In a historic shift, KCB Group has surpassed Safaricom to become Kenya’s most profitable corporate entity in group terms, posting a Profit After Tax (PAT) of KSh 61.8 billion in 2024.
- •Strong Interest Income Growth – KCB’s loan portfolio and government securities have contributed significantly.
- •Safaricom Ethiopia’s Challenges – Heavy investments and operational costs in Ethiopia have reduced group profitability.
- •Diversified Revenue Streams – KCB’s banking and financial services have outperformed Safaricom’s telecom-dependent model at the group level.
Safaricom Kenya remains the most profitable single company with a PAT of KSh 82.65 billion, but its group performance was dragged down by losses in Ethiopia, reducing its consolidated PAT to KSh 42.7 billion.
Kenya’s Top 6 Most Profitable Corporate Groups in 2024
| Rank | Company | Group Profit After Tax (2024) |
|---|---|---|
| 1 | KCB Group | KSh 61.8 Billion |
| 2 | Equity Group | KSh 48.8 Billion |
| 3 | Safaricom Group | KSh 42.7 Billion |
| 4 | Kenya Power | KSh 30.08 Billion |
| 5 | Cooperative Bank | KSh 25.46 Billion |
| 6 | NCBA Group | KSh 21.87 Billion |
| 7 | ABSA Kenya | KSh 20.88 Billion |
KCB Group’s Record-Breaking Performance
KCB Group’s 2024 financial results showcase remarkable growth, with:
- •Profit After Tax (PAT) at KSh 61.8B, 65% increase from 2023 – surpassing its previous record of KSh 40.8B in 2022.
- •Net Interest Income surged to KSh 137.4B (from KSh 107.3B in 2023), driven by Non-funded income which grew 33.9% to KSh 67.5B primarily driven by a 62% increase in forex income.
- •The growth has also been driven by a KSh 32B increase from loans and advances interest, a KSh 8B growth from government securities, and operating income which rose to KSh 204.9B (from KSh 165.2B in 2023).
“The strong performance illustrates our resolve over the past 3 years to build an organisation for the future that is anchored on delivering value for our customers, shareholders, and all stakeholders,”
-KCB Group CEO Paul Russo said during the earnings release.
Safaricom’s Strong Standalone Performance vs. Group Decline
While Safaricom Kenya remains the most profitable single company with a PAT of KSh 82.65B, its group performance has weakened due to Ethiopia operations.
| Year | Company PAT (KSh Bn) | Group PAT (KSh Bn) |
|---|---|---|
| 2020 | 73.3 | 73.66 |
| 2021 | 67.96 | 68.7 |
| 2022 | 71.78 | 67.5 |
| 2023 | 74.94 | 52.48 |
| 2024 | 82.65 | 42.66 |
- •Ethiopia’s impact: Since Safaricom Ethiopia’s license approval in 2021, group profits have consistently declined.
- •2024 divergence: While Safaricom Kenya’s PAT grew to KSh 82.65B, group PAT fell to KSh 42.66B due to Ethiopian losses.
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