[Kenya] KCB Group: Summary of Financial Trends (2022-2024)

As one of Kenya's largest banks, the **KCB Group (Kenya Commercial Bank Group)** has undergone significant changes in its financial structure following a period of growth and adjustment over the past three years. Here, we provide an overview of the key financial indicators from FY2022 to FY2024.

📊 Financial Indicators per Share (KES-based)

📌 FY2023 as a Transition Period, FY2024 as a Sharp Recovery

In FY2023, EPS decreased from the previous year, and earnings per share were pressured by an increase in the number of outstanding shares. While operating cash flow itself increased significantly, there was a large divergence from profit, which was likely influenced by structural adjustments and an increase in loan loss provisions.

On the other hand, in FY2024, both profit and cash flow recovered sharply, with EPS and operating CF per share reaching their highest levels in the past three years.

⚠️ Caution Regarding Temporary Factors

However, regarding the sharp increase in operating cash flow in FY2024 (+275%), the following temporary and accounting factors have also been identified:

• Increase in non-cash items such as depreciation and loan loss provisions

• Improvement in working capital such as loans and deposits

• One-off cash factors such as reduced tax expenditures

These elements may not necessarily persist beyond the next fiscal year, and it is necessary to monitor the trends from 2025 onwards with caution.

🧾 Summary

Over the past three years, KCB Group has simultaneously strengthened its cash generation capabilities and improved its financial structure. While FY2024 can be considered the culmination of these efforts, the figures include temporary boosting factors, so excessive optimism should be avoided. The sustainability of stable profits and cash flow from 2025 onwards will be the key point that determines future evaluations.