KCB

KCB
CorporateNews

Banks, telcos fight for teenage customers before they turn 18

At the end of last year giant telco Safaricom launched M-PESA Go for 10- to 17-year-olds in a bid to capture an emerging teenage customers that remains largely untapped. This year, banks have revealed plans to step up issuing pre-paid cards to students, claiming it will help them stem theft while allowing them to make purchases in school canteens and supermarkets. The banks are betting on pre-paid cards for students to help deal with the historic cases of insecurities around pocket money given to students per term while at the same time shoring up their customer bases. KCB Bank’s Head of Digital Channels Strategy, Product…

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WRC KCB
NewsSports
James Wambua

WRC Safari Rally 2023 is off to a great start

The 2023 World Rally Championships (WRC) Safari Rally got off to a thrilling start today for the much anticipated 4-day event that will be held at Naivasha, Nakuru County as bigwigs go head-to-head. As the official financial partner, KCB Bank Kenya will provide Kes150 million to this year’s race, which will mark 20 years since the regional banking giant began supporting racing in Kenya. A total of Kes100 million of the sponsorship money will go directly to the 2023 WRC Safari Rally event, while Kes50 million will go toward sponsoring three local drivers, brand activations, and customer engagements.  Nikhil Sachania, Evans Kavisi, and KNRC champion…

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KCB Group Q1 Profit dips
CorporateNews
James Wambua

KCB doubles loan loss provision to Sh4.1 billion as profit dips

KCB has nearly doubled its cover for bad loans to Kes4.1 billion in the period that ended March as the regional lender’s net profit for the first quarter this year dipped to Kes9.75 billion from Kes9.85 billion in March 2022. The lender said increased credit risk and the impact of forex devaluation in Kenya was presenting a challenging operating environment that has greatly impaired the quality of its assets. In the period, KCB Group’s gross non-performing loans jumped by 34.8 percent to Kes176.5 billion from Kes130.9 billion in March 2022. The bank’s loan book expanded by 31.9 percent to close the quarter at Kes928.8 billion…

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Banks Kenya
MarketsNews
Otiato Guguyu

Bank generous to shareholders despite looming liquidity challenge

Banks have stepped up dividend rewards to shareholders to lock in investors as share price collapse on exiting foreign investors. According to the Central Bank annual report, banks proposed dividends increased by Kes5.4 billion from Kes42 billion in December 2021 to Kes47.2 billion in December 2022. The higher payout helped boost the Return on Equity (RoE), which rose above pre-pandemic levels to 26.5 percent on higher returns to shareholders. Bank return on shareholders have rose from 22.3 percent in 2021 and 14.2 percent in 2020 when it collapsed on the effects of the Covid-19 pandemic, a period during which lenders restricted shareholders’ dividend to conserve cash for…

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