KCB | KCB Group FY23 Earnings Note

    KCB Group FY’23 earnings surprised on the downside to post an 8.3% y/y decline in net earnings to KES 37.46Bn. The decline was prompted by a 154.7% jump in loan loss provisions – reflecting the impact of increased downgrades and adverse FX movements over the period.

    The Board of Directors elected to pause dividends in FY’23 amid a drive to reshore capital buffers in the Kenyan Banking Unit.

    Recommendation - We upgrade our recommendation to BUY on KCB Group on account of its strategic restructuring to restore capital buffers to adequate thresholds.

     

    Download (523.32 KB)

     

    Instagram - https://www.instagram.com/aib_axys_africa/
    AIB-AXYS Africa
    AIB-AXYS Africa Ltd is the fusion of two established companies; AIB Capital Limited and Apex Africa Capital Limited, both with over 25 years of experience in the Securities market. With the solid reputation and experience of the professional teams, we leverage talent and networks to better service businesses and investors looking to capitalize on the African growth story, and its vibrant financial sector.
    Latest Reports

    POPULAR REPORTS