Top Kenyan Banks listed on the Nairobi Securities Exchange (NSE) have released their results for the 2024 Financial Year (FY), with each bank highlighting its performance for the full year.
The 2024 full-year results detailed the interim dividends declared by the banks, how their stock prices have been performing, and profits realized in the review period.
The Kenya Times compiled a detailed list of reported profits announced by the lenders for the period, including a summary of other financial results.
Billions made by top Kenyan banks in 2024
Kenya Commercial Bank (KCB Group)
KCB Group PLC posted a 64.9% profit growth in its 2024 full-year report to Ksh61.8 billion from Ksh37.5 billion announced a year earlier, accelerated by strong topline expansion across all businesses.
The Group’s balance sheet closed the year at KShs.1.96 trillion, funded by a strong deposit franchise and stable loan portfolio, despite the tough operating environment.
KCB reinstated a final dividend to shareholders at Ksh1.50 per share.
This will bring the bank’s total shareholder payout to Ksh3 per share, reinstating missing dividends from 2023 when the bank took a hit to its net profit.
The bank’s total operating income last year rose by 23.9 percent to Ksh204.8 billion from Ksh165.2 billion in 2023, anchored primarily on higher net interest income.
Net-interest income for KCB bank rose by 27.9 percent, revealing the lender’s ability to reprice loans higher during the year, which helped offset a 9.6 percent dip in net loans and advances to customers to Ksh990.4 billion from Ksh1.095 trillion previously.
Total revenues increased 24.0% to Ksh204.9 billion on higher interest income and nonfunded income arising from foreign exchange trading income.
Equity Bank
Equity Group Holdings Plc announced a Profit After Tax (PAT) of Ksh48.8 billion for the financial year (FY) 2024, representing a 12% growth.
The Group’s Profit Before Tax (PBT), on the other hand, grew by 17% to Ksh60.7 billion, while Earnings Per Share (EPS) rose by 11% to Ksh12.3 million.
According to the lender, regional operations contribute 49% of total assets and 54% of PBT. Total deposits grew to reach Ksh1.4 trillion, with the customer base growing to 21.6 million, while asset quality improved by 100 basis points from Q1 2024 to Q4 2024.
The Group at the same time proposed a dividend of Ksh4.25 per share to its shareholders, a payout ratio of 34.5%.
This is supported by a return on equity (ROE) of 21.5% and a return on assets (ROA) of 2.8%, both of which are well above industry averages.
Standard Chartered
Standard Chartered Bank Kenya reported a 45 per cent jump in its full-year profit to Ksh20.1 billion for the period ended December 2024.
The bank is set to pay a record dividend of Ksh13.9 billion after declaring a dividend of Ksh37 per share.
This takes its total dividend payout for the period to Ksh45 per share, after paying an interim dividend of Ksh8 per share in October last year.
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According to Standard Chartered, the bank’s 45 per cent growth in net profit was largely driven by higher income, which rose by 21 per cent to Ksh17.4 billion from Ksh12.4 billion.
As per the results, Standard Chartered Bank’s non-interest income grew the fastest at 40 per cent to Ksh17.4 billion from Ksh12.4 billion, while net interest income grew slower at 13 per cent to Ksh33.3 billion from Ksh29.3 billion.
Co-operative Bank
Co-operative Bank of Kenya recorded an after-tax profit of Ksh25.5 billion in the year ended 2024.
The performance was an impressive 9.8 per cent improvement from the 2023 financial year when Co-Op recorded Ksh23.2 billion in profit after tax.
The Group Managing Director and Chief Executive Officer (CEO) Gideon Muriuki in a statement attributed the steady growth to the bank’s alignment with the ‘Soaring Eagle’ Transformation agenda.
The Board of Directors has recommended a dividend of Ksh1.50 per share, which will be considered by the regulators and shareholders before it is approved.
Absa
Absa Bank Kenya reported a Ksh20.9 billion profit. The bank’s profit growth (28%) was bolstered by a significant rise in customer deposits and effective management of loan defaults. Total revenue hit Ksh62.3 billion, a 14% increase.
Also Read: Absa Bank Kenya Poaches Anne Nyongesa from KCB
Stanbic
Stanbic Holdings’ net profit for the year ended December 2024 rose to Ksh13.71 billion from Ksh12.16 billion posted in the preceding year.
This came on the backdrop of lower provision for loan defaults, helping Stanbic to increase dividend per share for the third straight year.
The bank raised its dividend payout by 35.1 percent to Ksh8.1 billion after the net profit grew by 12.8 percent to hit the highest level in the lender’s history.
The latest profit growth saw the Stanbic board recommend a raise in total dividend per share to Ksh20.74 from Ksh15.35, what will also mark the highest ever payout in the history of the lender.
In addition, the increased dividend will see shareholders pocket a total of Ksh8.1 billion or 59.2 percent of the net earnings, compared to the previous year when the lender paid out Ksh6.06 billion or 49.9 percent of net profit.
NCBA
NCBA Group PLC posted a profit after tax of Ksh21.9 billion in its FY 2024 financial results which is a 2.0 per cent increase compared from Ksh21.5 billion reported during a similar period in 2023.
Comparison of 2024 full-year Financial Results for Kenyan Banks
| Bank | Profit |
| KCB Group | Ksh61.8 billion |
| Co-operative Bank | Ksh25.5 billion |
| Standard Chartered Bank Kenya | Ksh20.1 billion |
| Absa Bank Kenya | Ksh20.9 billion |
| Stanbic Bank | Ksh13.71 billion |
| Equity Bank | Ksh48.8 billion |
| NCBA Bank | Ksh21.9 billion |
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