KCB Group HY’24 earnings surpassed in-house expectations to post an outsized 86.4% y/y surge in net earnings to KES 29.92Bn and an impressive 1020bps jump in the Group return on equity to 26.1% over the first half of 2024.
The Board of Directors elected to resume dividends in HY’24 after six consecutive quarters of a pause to resolve capital adequacy concerns in KCB Bank Kenya.
Recommendation - We maintain our BUY recommendation on KCB Group on account of its strategic turnaround and a bounce back into accelerated profitability.
