KCB — KCB Group Plc
Graham's number is √(22.5 × EPS × BVPS): a P/E ceiling of 15 times a P/B ceiling of 1.5, applied to one year's earnings and book value. The Graham number primer works through it. It is a computation, not a recommendation.
Tests: Graham's criteria, with GrowingGrass bank tests in place of financial strength.
Interim: six months to 30 Jun 2026, unaudited. Earnings use the trailing twelve months to Jun 2026, built from reported half-year and full-year figures. Every test below is flagged interim and will be replaced when the full year is published.
Showing FY2026
√(22.5 × 22.22 × 111.08) = 235.66
The Graham number for the twelve months to Jun 2026, from trailing-twelve-month EPS and BVPS at the period end. Tap a figure below for its source and date.
Discount to Graham number: +63.5% at the results-day price of 86.00. Positive means the price was below the Graham number; negative means above.
The figures
Per share (KES)
- Earnings (EPS) (6 months)
11.22
printed figure is annualised in the CBK format; six-month EPS = printed 22.45 ÷ 2 · basic, attributable · Half-year results extract (CBK format), 30 Jun 2026, p.2 · 12 Aug 2026
- Book value (BVPS)
111.08
excludes minority interest; shares in issue from the shareholder profile at 30 Jun 2026 · attributable · computed: attributable equity 356,952.0m ÷ 3,213.5m shares, Half-year results extract (CBK format), 30 Jun 2026, p.1; Shareholder profile, 30 Jun 2026, p.1 · 12 Aug 2026
- Dividend (DPS)
3.00
interim dividend only; the final dividend for FY2026 is not yet declared · Half-year results extract (CBK format), 30 Jun 2026, p.2 · 12 Aug 2026
- Price on results day
86.00
NSE daily price list VWAP, the exchange's official end-of-day price · NSE daily price list 2026-08-12, p.1 · 12 Aug 2026
Size and capital
- Total operating income (6 months)
108,086.0
total operating income as labelled by KCB · Half-year results extract (CBK format), 30 Jun 2026, p.1 · 12 Aug 2026
- Total capital ratio
21.0%
group column at 30 Jun 2026; the press release quotes 21.6%, the 31 Mar 2026 figure · Half-year results extract (CBK format), 30 Jun 2026, p.2 · 12 Aug 2026
- Core capital ratio
18.0%
group column at 30 Jun 2026; the press release quotes 18.6%, the 31 Dec 2025 figure · Half-year results extract (CBK format), 30 Jun 2026, p.2 · 12 Aug 2026
- Gross non-performing loans
203,827.1
Half-year results extract (CBK format), 30 Jun 2026, p.2 · 12 Aug 2026
- Gross loans
1,348,600.0
the CBK extract prints only net loans · Half-year investor presentation, 30 Jun 2026, p.18 · 12 Aug 2026
- KES per US$
129.28
CBK daily exchange rates (mean) · 12 Aug 2026
Computed
- EPS, trailing twelve months
22.22
attributable · computed: H1 FY2026 EPS 11.22 + FY2025 20.80 − H1 FY2025 9.80 · 11 Mar 2026
- Total operating income, trailing twelve months
223,193.7
computed: H1 FY2026 total operating income 108,086.0m + FY2025 213,777.9m − H1 FY2025 98,670.2m · 11 Mar 2026
- EPS, three-year average
19.21
attributable · computed: mean EPS 12m to Jun 2024, 12m to Jun 2025 and 12m to Jun 2026 · 20 Mar 2024
- P/E on three-year EPS
4.48
computed: price ÷ EPS 3-yr average · 20 Mar 2024
- P/B
0.77
computed: price ÷ BVPS · 12 Aug 2026
- Dividend yield
- Not compiled
- Non-performing loan ratio
15.1%
computed: gross non-performing loans ÷ gross loans · 12 Aug 2026
- Return on equity
- Not compiled
- Price ÷ Graham number
0.36×
computed: price ÷ Graham number · 11 Mar 2026
- Discount to Graham number
+63.5%
computed: (Graham number − price) ÷ Graham number · 11 Mar 2026
Graham's tests
- MetAdequate size
GrowingGrass adaptation
Graham's size test uses annual sales, which banks do not report. GrowingGrass uses a bank's total operating income in its place, against Graham's US$100m floor.
Total operating income of at least US$100m
InterimAdequate sizeMet
Total operating income of at least US$100m · Interim: earnings on trailing twelve months
- Total operating income KES 223,193.7m ÷ 129.28 KES per US$ = US$1,726.4m
- US$1,726.4m against a floor of US$100mmeets
- MetCapital adequacy
GrowingGrass adaptation
Graham gave no financial-strength test for banks (The Intelligent Investor, 1973, chapter 14). GrowingGrass tests the total capital ratio against the Central Bank of Kenya's minimum of 14.5% of risk-weighted assets.
Total capital ratio of at least 14.5%
InterimCapital adequacyMet
Total capital ratio of at least 14.5% · Interim: earnings on trailing twelve months
- Total capital ratio 21.0% against a minimum of 14.5%meets
- MetSolvency
GrowingGrass adaptation
Graham gave no financial-strength test for banks (The Intelligent Investor, 1973, chapter 14). GrowingGrass tests the core capital ratio against the Central Bank of Kenya's minimum of 10.5% of risk-weighted assets.
Core capital ratio of at least 10.5%
InterimSolvencyMet
Core capital ratio of at least 10.5% · Interim: earnings on trailing twelve months
- Core capital ratio 18.0% against a minimum of 10.5%meets
- Not metAsset quality
GrowingGrass adaptation
Graham gave no financial-strength test for banks (The Intelligent Investor, 1973, chapter 14). GrowingGrass tests the share of loans not being repaid against a 10% ceiling set in its own methodology.
Non-performing loans no more than 10% of gross loans
InterimAsset qualityNot met
Non-performing loans no more than 10% of gross loans · Interim: earnings on trailing twelve months
- Gross non-performing loans 203,827.1 ÷ gross loans 1,348,600.0 = 15.1%
- 15.1% against a ceiling of 10%falls short
- No result: data not compiledEarnings stability
Positive EPS in each of the past 10 years
InterimEarnings stabilityNo result: data not compiled
Positive EPS in each of the past 10 years · Interim: earnings on trailing twelve months
EPS positive in 9 of 10 years
- 12m to Jun 2017
- not held
- not held
- 12m to Jun 2018
- 7.03
- positive
- 12m to Jun 2019
- 8.03
- positive
- 12m to Jun 2020
- 6.04
- positive
- 12m to Jun 2021
- 7.70
- positive
- 12m to Jun 2022
- 11.92
- positive
- 12m to Jun 2023
- 11.49
- positive
- 12m to Jun 2024
- 15.97
- positive
- 12m to Jun 2025
- 19.43
- positive
- 12m to Jun 2026
- 22.22
- positive
Still needed: EPS for 12m to Jun 2017.
- Not metDividend record
A dividend paid in each of the past 20 years
InterimDividend recordNot met
A dividend paid in each of the past 20 years · Interim: earnings on trailing twelve months
Dividend paid in 19 of 20 years (FY2007–FY2026)
- No dividend in FY2023falls short
- No result: data not compiledEarnings growth
EPS up at least one-third over 10 years, on three-year averages
InterimEarnings growthNo result: data not compiled
EPS up at least one-third over 10 years, on three-year averages · Interim: earnings on trailing twelve months
- 12m to Jun 2017
- not held
- not held
- 12m to Jun 2018
- 7.03
- 12m to Jun 2019
- 8.03
- 12m to Jun 2024
- 15.97
- 12m to Jun 2025
- 19.43
- 12m to Jun 2026
- 22.22
Still needed: EPS for 12m to Jun 2017.
- MetModerate P/E
Price no more than 15 × three-year average EPS
InterimModerate P/EMet
Price no more than 15 × three-year average EPS · Interim: earnings on trailing twelve months
- Price 86.00 ÷ three-year average EPS 19.208 = 4.48
- 4.48 against a ceiling of 15meets
- MetModerate P/B
Price no more than 1.5 × BVPS, or P/E × P/B no more than 22.5
InterimModerate P/BMet
Price no more than 1.5 × BVPS, or P/E × P/B no more than 22.5 · Interim: earnings on trailing twelve months
- Price 86.00 ÷ BVPS 111.08 = 0.77
- 0.77 against a ceiling of 1.5meets
Sources and notes
- Book value (BVPS): attributable · computed: attributable equity 356,952.0m ÷ 3,213.5m shares, Half-year results extract (CBK format), 30 Jun 2026, p.1; Shareholder profile, 30 Jun 2026, p.1 · 12 Aug 2026 (excludes minority interest; shares in issue from the shareholder profile at 30 Jun 2026)
- Dividend (DPS): Half-year results extract (CBK format), 30 Jun 2026, p.2 · 12 Aug 2026 (interim dividend only; the final dividend for FY2026 is not yet declared)
- Price on results day: NSE daily price list 2026-08-12, p.1 · 12 Aug 2026 (NSE daily price list VWAP, the exchange's official end-of-day price)
- Total capital ratio: Half-year results extract (CBK format), 30 Jun 2026, p.2 · 12 Aug 2026 (group column at 30 Jun 2026; the press release quotes 21.6%, the 31 Mar 2026 figure)
- Core capital ratio: Half-year results extract (CBK format), 30 Jun 2026, p.2 · 12 Aug 2026 (group column at 30 Jun 2026; the press release quotes 18.6%, the 31 Dec 2025 figure)
- Gross non-performing loans: Half-year results extract (CBK format), 30 Jun 2026, p.2 · 12 Aug 2026
- Gross loans: Half-year investor presentation, 30 Jun 2026, p.18 · 12 Aug 2026 (the CBK extract prints only net loans)
- KES per US$: CBK daily exchange rates (mean) · 12 Aug 2026
- EPS, 6 months to 2026-06-30: basic, attributable · Half-year results extract (CBK format), 30 Jun 2026, p.2 · 12 Aug 2026 (printed figure is annualised in the CBK format; six-month EPS = printed 22.45 ÷ 2)
- EPS, same 6 months a year earlier: basic, attributable · Half-year results extract (CBK format), 30 Jun 2026, p.2 · 12 Aug 2026 (printed figure is annualised in the CBK format; six-month EPS = printed 19.61 ÷ 2; six months to 30 Jun 2025 as printed in the 2026 report)
- Total operating income, 6 months to 2026-06-30: Half-year results extract (CBK format), 30 Jun 2026, p.1 · 12 Aug 2026 (total operating income as labelled by KCB)
- Total operating income, same 6 months a year earlier: Half-year results extract (CBK format), 30 Jun 2026, p.1 · 12 Aug 2026 (total operating income; six months to 30 Jun 2025 as printed in the 2026 report)