Kenya’s KCB Group posted a 15 per cent drop in pretax profit in 2023 to KSh48.5.
Therefore, it announced it would not pay a dividend for the period in order to conserve capital.
For the first time in 21 years, KCB Group shareholders will miss out on dividends after the bank reported a net profit to KSh37.46 billion in the year ended December 2023.
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NBK was the only subsidiary in the group, which posted a drop in revenue last year from 2022
Paul Russo, chief executive officer of KCB Group said sale of NBK will allow the investments KCB has put in the business over the last four years to be preserved, Russo added.
KCB Group has acquired banks in other markets in the region in recent years, including an 85 per cent stake in Trust Merchant Bank in the Democratic of the Congo completed in late 2022, which has put further pressure on its own reserves.
By our reporter
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