Most banks grew during the Kibaki 1 era.

Equity did very well taking business from Barclays and Stanchart that abandoned Kenyans pale mashinani. I heard that Stanchart is closing the Kiambu branch which had been around for decades!

Equity has NEVER had a Rights Issue since it listed - it only raised money once when it sold 25% to Helios. KCB has had multiple.

KCB has only significantly (as a % of total assets) grown its balance sheet in KE.
Very small business elsewhere (vs Equity) where it doesn't have GoK's support.

The rights issue that KCB has done have borne fruits in terms of investments they did and higher dividends to shareholders compared to equity which is mean with dividends.

KCB analyst call;

1. On the new digital lending act:

"We welcome the digital lending acts. Would be net positive for banks and our mobile loans as these are already regulated. It levels the playing field."

On a Green bond:

"Not a priority this year. Maybe 2023"

2. On the low dividend payout ratio of 28% for FY 2021:

"We want to be at the 40-45% ratio, but our focus this year is on growth of our organic and inorganic portfolio. We will be back there soon. "

I am a Value Investor.
Equity is cheaper than KCB on a (future) growth basis.
DTB needs to pull its socks up.

If I had the cash I would rather buy Equity (low PER and higher growth), SCBK (high DPR, DY) and DTB (low PER/PB) over KCB.

We can compare Total Returns for each in April 2027.

Looking at cash returns KCB will give a better return in terms of dividend payout than Equity.
DTB over KCB that is madness,KCB will beat DTB pants down 18 nil.
Let's compare in 2027.