KCB : Full Year 2020 Abridged Financials

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							Revenue
					Share	Share	and other
	31 Dec 2020	31 Dec 2019
					capital	premium	reserves	Total
	Kes M	Kes M
			SUMMARY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY		Kes M	Kes M	Kes M	Kes M
Assets						At 1 January 2020		3,213	27,690	98,838	129,741
Cash and balances with Central Banks	64,608	83,235				Profit for the year		-	-	19,604	19,604
Loans and advances to banks	23,706	25,174				Other comprehensive income net of tax		-	-	1,111	1,111
Financial assets at fair value through other comprehensive income	94,284	66,238				Dividend paid in the year		-	-	(8,033)	(8,033)
Investment in equity	600	600				At 31 December 2020		3,213	27,690	111,520	142,423
Other assets and prepayments	43,162	39,142								Revenue
Loans and advances to customers (Net)	595,255	539,747
					Share	Share	and other
Financial assets at amortised cost	111,357	96,977						capital	premium	reserves	Total
					Kes M	Kes M	Kes M	Kes M
Current income tax	426	552				At 1 January 2019	3,066	21,647	88,948	113,661
Financial assets at fair value through profit or loss	5,143	1,651
			Adjustment of initial application of IFRS 16, net of taxes	-	-	(651)	(651)
Property and equipment	14,629	13,132				Shares issued on NBK Transaction	147	6,043	-	6,190
Investment property	6,035	5,642				Profit for the year	-	-	25,165	25,165
Right of-use-asset	5,459	7,284				Other comprehensive income net of tax	-	-	(3,893)	(3,893)
Intangible assets	5,499	6,337				Dividend paid in the year	-	-	(10,731)	(10,731)
Deferred income tax asset	17,647	12,861				At 31 December 2019	3,213	27,690	98,838	129,741
Total assets	987,810	898,572				SUMMARY OF DIRECTORS REMUNERATION REPORT
EQUITY AND LIABILITIES
					During the year, the Group paid Kes 296m (2019: Kes 456m) as Directors' emoluments.
Liabilities						Independent Auditor's Report on the Summary Financial Statements to the Shareholders of KCB Group PLC
Deposits from banks	19,668	20,371				Opinion
Deposits from customers	767,224	686,583				We have audited the summary financial statements of KCB Group Plc, which comprise the summary consolidated
			statement of financial position at 31 December 2020 and the summary consolidated income statement, summary
Lease liabilities	6,858	6,108				consolidated statements of other comprehensive income, changes in equity and cash flows for the year then ended
Payables and accrued expenses	14,428	33,956				which are derived from the audited financial statements of KCB Group Plc and its subsidiaries (together, the "Group")
			for the year ended 31 December 2020. The Group's financial statements are prepared in accordance with International
Retirement benefits obligation	177	-				Financial Reporting Standards and the Companies Act, 2015.
Borrowings	37,032	21,813				In our opinion the accompanying summary financial statements are consistent, in all material respects, with the
			audited financial statements of the Group which are prepared in accordance with International Financial Reporting
Total liabilities	845,387	768,831
			Standards (IFRS) and the Companies Act, 2015.
Equity						The summary directors' remuneration report is derived from the directors' remuneration report for the year ended
Share capital	3,213	3,213				31 December 2020.
Share premium	27,690	27,690				Summary financial statements and summary directors' remuneration report
			The summary financial statements do not contain all the disclosures required by International Financial Reporting
Revenue and other reserves	111,520	98,838
			Standards and in the manner required by the Companies Act, 2015. In addition, the summary directors' remuneration
Total Equity	142,423	129,741				report does not contain all the disclosures required by the Companies (General) (Amendment) (No. 2) Regulations,
	2017.
TOTAL EQUITY AND LIABILITIES	987,810	898,572
			Reading the summary financial statements, the summary directors' remuneration report and the auditor's report
SUMMARY CONSOLIDATED INCOME STATEMENT						thereon, therefore, is not a substitute for reading the audited financial statements, the directors' remuneration report
Net interest income	72,144	61,424				and the auditor's report thereon. The summary financial statements, the summary directors' remuneration report
			and the audited financial statements do not reflect the effects of events that occurred subsequent to the date of our
Non- interest revenue	23,852	22,877				report on the audited financial statements.
Total income	95,996	84,301				The audited financial statements and our report thereon
Credit impairment losses	(27,509)	(8,889)				We expressed an unmodified audit opinion on the audited financial statements in our audit report dated 17 March 2021
			and also confirmed that the auditable part of the directors' remuneration report was prepared in accordance with the
Net fair value gain on financial assets at fair value through profit or loss	393	-				Companies Act, 2015. That audit report also includes the communication of key audit matters. Key audit matters are
Income after impairment charges	68,880	75,412				those matters that, in our professional judgement, were of most significance in our audit of the financial statements
			of the current period.
Total operating expenses	(43,291)	(38,679)				Directors' responsibility for the summary financial statements
Profit before tax and loss on monetary position	25,589	36,733				The directors are responsible for the preparation of the summary financial statements and the summary directors'
Gain on monetary position	130	164				remuneration report in accordance with the International Financial Reporting Standards and Companies Act, 2015.
			Auditor's responsibility
Profit before income tax	25,719	36,897
			Our responsibility is to express an opinion on whether the summary financial statements and the summary directors'
Income tax expense	(6,115)	(11,732)				remuneration report are consistent, in all material respects, with the audited financial statements based on our
Profit for the year	19,604	25,165				procedures, which were conducted in accordance with International Standard on Auditing (ISA) 810 (Revised),
			Engagements to report on summary financial statements.
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)				FCPA Michael Mugasa, Practicing Certificate Number 1478
			Engagement partner responsible for the audit
Hyperinflation translation	(1,539)	443
			For and on behalf of PricewaterhouseCoopers LLP
Exchange differences on translation of foreign operations	584	(780)
			Certified Public Accountants
Finacial assets at fair value through other comprehensive income	2,183	(3,053)
			Nairobi
Other comprehensive income net of tax	1,111	(3,893)				4 May 2021
Total comprehensive income	20,715	21,272				Proposed Dividend
Basic earnings per share (in Kes)	6.10	7.83
			The Directors of KCB Group Plc. (the "Group") have recommended a first and final dividend of Kes. 1.00 on the issued
Diluted earnings per share (in Kes)	6.10	7.83				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.
Dividend per share (in Kes)	1.00	3.50
			If approved, the full dividend for the year ended 31 December 2020 will be Kes. 1.00 for each ordinary share.
SUMMARY CONSOLIDATED STATEMENT OF CASH FLOWS
					Message from the Directors
	31 Dec 2020	31 Dec 2019
			The above summary consolidated financial statements are derived from the Group's financial statements which
	Kes M	Kes M			have been audited by PricewaterhouseCoopers LLP and received an unqualified opinion. The complete set of audited
Cashflows generated from operating activities	2,167	40,362				financial statements, statutory and qualitative disclosures can be accessed on the institution's website www.
Cashflows used in investing activities	(4,651)	(14,926)				kcbgroup.com. They may also be accessed from the institutions Head Office located at Kencom House, Moi Avenue,
			Nairobi.
Cash flows generated from/(used in) financing activities	4,456	(12,863)				The financial statements were approved by the Board of Directors on Wednesday, 17 March 2021 and were signed on
Net increase in cash and cash equivalents	1,972	12,573				its behalf by:
Cash and cash equivalents at start of year	63,202	50,629				Andrew W. Kairu - Group Chairman | Joshua N. Oigara - Group Chief Executive Off icer and Managing Director
Cash and cash equivalents at end of year	65,174	63,202				Anne Eriksson - Director | Bonnie Okumu - Group Company Secretary	Regulated by the Central Bank of Kenya

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