Top Kenyan Banks listed on the Nairobi Securities Exchange (NSE) have released their 2024 half-year results, with each bank highlighting its performance for the first half of the year.
The Banks’ 2024 half-year results detailed their interim dividends, how their stock prices have been performing, where to invest in the top stocks and particularly their reported profits.
The Kenya Times compiled a detailed list of banks ranked by their reported profits for the first half of year 2024, including a summary of other financial results.
KCB Group: Ksh29.9 billion
KCB Group’s net profit surged 86 percent to Ksh29.9 billion. The group’s overall impressive growth was driven by significant improvements in net interest income and non-interest income.
KCB’s main subsidiary, KCB Bank Kenya, reported a remarkable 52.3% increase in profit, reaching Ksh21.22 billion after tax for the first half of 2024.
The group’s impressive growth was also contributed by the successful integration of its other subsidiary, National Bank of Kenya, which turned around from a loss to a profit.
National Bank of Kenya, another unit in Kenya which is wholly owned by KCB, but which is on course to be sold to Nigeria’s Access Bank, recorded a net profit of Ksh828.74 million after recovering from a loss of Ksh3.8 billion.
KCB group’s net interest income on the other hand grew by 34.8% to Ksh61.33 billion, thanks to higher interest rates and a growing loan book.
Non-interest income, including fees and foreign exchange trading, rose by 52.3%, contributing to the overall increase in operating income to Ksh94.6 billion.
KCB’s operating expenses increased by 11.7% to Ksh56.51 billion, reflecting higher staff costs and loan loss provisions.
Despite these costs, the cost-to-income ratio improved significantly to 46.8%, showing enhanced operational efficiency.
Equity Bank Records Ksh29.6 billion profit in its 2024 Half-year Bank Results
Equity Bank recorded a 12% increase in profit as the institution posted a Ksh29.6 billion profit for H1 of 2024. This growth is attributed to a robust increase in deposits, strong liquidity, and effective cost management strategies.
The bank saw a 22% rise in interest income and a 16% increase in total income despite a challenging economic environment.
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Equity’s earnings per share rose by 12% to Ksh7.6 from Ksh6.7. The bank’s regional diversification and strong performance in its subsidiaries contributed significantly to this growth.
Standard Chartered: Ksh10.28 billion
Standard Chartered Bank Kenya reported a 48.8% increase in profit, totaling Ksh10.28 billion. This growth was largely driven by a 24.9% rise in operating income, supported by higher net interest income and increased transactional volumes.
The bank’s non-interest income grew by 36%, reflecting a strong performance in fees and commissions.
In addition, the bank’s operating expenses increased by 3.1%, but effective cost management and a positive cost-income ratio contributed to the overall profitability.
Absa Bank: Ksh10.7 billion
Absa Bank Kenya achieved a 29% increase in profit, reaching Ksh10.7 billion. The bank’s profit growth was bolstered by a significant rise in customer deposits and effective management of loan defaults.
However, there was a slight decline in loans and advances and a decrease in total assets, primarily due to reduced holdings in government securities.
NCBA Bank: Ksh9.8 billion
NCBA Bank’s profit after tax grew by 5% to Ksh9.8 billion. The bank demonstrated resilience in a challenging operating environment, with strong financial fundamentals.
Customer deposits and total assets increased, while the bank also benefited from a significant reduction in loan impairment charges.
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Despite a flat growth in profit before tax, the bank’s diversified business model and strategic focus on digital transformation contributed to its positive performance.
Cooperative Bank: Ksh12.99 billion
Cooperative Bank posted a 7% increase in profit, amounting to Ksh12.99 billion. This growth was driven by increased interest and non-interest income.
The bank’s net interest income rose by 10.7%, and non-interest income grew by 11.2%.
Operating expenses also increased due to higher provisioning for loan losses and staff costs, but the bank’s strategic focus on sustainable growth helped maintain profitability.
Stanbic Bank: Ksh7.2 billion
Stanbic Bank reported a modest 2% increase in profit, reaching Ksh7.2 billion. The bank’s growth was supported by improved net interest income and a substantial increase in customer deposits.
The bank, however, faced challenges from economic disruptions, including severe floods and civil protests.
Despite a rise in operating costs, Stanbic’s efficient cost management and strong balance sheet contributed to its stable performance.
Comparison of 2024 Half-year Financial Results for Kenyan Banks
| Bank | Profit (in Ksh) | Percentage Increase of Profits |
| KCB Group | Ksh29.9 billion | 86% |
| Equity Bank | Ksh29.6 billion | 12% |
| Standard Chartered | Ksh10.28 billion | 48.8% |
| Absa Bank | Ksh10.7 billion | 29% |
| NCBA Bank | Ksh9.8 billion | 5% |
| Cooperative Bank | Ksh12.99 billion | 7% |
| Stanbic Bank | Ksh7.2 billion | 2% |
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