Page 1. Kenya Commercial Bank Limited

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1 Page 1 Peter W. Muthoka, MBS, BA (Hons), MA, FKIB, FKIM GROUP CHAIRMAN Kenya Commercial Bank Limited Head Office Kencom House, Moi Avenue P.O. Box Nairobi, Kenya Telephone: / Fax: Website: http// SPEECH BY THE KCB GROUP CHAIRMAN, PETER W. MUTHOKA, MBS, FKIB, FKIM, DURING THE ANNOUNCEMENT OF KCB S 2011 FULL YEAR FINANCIAL RESULTS ON THURSDAY, MARCH 1, 2012 AT HILTON HOTEL, NAIROBI, AT 1:00 PM Investment Managers, Members of the Nairobi Securities Exchange Directors of KCB Group Board Representatives of the Press Distinguished Guests KCB Management and Staff Members Colleagues Ladies and Gentlemen All Protocol Observed, I am pleased to welcome you to the presentation of our 2011 audited Group trading results. I know that you are looking forward to good news going by our quarterly un-audited accounts published in the course of the year. I am happy to confirm that the 2011 results are very good. Indeed, I am most delighted that you have all honoured the invitation to come to this Investors Briefing to witness our announcement of KCB 2011 Financial

2 Page 2 Results. I do not want to hold you in suspense for too long before I make the announcement of the best results of Kenya Commercial Bank in its long history of 115 years. However, permit me to avail myself of this opportunity to pay special tribute to the late Hon. John Njoroge Michuki, EGH, MP, who passed on 21 st February, Hon. Michuki was the Executive Chairman of KCB for nine years from 1970 to 1979 as per the attached Message of Condolence from the KCB Group Chairman dated 22 nd February 2012: MESSAGE OF CONDOLENCE THE LATE HON. JOHN NJOROGE MICHUKI, EGH, MP On behalf of the Board of Directors, Management and Staff of Kenya Commercial Bank (KCB), I wish to express our heartfelt condolences to the family on the passing on of the Minister for Environment, the Late Hon. John Njoroge Michuki. The late Michuki was the first Executive Chairman of Kenya Commercial Bank (KCB) in the period 1970 to 1979 and a great inspiration during his nine-year tenure. He took over leadership of the Bank when the Government of Kenya acquired 100% shareholding of National & Grindlays Bank (NGB). On acquisition

3 Page 3 of shareholding, the Bank changed its name from NGB to Kenya Commercial Bank, the largest bank in Kenya. During his tenure, he pioneered the Bank s reform that led to its growth as the premier financial services institution. He was an efficient Manager, focused and set up strategies and systems which put the Institution in a growth path. The Nation has lost a Great Patriot. We pray to God to give his family strength to bear the great loss. May God Rest His Soul in Eternal Peace. Operating Economic Environment Dear Shareholders We started the year 2011 on a very positive note till June when the country experienced rising inflation and a weakening shilling, resulting in a crisis that led to an unprecedented rise in interest rates across the board as the economy intensified efforts to contain the increasing cost of living. Even then in the midst of these unpleasant developments, KCB forged ahead resiliently with the various Transformation initiatives geared at sustaining our business growth and profitability.

4 Page 4 Evidently from the results that we are sharing today, the effort and work that we have put into the business have yielded positive results. I would like to re-emphasize that the Transformation Agenda that we embarked on implementing in year 2010, of moving the Bank from GOOD to GREAT, has been very successful by any standards. Needless to say, the reasons for the Board of Directors to have taken up the Transformation process are firstly: to enable KCB exploit to the full its great potential for the benefit of the Shareholders; secondly, to leave a legacy of excellence all round in business performance and governance. Financial Results Ladies and Gentlemen I am delighted to announce that during the year 2011, KCB recorded a profit before tax of KShs.15.1 billion, reflecting a 54% growth in pretax profits (KShs.9.8 billion) reported over the same period in This is a very strong performance by the Board of Directors, Management and Staff of KCB. The impressive performance was underpinned by the Bank s total operating income that grew to KShs.36.9 billion from KShs.29.6 billion, a 25% improvement. Our total operating expenses went up by 19% from KShs.18.7

5 Page 5 billion to KShs.22.3 billion last year due mainly to investment in information technology processes and one-off re-organization costs amounting to KShs.1.6 billion. The impressive results were principally due to the implementation of the foresaid Bank s transformation initiatives that significantly increased our business revenues, market share as well as driving efficiency in our spend. In addition, strong investment in our regional businesses contributed to a significant turnaround in their performances and I am happy to report to you that all our subsidiary businesses in Tanzania, South Sudan, Uganda and Rwanda are now returning profits in line with our road map strategy. Dear Shareholders As a result of this good performance, the Board of Directors will be recommending to the shareholders at the forthcoming Annual General Meeting a dividend payout of KShs.5.5 billion which is 49% higher than KShs.3.7 billion paid out in the year This translates into KShs.1.85 per ordinary share, and is significantly above the KShs.1.25 per share paid last year. This is a reward to our loyal shareholders who have supported this business throughout the extremely difficult but most fulfilling Transformation period.

6 Page 6 Transformation Agenda I am pleased to let you know that the transformation agenda is yielding very good results for our business. Our profits realized last year are a testimony to the progress made in the implementation with a focus to increase business productivity, enhance innovation, improve customer service quality and grow the Bank s market share. During the year, we successfully completed the health check programme, the first such programme since KCB came into existence in 1896, and immediately embarked on its roll-out and implementation. The 2- year Transformation exercise continues for another one year. Over the past eight months, the Bank rolled out business improvement initiatives to accelerate growth, enhance productivity and increase stakeholder value. These strategic steps were implemented through a number of charters, among them the Sales Simulation Programme, Channel Migration, Fee Automation, improving Credit Turn-around Time, defining and implementing an IT road map, robust performance management, and Culture Change Programmes across the KCB Group. The results have demonstrated the true potential of this Bank and we look forward to a better performance going forward, but, as

7 Page 7 always, with the concerted support of the stakeholders, nationally, regionally and internationally. Business KCB is a Regional Bank that offers a wide variety of products and services ranging from savings products for children, students and adults; lending products for individuals, small to micro-enterprises and corporate organizations. We also undertake trade finance, cash management and treasury services, among others. We support our customers to create jobs and wealth as part of their economic empowerment. Overall, the Bank now offers online real-time banking services to our 2 million customers across the region. This is complemented by our Agent Banking Services known as KCB Mtaani, Internet Banking, and Mobile Banking, and supported by our Contact Centre. In addition, we have partnerships with various providers to allow our customers enjoy banking services through Pesa Point and Kenswitch services. These alternative channels allow our customers to enjoy extended banking hours and also will drive our business growth in the next 12 months. Going forward, the Bank will aggressively innovate products and services to meet customer needs and contribute to the bottom line. Other

8 Page 8 strategies contained in our Strategic Plan include credit rating, improved marketing and communication and promotion of investor relations, locally and internationally. I would like to say that with the implementation of the new Constitution in Kenya, the Bank is positioned to facilitate economic empowerment at the grass root level. KCB is represented in all the 47 Counties and the Bank is looking at opportunities to tap into the investment infrastructure to support all sectors of the economy at this level. We continue to be partners in economic development in all the countries where we operate. Specifically in Kenya, we contribute appropriately to the implementation of the Nation s Vision Over the coming years we shall be exploring the prospects for a very carefully considered expansion in the Greater East African Region. This is because we believe that a bank with its roots, ownership and management in East Africa has the ability to influence the course of the financial markets in Africa. So we plan to position KCB as a significant Pan-African player with the capacity to support African businesses and boost the integration of our various common markets. In this connection, and as we have announced at other fora, next month, KCB will open its

9 Page 9 operations in Burundi, thus completing our regional integration programme in Eastern Africa. KCB Foundation On Corporate Social Responsibility, the Bank continued to be involved in a number of community initiatives across the country and in the region through the KCB Foundation. The Bank supports initiatives that focus on five thematic areas, namely: Education, Environment, Enterprise Development, Health and Humanitarian Intervention. Last year, the Bank invested KShs.157 million to support community initiatives in Kenya and the markets in which we operate. I would like to briefly enumerate some of the initiatives undertaken by the Foundation this year: 1. In education, the Foundation funded 106 students to join National Schools from 47 Counties in Kenya. These youngsters have been funded by the KCB Foundation to pursue Secondary education with a number of them successfully progressing to various Universities. In addition, the Foundation successfully commissioned 26 computer laboratories in various Counties as we push more youth to adopt computer literacy.

10 Page In the other thematic areas, we worked with Acumen Fund in enterprise development; the World Wide Fund and Kenya Forest Services in water and environmental conservation through water harvesting and planting of trees; Kenyatta National Hospital and Consolata Mission Hospital in Nyeri through a donation of four dialysis machines to assist patients with renal ailment. Within this year, we plan to donate a number of dialysis machines to all other regions in Kenya. Furthermore, we have teamed up with Ahadi Trust in supporting the anti-jigger campaign; and Safaricom Foundation and Kenya Red Cross Society in the Kenyans for Kenya Campaign to alleviate hunger in North Eastern Province, among other partners. This has enabled us to deliver value in the five thematic areas of our engagement through the Friends of the KCB Foundation partnership. Conclusion The Senior Executives appointed more than eight months ago to various positions in the Bank are implementing the Transformation Agenda with the usual support and guidance of the Board of Directors. The appointees are highly qualified and experienced in their respective areas and I have confidence that

11 Page 11 they will continue to contribute positively towards the success of the business. Our KCB staff have greatly supported and embraced the Transformation Road Map as a way of life and are committed to ensure that it succeeds. I would like to thank my fellow Directors in the Group Board for their selfless contribution to the business over the past year and for supporting me as Group Chairman. The Management and Staff put in a lot of effort to produce these impressive results and I would like to most sincerely thank them. Our deep appreciation goes to the various Regulatory and Governmental Authorities for their support in the entire Region. My appreciation also goes to members of the media who have supported this Bank through publicity of the Bank s programmes. I am happy to note that our regional journalists from Tanzania, Uganda, Rwanda and Burundi are here to support us. Your efforts are highly appreciated. I extend my thanks, on behalf of the Board, to our customers for their unwavering support to our business across the region, as well as the communities that give us the license to operate in their midst. To our shareholders and other stakeholders, please continue to support this great Bank. Together we shall make KCB

12 Page 12 the preferred financial solutions provider in Africa with a global reach. Ladies and Gentlemen It is now my pleasure to invite the Group Chief Executive to present to you the results in more details. Thank you.

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