Reported Earnings • May 22
First quarter 2026 earnings released: EPS: KSh5.54 (vs KSh5.01 in 1Q 2025) First quarter 2026 results: EPS: KSh5.54 (up from KSh5.01 in 1Q 2025). Revenue: KSh48.7b (up 11% from 1Q 2025). Net income: KSh17.8b (up 11% from 1Q 2025). Profit margin: 37% (in line with 1Q 2025). Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Banks industry in Africa. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. New Risk • May 07
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 9.0% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Announcement • Apr 29
KCB Group PLC, Annual General Meeting, May 21, 2026 KCB Group PLC, Annual General Meeting, May 21, 2026, at 10:00 Central Asia Standard Time. Declared Dividend • Mar 14
Dividend of KSh3.00 announced Shareholders will receive a dividend of KSh3.00. Ex-date: 7th April 2026 Payment date: 1st January 1970 Dividend yield will be 7.5%, which is higher than the industry average of 4.8%. Sustainability & Growth Dividend is well covered by earnings (18% payout ratio) and is expected to be well covered in 3 years' time (28% forecast payout ratio). The dividend has increased by an average of 7.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 27% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 13
Full year 2025 earnings released Full year 2025 results: Revenue: KSh312.7b (up 79% from FY 2024). Net income: KSh114.4b (up 90% from FY 2024). Profit margin: 37% (up from 34% in FY 2024). The increase in margin was driven by higher revenue. Revenue is expected to decline by 12% p.a. on average during the next 2 years, while revenues in the Banks industry in Africa are expected to grow by 13%. New Risk • Mar 13
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 16% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 23
Third quarter 2025 earnings released: EPS: KSh4.52 (vs KSh4.78 in 3Q 2024) Third quarter 2025 results: EPS: KSh4.52 (down from KSh4.78 in 3Q 2024). Revenue: KSh45.0b (up 5.2% from 3Q 2024). Net income: KSh14.5b (down 5.4% from 3Q 2024). Profit margin: 32% (down from 36% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Banks industry in Africa. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Upcoming Dividend • Aug 31
Upcoming dividend of KSh4.00 per share Eligible shareholders must have bought the stock before 04 September 2025. Payment date: 11 November 2025. Payout ratio is a comfortable 7.7% and this is well supported by cash flows. Trailing yield: 5.5%. Lower than top quartile of Ugandan dividend payers (10%). Higher than average of industry peers (3.2%). Declared Dividend • Aug 16
First half dividend of KSh4.00 announced Shareholders will receive a dividend of KSh4.00. Ex-date: 4th September 2025 Payment date: 11th November 2025 Dividend yield will be 3.1%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is well covered by earnings (28% payout ratio) and is expected to be well covered in 3 years' time (25% forecast payout ratio). The dividend has increased by an average of 4.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 25% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 15
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: KSh42.4b (up 5.2% from 2Q 2024). Net income: KSh15.4b (up 18% from 2Q 2024). Profit margin: 36% (up from 33% in 2Q 2024). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Banks industry in Africa. Announcement • Jun 03
Access Bank PLC completed the acquisition of National Bank of Kenya Limited from KCB Group PLC (NASE:KCB) Access Bank PLC entered into a binding agreement to acquire National Bank of Kenya Limited from KCB Group PLC (NASE:KCB) on March 20, 2024. The successful completion of the transaction is subject to conditions that are customary for transactions of this nature including receipt all regulatory approvals from, amongst others, the Central Bank of Kenya, the Central Bank of Nigeria, the COMESA Competition Commission, and notifications to other relevant regulators. As on April 4, 2025, the transaction is approved by the approved by the Central Bank of Kenya and as on April 10, 2025, transaction is approved by the Cabinet Secretary for the National Treasury and Economic Planning. The acquisition and transfer of assets and liabilities to KCB Bank Kenya Limited are subject to completion of the transaction in accordance with the terms of the Agreement between the parties. As of August 22, 2024, Pursuant to Article 13(4) of the Regulations, there is established a Committee Responsible for Initial Determinations, referred to as the CID has approved the merger on May 4, 2024.
Access Bank PLC completed the acquisition of National Bank of Kenya Limited from KCB Group PLC (NASE:KCB) on June 2, 2025. Reported Earnings • May 06
Full year 2024 earnings released: EPS: KSh18.70 (vs KSh11.26 in FY 2023) Full year 2024 results: EPS: KSh18.70 (up from KSh11.26 in FY 2023). Revenue: KSh174.7b (up 33% from FY 2023). Net income: KSh60.1b (up 66% from FY 2023). Profit margin: 34% (up from 28% in FY 2023). The increase in margin was driven by higher revenue. Non-performing loans: 18.02% (up from 17.29% in FY 2023). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Banks industry in Africa. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • May 01
KCB Group PLC, Annual General Meeting, May 22, 2025 KCB Group PLC, Annual General Meeting, May 22, 2025, at 10:00 E. Africa Standard Time. Upcoming Dividend • Mar 28
Upcoming dividend of KSh1.50 per share Eligible shareholders must have bought the stock before 04 April 2025. Payment date: 23 May 2025. Payout ratio is a comfortable 16% but the company is not cash flow positive. Trailing yield: 7.1%. Lower than top quartile of Ugandan dividend payers (13%). Higher than average of industry peers (4.9%). Announcement • Mar 25
KCB Group PLC (NASE:KCB) have signed a binding agreement to acquire 75% stake in Riverbank Solutions Ltd. KCB Group PLC (NASE:KCB) have signed a binding agreement to acquire 75% stake in Riverbank Solutions Ltd on March 25, 2025. The successful completion of the transaction is subject to conditions that are customary for transactions of this nature including receipt of regulatory approvals from, amongst others, the Central Bank of Kenya. Once the transaction is completed, Riverbank will become a subsidiary of KCB Group Plc. Reported Earnings • Mar 18
Full year 2024 earnings released: EPS: KSh18.70 (vs KSh11.26 in FY 2023) Full year 2024 results: EPS: KSh18.70 (up from KSh11.26 in FY 2023). Revenue: KSh174.9b (up 33% from FY 2023). Net income: KSh60.1b (up 66% from FY 2023). Profit margin: 34% (up from 28% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Banks industry in Africa. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Nov 19
KCB Group PLC to Report Q3, 2024 Results on Nov 20, 2024 KCB Group PLC announced that they will report Q3, 2024 results on Nov 20, 2024 Upcoming Dividend • Sep 06
Upcoming dividend of KSh1.50 per share Eligible shareholders must have bought the stock before 13 September 2024. Payment date: 30 October 2024. Payout ratio is a comfortable 9.6% but the company is not cash flow positive. Trailing yield: 8.9%. Lower than top quartile of Ugandan dividend payers (13%). Higher than average of industry peers (5.1%). Reported Earnings • Aug 31
Second quarter 2024 earnings released: EPS: KSh4.31 (vs KSh1.90 in 2Q 2023) Second quarter 2024 results: EPS: KSh4.31 (up from KSh1.90 in 2Q 2023). Revenue: KSh40.3b (up 34% from 2Q 2023). Net income: KSh13.8b (up 127% from 2Q 2023). Profit margin: 34% (up from 20% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Banks industry in Africa. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • May 25
First quarter 2024 earnings released: EPS: KSh20.52 (vs KSh2.96 in 1Q 2023) First quarter 2024 results: EPS: KSh20.52 (up from KSh2.96 in 1Q 2023). Revenue: KSh42.2b (up 29% from 1Q 2023). Net income: KSh16.1b (up 69% from 1Q 2023). Profit margin: 38% (up from 29% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 26% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Banks industry in Africa. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • May 06
KCB Group PLC, Annual General Meeting, May 23, 2024 KCB Group PLC, Annual General Meeting, May 23, 2024, at 10:00 E. Africa Standard Time. Agenda: To receive, consider and, if thought fit, adopt the Audited Consolidated Financial Statements for the year ending 31 December 2023 together with the reports of the Directors, the Group Chairman, the Group Chief Executive Officer and the Auditor thereon; to note that the Directors do not recommend the payment of a dividend for the financial year ended 31 December 2023; to consider board changes; and to consider other matters. Reported Earnings • Mar 23
Full year 2023 earnings released: EPS: KSh11.26 (vs KSh12.64 in FY 2022) Full year 2023 results: EPS: KSh11.26 (down from KSh12.64 in FY 2022). Revenue: KSh131.6b (up 13% from FY 2022). Net income: KSh36.2b (down 11% from FY 2022). Profit margin: 28% (down from 35% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 26% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Banks industry in Africa. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Mar 22
Access Holdings Plc (NGSE:ACCESSCORP) agreed to acquire National Bank of Kenya Limited from KCB Group PLC (NASE:KCB). Access Holdings Plc (NGSE:ACCESSCORP) agreed to acquire National Bank of Kenya Limited from KCB Group PLC (NASE:KCB) on March 20, 2024. The successful completion of the transaction is subject to conditions that are customary for transactions of this nature including receipt all regulatory approvals from, amongst others, the Central Bank of Kenya, the Central Bank of Nigeria, the COMESA Competition Commission, and notifications to other relevant regulators. Reported Earnings • Nov 29
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: KSh38.5b (up 27% from 3Q 2022). Net income: KSh14.3b (up 36% from 3Q 2022). Profit margin: 37% (up from 35% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Banks industry in Africa. Reported Earnings • Aug 29
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: KSh30.1b (up 5.7% from 2Q 2022). Net income: KSh6.09b (down 37% from 2Q 2022). Profit margin: 20% (down from 34% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Banks industry in Africa. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • May 08
Full year 2022 earnings released: EPS: KSh12.64 (vs KSh10.61 in FY 2021) Full year 2022 results: EPS: KSh12.64 (up from KSh10.61 in FY 2021). Revenue: KSh116.4b (up 23% from FY 2021). Net income: KSh40.6b (up 19% from FY 2021). Profit margin: 35% (down from 36% in FY 2021). The decrease in margin was driven by higher expenses. Non-performing loans: 24.05% (up from 16.41% in FY 2021). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Banks industry in Africa. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Board Change • Apr 22
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Joseph Kinyua was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Apr 04
Upcoming dividend of KSh1.00 per share at 5.5% yield Eligible shareholders must have bought the stock before 11 April 2023. Payment date: 26 May 2023. Trailing yield: 5.5%. Lower than top quartile of Ugandan dividend payers (10.0%). In line with average of industry peers (5.9%). Reported Earnings • Mar 21
Full year 2022 earnings released: EPS: KSh12.71 (vs KSh10.61 in FY 2021) Full year 2022 results: EPS: KSh12.71 (up from KSh10.61 in FY 2021). Revenue: KSh116.7b (up 23% from FY 2021). Net income: KSh40.6b (up 19% from FY 2021). Profit margin: 35% (down from 36% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Banks industry in Africa. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Upcoming Dividend • Nov 30
Upcoming dividend of KSh1.00 per share Eligible shareholders must have bought the stock before 07 December 2022. Payment date: 13 January 2023. Payout ratio is a comfortable 25% but the company is not cash flow positive. Trailing yield: 7.9%. Lower than top quartile of Ugandan dividend payers (10%). Higher than average of industry peers (5.5%). Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Anuja Pandit was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 28
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: KSh28.5b (up 17% from 2Q 2021). Net income: KSh9.73b (up 9.1% from 2Q 2021). Profit margin: 34% (down from 37% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 23%, compared to a 22% growth forecast for the Banks industry in Africa. Board Change • Aug 12
High number of new directors Independent Non-Executive Director Alice Kirenge was the last director to join the board, commencing their role in 2021. Reported Earnings • May 15
Full year 2021 earnings released: EPS: KSh10.61 (vs KSh6.10 in FY 2020) Full year 2021 results: EPS: KSh10.61 (up from KSh6.10 in FY 2020). Revenue: KSh94.9b (up 40% from FY 2020). Net income: KSh34.1b (up 74% from FY 2020). Profit margin: 36% (up from 29% in FY 2020). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 26%, compared to a 20% growth forecast for the banks industry in Africa. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 19
Upcoming dividend of KSh2.00 per share Eligible shareholders must have bought the stock before 26 April 2022. Payment date: 26 June 2022. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 9.3%. Lower than top quartile of Ugandan dividend payers (9.4%). Higher than average of industry peers (5.2%). Reported Earnings • Mar 19
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: KSh10.64 (up from KSh6.10 in FY 2020). Revenue: KSh95.6b (up 40% from FY 2020). Net income: KSh34.1b (up 74% from FY 2020). Profit margin: 36% (up from 29% in FY 2020). The increase in margin was driven by higher revenue. Cost-to-income ratio: 44.0% (down from 45.4% in FY 2020). Revenue exceeded analyst estimates by 1.0%. Over the next year, revenue is forecast to grow 25%, compared to a 23% growth forecast for the banks industry in Africa. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 03
Upcoming dividend of KSh1.00 per share Eligible shareholders must have bought the stock before 10 December 2021. Payment date: 14 January 2022. Trailing yield: 2.4%. Lower than top quartile of Ugandan dividend payers (8.6%). Lower than average of industry peers (4.4%). Reported Earnings • Nov 22
Third quarter 2021 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2021 results: EPS: KSh2.45 (up from KSh1.03 in 3Q 2020). Revenue: KSh26.0b (up 72% from 3Q 2020). Net income: KSh9.87b (up 198% from 3Q 2020). Profit margin: 38% (up from 22% in 3Q 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.5%. Over the next year, revenue is forecast to grow 24%, compared to a 25% growth forecast for the industry in Africa. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 21
Second quarter 2021 earnings released: EPS KSh2.78 (vs KSh0.41 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: KSh24.4b (up 75% from 2Q 2020). Net income: KSh8.92b (up KSh7.61b from 2Q 2020). Profit margin: 37% (up from 9.4% in 2Q 2020). The increase in margin was driven by higher revenue. Reported Earnings • May 28
First quarter 2021 earnings released: EPS KSh1.98 The company reported a solid first quarter result with improved earnings, although revenues and profit margins were flat. First quarter 2021 results: Revenue: KSh20.2b (flat on 1Q 2020). Net income: KSh6.38b (up 1.8% from 1Q 2020). Profit margin: 32% (in line with 1Q 2020). Upcoming Dividend • Apr 21
Upcoming dividend of KSh1.00 per share Eligible shareholders must have bought the stock before 27 April 2021. Payment date: 03 July 2021. Trailing yield: 2.4%. Lower than top quartile of Ugandan dividend payers (9.9%). Lower than average of industry peers (3.7%). Reported Earnings • Mar 20
Full year 2020 earnings released: EPS KSh6.10 (vs KSh7.83 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: KSh68.9b (down 8.7% from FY 2019). Net income: KSh19.6b (down 22% from FY 2019). Profit margin: 28% (down from 33% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS KSh1.03 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: KSh15.1b (down 17% from 3Q 2019). Net income: KSh3.31b (down 49% from 3Q 2019). Profit margin: 22% (down from 35% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 32% per year, which means it is well ahead of earnings. 
