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.


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