Kenya’s top 10 banks registered a 10.8 per cent growth in net earnings to Sh93.81 billion for the financial year ended December 31, 2016.
The growth was despite four of the lenders – Equity Bank, Barclays Bank of Kenya (BBK), Stanbic Bank and NIC Bank – registering a drop in profits after tax.
Kenya Commercial Bank (KCB), Equity Bank and Co-operative Bank remained the top three most profitable lenders respectively and also the only ones with double-digit-billions profits.
However, for the first time in over 10 years, Equity recorded a drop (5.9 per cent) in profits. Despite KCB Group recording a 0.5 per cent growth in profits, the slowest pace in seven years, KCB Bank saw its after-tax profit soar by 19.9 per cent to Sh19.78 billion.
At the same time, Co-operative Bank registered a 24.6 per cent growth in profit to Sh13.05 billion.