(Nairobi) – KCB Group reported a 48.7% profit growth in the first nine months of 2024, reaching KSh 44.5 billion ($299.2 million), outpacing rival Equity Group for the first time since 2020.
KCB Group has announced a 48.7% increase in net profit for the nine months ending September 2024, reaching KSh 44.5 billion ($299.2 million). This marks a significant jump from KSh 29.9 billion ($201 million) during the same period last year, placing KCB ahead of its closest competitor, Equity Group.
Equity Group, which previously led the market, recorded a 13.6% rise in net profit to KSh 39.3 billion ($264.3 million). This is the first time since 2020 that KCB has surpassed Equity Group in profitability. In 2020, Equity had posted KSh 14.81 billion ($99.6 million) against KCB’s KSh 10.9 billion ($73.3 million).
The table below highlights the comparative profits of KCB and Equity over recent years:
| Year | KCB Group Profit (KSh/USD) | Equity Group Profit (KSh/USD) |
|---|---|---|
| 2024 (Jan-Sept) | 44.5B / 299.2M | 39.3B / 264.3M |
| 2023 (Jan-Sept) | 29.9B / 201.0M | 34.6B / 232.7M |
| 2020 | 10.9B / 73.3M | 14.81B / 99.6M |