Group’s businesses, excluding KCB Bank Kenya, contributed 17.0% to the Group’s profits before tax (PBT).
This figure rose to 35% in the first quarter of 2023, thanks to successful investments in regional businesses. Notably, the acquisition of Trust Merchant Bank (TMB) in the Democratic Republic of Congo contributed to this growth.
KCB Group Chairman, Andrew W. Kairu, expressed confidence in the Group’s performance and emphasized the implementation of a robust strategy to ensure superior returns and sustainable practices.
The Group is also committed to driving green finance, supporting the community, and achieving its net-zero goals.
In the first quarter of 2023, KCB Group recorded a profit after tax of KShs. 9.8 billion, supported by increased revenues.
The Group’s total assets reached KShs. 1.63 trillion, reflecting strong customer confidence and a focus on supporting customers during challenging economic times.
CEO Paul Russo highlighted the steady growth in core indicators and attributed the impressive performance to revenue momentum in both corporate and retail businesses.
KCB Group has been actively supporting micro, small, and medium-sized enterprises (MSMEs) and has improved lending terms and digitization processes to facilitate access to finance.
Sustainability is an integral part of KCB’s strategy, with the Bank supporting clean energy transition and implementing practices to operate sustainably.
The Bank conducts environmental and social due diligence screenings for projects above KShs. 50 million to assess climate risks.
Through the KCB Foundation, the Bank continues to make a significant impact in the communities it serves. Programs like 2jiajiri have been scaled up to support youth empowerment, and the Bank has increased support for humanitarian efforts and education scholarships.
