KCB Group has announced its intention to sell its subsidiary, the National Bank of Kenya. This comes alongside a report of KCB's shares rising by 10% in a single day. The group has achieved significant savings through shared services between KCB Kenya and NBK, totaling KES 4.5 billion over the past three years, as highlighted in the #KCBFY2023Results. Additionally, KCB has secured funding for growth, receiving $115 million from the European Investment Bank (EIB) and $95 million from Proparco. Despite these developments, KCB's full-year profit fell by 8%, with operating costs surging by 61%, and its pretax profit dropping 15% in 2023. For the first time in 21 years, KCB has decided not to issue a dividend.
Co-operative Bank Kenya [@Coopbankenya] FY 2023 Highlights (YoY, KES): ◾Total Assets: +10.5% to 671.1B ◾Net Interest Income: -0.6% to 45.2B ◾Provisions: -30.8% to 6B ◾PAT: +5.2% to 23.2B ◾EPS: +5.4% to 3.92 ◾DPS: 1.50 [2022: 1.50] ◾Gross NPLs: +27.9% to 66.9B https://t.co/s3gadASFzE https://t.co/36dw4dAwcP
KCB shareholders waiting for the market to open: https://t.co/aUmD05d1r9 https://t.co/FqK9900mn5
KCB skips dividend for the first time in 21 years! https://t.co/cycCCehyVv
$KRE: banks absolutely ripping now https://t.co/WMGiiwrdmN
Kenya's KCB Group's pretax profit falls 15% in 2023 https://t.co/IuI9fM5eZ8 https://t.co/k5zT8KPL30
Full-year profit at KCB falls 8%, as Kenya’s biggest bank saw operating costs surge by 61% https://t.co/laBdwlL0Wl
KCB got $115M from EIB and $95M from Proparco to fund growth: https://t.co/YlRPKdapub
Shared services between KCB Kenya and NBK yielded KES 4.5B in savings in the past 3 years: #KCBFY2023Results https://t.co/SjiQtDP7VP
KCB up 10% so far today: https://t.co/yF57mV50IW https://t.co/5Nwnfs6EiB
KCB Group to sell its subsidiary National Bank of Kenya, report says https://t.co/g9DHVXDp3n https://t.co/UO8Q9oFUVH