Paul Russo, the chief executive officer of Kenya Commercial Bank (KCB) Group, was named the 2024 African Business Leader of the Year at the 14th annual African Business Leadership Awards.
Russo was selected from a strong pool of nominees across the continent, recognized for his leadership abilities, transformative vision, and exceptional contributions to the African corporate scene. He praised the remarkable achievement, which followed a rigorous and competitive selection process.
“It is a great honour to receive this esteemed recognition. This award shows the collective efforts of the entire KCB team and our commitment to driving positive change and sustainable growth across this region. I am humbled by this acknowledgement and remain dedicated to advancing our mission of transforming lives and communities through innovative banking solutions,” Russo said
Congratulations to Paul Russo, Group CEO of @KCBGroup Plc, Kenya, on being named the winner of the African Business Leader of the Year Award in the 14th African Business Leadership Awards (ABLA) 2024. The ABLA presentation ceremony is billed for 17 – 18 July 2024 at the UK House… pic.twitter.com/2Zi2Pna0zm
— African Leadership Magazine (@AfricanLM) May 30, 2024
Under Russo’s leadership, KCB Group achieved significant financial milestones. In Q1, the bank recorded a net profit of KSh 16.5 billion, marking a 69% growth from KSh 9.8 billion reported in Q1 of 2022. This performance solidified KCB Group’s position as the most profitable bank in East Africa.
In 2023, KCB Group surpassed the KSh 2 trillion mark in asset size, becoming the first financial institution in the region to do so, with reported assets worth KSh 2.1 trillion. Customer deposits also experienced substantial growth, reaching KSh 1.5 trillion, driven mainly by the Kenyan market with a 25.4% increase.
Additionally, KCB Group finalized a deal to sell its subsidiary, National Bank of Kenya (NBK), to Nigeria’s Access Group at 1.25 times book value. This strategic move aimed to bolster Access Group’s presence in Kenya while leveraging NBK’s assets to expand operations.
The acquisition of NBK in 2019 was intended to revitalize the state-controlled medium-sized lender. However, challenges in NBK’s performance led to a reevaluation, ultimately resulting in the decision to divest.
