KCB Group PLC has this evening reported an impressive profit of Ksh.45.8 billion after tax for the first nine months of this year, marking a 49% increase compared to the KShs. 30.7 billion recorded during the same period last year. The bank is attributing this growth to its consistent revenue expansion and strategic execution of business decisions.
“The operating environment has been tough across all our markets, but we have continued to walk the journey with our customers while ensuring our key fundamentals remain strong. We are optimistic of a strong end of the year, riding on improving market conditions, solutioning for customers and tapping the great strength of our people,” KCB Group CEO Paul Russo.
KCB’s results come at a time when the bank has won the Kenya Bankers’ Association Sustainable Finance Awards in the categories of Best Sustainable Finance, Financing Commercial Clients, Promoting Accessibility for People with Disabilities, and Promoting Gender Inclusivity. Congratulations are in order for KCB as these accolades underscore its leadership in championing responsible banking practices while empowering the country with impactful financial solutions.
KCB has consistently been at the forefront of gender inclusivity in finance, with one of the stand-out programs for women being FLME – a proposition that is revolutionizing financial and non-financial support tailored to women’s specific needs. Some of FLME’s operational strategies to empower women are unsecured loans of up to Ksh.10 Million for capital, faster loan processing, and easing credit requirements and documentation. FLME (Female-Led and Made Enterprise) has significantly impacted the business landscape for beneficiaries around the country by impacting millions and hence creative ripples into communities and the larger economy.
KCB has a sharp focus on underserved groups especially women, and solid programs and actions to back this up. For instance, the bank recognizes the challenge of accessing credit due to collateral demands, and towards this, it offers more unsecured loans. This is further supported by non-financial initiatives like training for financial literacy, mentoring, capacity building, and workshops where entrepreneurs get to network and create opportunities.
KCB is targeting to disburse Ksh. 250 Billion within five years and as at Quarter 3 of 2024, Ksh. 133 Billion has already been disbursed. Alongside this, the bank has mobilized deposits worth KShs. 46 billion, further strengthening customer support and financial stability. Over 793 women customers have benefited from tailored financial products and services.
Financing aside, KCB also promotes equal opportunity through its tendering procedures, where 10% of tenders are allocated to special interest groups which including women.
