Kenya's top lender KCB posts Q1 profit of Sh16.53b, StanChart takes a hit

Paul Russo KCB Group CEO speaking during 2024 full year financial results on March 12, 2025. [Wilberforce Okwiri, Standard] Kenya's largest lender by assets, KCB Group, posted an after-tax profit of Sh16.53 billion in the first quarter of the year ending March, riding on higher income. The lender had recorded Sh16.48 billion during a similar period last year. The 0.3 per cent rise net earnings came as KCB Group total revenues grew 2 per cent to Sh49.4 billion in the three months period. This came as the lender's balance sheet closed the period at Sh2.03 trillion, from Sh1.99 trillion. KCB Group Chief Executive Paul Russo said quarter one's performance reflected a "strong push by teams across the business" and had matched the bank's prior Q1 2024 results. Profit before tax contributions from KCB's regional subsidiaries outside Kenya improved to 32 per cent, underscoring the group's strategic focus on deepening its regional presence. "Our robust balance sheet means that we are well-positioned to support our customers in navigating the general emerging challenges across the region," he said. "It is notable that we were able to match 2024 quarter one performance, which was impressive by all standards." KCB maintained its earnings streak as mid-tier lender Family Bank posted a 15.4 per cent jump in net earnings to Sh1.05 billion in the three months period riding on interest and non-interest income. This is compared to Sh910 million recorded by the lender the previous year. It was mixed fortunes, however, for Standard Chartered Bank Kenya (StanChart), a subsidiary of the UK-based banking multinational Standard Chartered, which announced a 13.5 per cent drop in net profit to Sh4.85 billion net profit for the three months of the year. This is lower than the Sh5.61 billion after tax earnings the lender posted in a similar period the prior year. The Nairobi Securities Exchange-listed in which UK banking multinational Standard Chartered Plc owns 75 per cent of the Kenyan unit, posted a lower profit after its total interest income went down to Sh9.29 billion in the three months ended March compared to Sh9.52 billion in a similar period the prior year. Its operating expenses however went down to Sh4.95 billion compared to Sh5.42 billion the previous year sparing the bottom line. KCB, Family Bank and StanChart are the latest major lenders to announce their earnings offering investors insight into the possible strength of commercial lenders in a challenging economic climate for the period. Stanbic Bank Kenya earlier reported a 16.6 per cent drop in net profit for the first quarter ended March owing to a shrink in non-interest income. Co-operative Bank of Kenya (Co-op Bank) also earlier announced that its first-quarter earnings rose by 5.3 per cent, driven by income growth, as the tier one lender expands its footprint across Kenya and South Sudan. The bank's net earnings reached Sh6.9 billion in the first three months of this year, compared to Sh6.6 billion in the same period last year.

Kenya's top lender KCB posts Q1 profit of Sh16.53b, StanChart takes a hit

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Kenya's top lender KCB posts Q1 profit of Sh16.53b, StanChart takes a hit

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