KCB : FY 2020 Abridged Financial Statements

KCB GROUP PLC UNAUDITED QUARTERLY FINANCIAL STATEMENTS AND OTHER KCB GROUP PLC ABRIDGED FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2020 DISCLOSURES FOR THE PERIOD ENDED 30 JUNE 2017

SUMMARY CONSOLIDATED STATEMENT OF FINANCIAL POSITION
	Audited	Audited
	31 Dec 2020	31 Dec 2019
AS AT	Kes M	Kes M
Assets
Cash and balances with Central Banks	64,608	83,235
Loans and advances to banks	23,706	25,174
Financial assets at fair value through other comprehensive income	94,284	66,238
Investment in equity	600	600
Other assets and prepayments	43,162	39,267
Loans and advances to customers (Net)	595,255	539,747
Financial assets at amortised cost	111,357	96,977
Current income tax	426	552
Financial assets at fair value through profit or loss	5,143	1,651
Property and equipment	14,629	13,132
Investment property	6,035	5,642
Right of-use-asset	5,459	7,159
Intangible assets	5,499	6,337
Deferred income tax asset	17,647	12,861
Total assets	987,810	898,572
EQUITY AND LIABILITIES
Liabilities
Deposits from banks	19,668	20,371
Deposits from customers	767,224	686,583
Lease liabilities	6,858	6,108
Payables and accrued expenses	14,428	34,284
Retirement benefits obligation	177	-
Borrowings	37,032	21,485
Total liabilities	845,387	768,831
Equity
Share capital	3,213	3,213
Share premium	27,690	27,690
Revenue and other reserves	111,520	98,838
Total Equity	142,423	129,741
TOTAL EQUITY AND LIABILITIES	987,810	898,572
SUMMARY CONSOLIDATED INCOME STATEMENT
Net interest income	72,144	61,424
Non- interest revenue	23,852	22,877
Total income	95,996	84,301
Credit impairment losses	(27,509)	(8,889)
Net fair value gain on financial assets at fair value through profit or loss	393	-
Income after impairment charges	68,880	75,412
Total operating expenses	(43,291)	(38,679)
Profit before tax and loss on monetary position	25,589	36,733
Gain on monetary position	130	164
Profit before income tax	25,719	36,897
Income tax expense	(6,115)	(11,732)
Profit for the year	19,604	25,165

	SUMMARY CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME
				31 Dec 2020	31 Dec 2019
					Kes M		Kes M
	Profit for the year				19,604		25,165
	Re-measurement of post employment benefit obligation				(117)		(503)
	Hyperinflation translation				(1,539)		443
	Exchange differences on translation of foreign operations				584		(780)
	Finacial assets at fair value through other comprehensive income				2,183		(3,053)
	Other comprehensive income net of tax				1,111		(3,893)
	Total comprehensive income				20,715		21,272
	Earnings per share basic (in Kes)				6.10		7.83
	Earnings per share diluted (in Kes)				6.10		7.83
	Dividend per share (in Kes)				1.00		3.50
	SUMMARY CONSOLIDATED STATEMENT OF CASH FLOWS
	AS AT
	Cashflows generated from operating activities				2,167		40,362
	Cashflows used in investing activities				(4,651)		(14,926)
	Cash flows generated from/used in financing activities				4,456		(12,863)
	Net increase in cash and cash equivalents				1,972		12,573
	Cash and cash equivalents as at 1 January				63,202		50,629
	Cash and cash equivalents at 31 December				65,174		63,202
					Revenue
		Share		Share	and other
		capital	premium	reserves	Total
SUMMARY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY	Kes M		Kes M	Kes M	Kes M
At 1 January 2020	3,213	27,690	98,838	129,741
Profit for the year	-	-	19,604	19,604
Other comprehensive income net of tax	-	-	1,111	1,111
Dividend paid in the year	-	-	(8,033)	(8,033)
At 31 December 2020	3,213	27,690	111,520	142,423

Summary of Directors' Report

During the year, the group paid Kes 296m (2019: Kes 456m) as Directors' emoluments.

MESSAGE FROM THE DIRECTORS

Proposed Dividend

The Directors of KCB Group Plc. (the "Group") have recommended a first and final dividend of Kes. 1.00 on the issued and paid up share capital of the company subject to shareholder approval. The final dividend will be payable to the members of the company on the share register at the close of business on Monday, 26 April 2021.

If approved, the full dividend for the year ended 31 December 2020 will be Kes. 1.00 for each ordinary share.

Summary Directors' Remuneration Report and Summary Financial Statements

The summary directors' remuneration report is derived from the directors' remuneration report for the year ended 31 December 2020.

The summary financial statements do not contain all the disclosures required by International Financial Reporting Standards and in the manner required by the Companies Act, 2015. In addition, the summary directors' remuneration report does not contain all the disclosures required by the Companies Act, 2015 (General) (Amendment) Regulation 2017.

Message from the Directors

The above summary consolidated financial statements are derived from the Group's and Company's financial statements which have been audited by PricewaterhouseCoopers LLP and received an unqualified opinion. The complete set of audited financial statements, statutory and qualitative disclosures can be accessed on the institution's website www.kcbgroup.com. They may also be accessed from the institutions Head Office located at Kencom House, Moi Avenue, Nairobi.

The financial statements were approved by the Board of Directors on Wednesday, 17 March 2021 and were signed on its behalf by:

Andrew W. Kairu - Group Chairman | Joshua N Oigara - Group Chief Executive Off icer and Managing Director Anne Eriksson - Director | Bonnie Okumu - Group Company Secretary

Regulated by the Central Bank of Kenya

www.kcbgroup.com www.kcbgroup.com