KCB Group PLC
“With technology, people, and partnerships powering its engines, the KCB Group PLC flight is now ready for take-off,” says Paul Russo, Group CEO. Indeed, as East Africa’s largest and most profitable bank, KCB Group PLC continues to rise, anchored by a century-old legacy and an ambitious roadmap toward future-ready financial solutions.
In 2024, KCB Group PLC recorded a remarkable KES 61.8 billion in Profit After Tax (PAT), a 65 percent growth from 2023. The group’s balance sheet expanded to KES 1.96 trillion, driven by a strong deposit franchise totalling KES 1.4 trillion and a stable loan portfolio. Total revenue grew 24 percent to KES 204.9 billion, bolstered by robust interest and non-funded income, particularly from foreign exchange trading.
Subsidiaries outside Kenya were pivotal contributors, accounting for 30 percent of the group’s net profit, with their PAT rising by 42 percent to KES 19.6 billion. The group now serves over 33 million customers, including 24 million digital clients and 9 million conventional banking customers. Its physical and digital infrastructure includes 536 branches, 1,317 ATMs (780 owned and 533 partner ATMs), 1.3 million agents and merchants, and 12,090 dedicated employees.
KCB Group PLC continues to define the future of banking in East Africa. Currently disbursing over KES 1.1 billion daily through platforms like KCB M-PESA, Vooma, and KCB Mobi, the bank is accelerating digital adoption through a unified mobile platform powered by mini-app integrations and AI-backed pre-scoring algorithms. In alignment with its 2024-2026 strategic pillar of ‘Digital Leadership’ the group is rolling out enhanced mobile banking experiences in Kenya, Tanzania, South Sudan, and Burundi.
The banking group has com-mitted KES 250 billion over five years to support women through the female-led and made enterprises (FLME) initiative. So far, KES 139 billion has been disbursed to over 807,000 women, mobilising KES 47 billion in deposits. The bank is also deeply engaged with MSMEs across all 47 counties in Kenya, pro-viding tailored financial solutions, mentorship, and capacity-building programs.
In February 2024, KCB Group PLC secured a USD 100 million Tier 2 capital facility from the British International Investment (BII) to expand its lending to climate-focused and women-led SMEs.
BPR Rwanda has doubled down on enhancing its offerings across corporate, MSME, personal, and digital segments, with special focus on trade and infrastructure financing. In Tanzania, the bank group has sharpened its focus on MSMEs, SAHL (Shariah-compliant), large corporate financing, and the blue economy, aligning with national development priorities.
KCB Group PLC’s for-ward-thinking strategy goes beyond profit. The bank secured Project Preparatory Facility (PPF) approval from the Green Climate Fund (GCF) to stimulate small business growth and signed a USD 7 mil-lion agreement with Mastercard to accelerate customer empowerment and economic development initiatives across the region.
The banking group has also made significant strides in diversity and inclusion. For the first time, female employees now represent 51 percent of the workforce, up from 47 percent in 2022 and 44 per-cent in 2019. Internally, the KCB Group’s Organisation Health Index (OHI) now stands at 80, placing it among top global performers.
Through the KCB Foundation, the bank has provided KES 727 million in vocational scholarships, awarded 1,259 new scholarships in 2024 alone, and continues to support 5,752 students. The university transition rate stands at 84 percent, with 13 Ivy League scholarships awarded and 1,789 students enrolled in athletics programs. The 2Jiajiri initiative supported 60,686 businesses in 2024, creating 37,078 direct jobs and distributing KES 57 million worth of toolkits.
In terms of subsidiary financial highlights, KCB Investment Bank posted a PAT of KES 106 million with revenues rising to KES 389 million, while KCB Asset Management recorded a PAT of KES 51 million and revenues of KES 124 million. In the same light, KCB Bank Kenya has also introduced innovative offerings including digital term loans for MSMEs, the Worship 360 App for faith-based organisations, and agricultural solutions under the Mifugo Ni Mali program, which provides training, inputs, and market linkages to farmers across the country.
The Group’s shareholder equity grew by 14 percent to KES 249 billion. In a major move, KCB Group PLC has received approval from the National Treasury to sell 100 percent of National Bank of Kenya (NBK) to Nigeria’s Access Bank PLC, marking a strategic reshaping of its regional portfolio.
Paul Russo, EBS, has served as the Group CEO since May 2022. A seasoned executive with nearly 25 years of leadership across top firms including PwC, Barclays, EABL, and KCB itself, Paul is passionate about building institutions that create lasting impact. He is a key voice in financial services, sitting on boards and national steering committees that influence policy and economic development. Paul holds a Master of Business Administration (MBA) degree from Strathmore University and is a member of the UNEP-FI Leadership Council. Under his leadership, KCB Group plc has amplified its purpose-led mandate, driving transformation across banking, inclusion, and sustainability.
Dr. Joseph Kinyua, appointed Group Chairman in March 2023, is the immediate former Head of Public Service. With a 44-year legacy in public administration, Dr. Kinyua played a pivotal role in liberalising Kenya’s banking and foreign exchange markets. His guidance brings invaluable oversight as group navigates its next chapter of regional growth and impact.
KCB Group PLC’s story is one of scale, innovation, and purpose. As one of the top-performing companies listed on the Nairobi Securities Exchange (NSE), the group continues to deliver exceptional value to its shareholders while championing sustainable business development and inclusive growth. With solid financial fundamentals, transformative community initiatives, and a strong customer-first philosophy, KCB Group PLC remains a benchmark for excellence and a driving force in East Africa’s economic evolution.
