Kenya: KCB Named Best Bank in Kenya for Sustainable Finance

1 December 2023
Capital FM (Nairobi)
By Phidel Kizito

London — Kenya Commercial Bank (KCB) Group has been named Best Banks of the Year during a gala dinner yesterday by the Banker Magazine in the United Kingdom.

The lender was also declared the world's 6th strongest banking brand with a Brand Strength Index (BSI) score of 90.4 out of 100 and a corresponding AAA+ rating and climbed 3 places to 363rd making it among the world's top 500 most valuable banking brands by Brand Finance.

Subsequently, the bank has emerged as a true lender of purpose as its assets grew to Sh2.1 trillion while it posted Sh30.7 billion in net profit for the nine months ending September 30 2023.

KCB has attributed the performance to prudent financial control measures as well as the impressive contribution from the regional subsidiaries.

The award is in recognition of its expansion efforts when it successfully finalized the acquisition of Trust Merchant Bank SA (TMB) in the Democratic Republic of Congo (DRC) in 2022 as well as the bank's expanding green lending business model that has seen it target to increase its share of the overall loan book to 25% by 2025.

KCB was awarded alongside its subsidiary TMB which was recognized for its entry into the syndicated loans market that elevated its value proposition for the corporate banking sector and opened avenues for greater diversification within its loan.

While reacting to the awards, the lender's CEO Paul Russo noted that the twin wins are a testament to the bank's ability to put in place sound business models and strategies to deliver long-term returns while at the same time setting high standards for regional banking excellence in the face of a challenging business operating environment.

"We are delighted to receive these recognitions as they give us the impetus to further entrench our ability to consistently deliver on our long-term product innovation and service promise. They also entrench our ongoing focus on supporting inclusive finance ideals hinged on taking advantage of the investments within the digital banking ecosystem to deliver value to all our stakeholders," he said.

The recognition comes on the back of major recent accolades won by the bank with the latest one being ranked as one of Africa's largest banks for the second year running by KCB Group Plc Kencom House.

Read the original article on Capital FM.

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