Kenya’s banking sector continues to scale the heights in terms of making profits even as the economy seems to be choking on the ground.
During the first half-year of 2019, all Kenyan commercial banks have registered profits in billions of shillings except the ailing National Bank which saw its profits at 150 million shillings.
Kenya Commercial Bank is still the giant as it leads other lenders with the highest profits after tax during the first half of 2019. The lender registered 12.80 billion shillings in profits after tax with its assets at 747 billion shillings. Profit before tax stood at 18 billion shillings.
Equity Bank was the second lender with the highest profit after tax for the first half of 2019 with an asset base of 639 billion shillings. The lender registered a profit after tax of 12 billion shillings with the profit before tax stands at 17 billion shillings.
Co-operative Bank of Kenya registered 7.47 billion shillings in profit after tax during the first half of this year, making it the third lender. Co-op, with an asset base of 429 billion shillings had its profit before tax at 10.40 billion shillings.
Standard Chartered Bank came in fourth with 4.71 billion shillings as profit after tax and 6.22 billion shillings as profit before tax. The lender’s asset base stands at 294 billion shillings.
I&M Bank and Barclays Bank of Kenya posted 4.52 and 3.88 billion shillings as profit after tax with an asset base of 317 and 354 billion shillings respectively. Barclays is in the process of transforming into Absa by June 2020.
Stanbic Bank, NIC and Diamond Trust Bank posted 3.55, 1.90 and 4.13 billion shillings in profit after tax.
Here is how the major commercial banks rank in profit after tax for the first half of 2019:
According to economic analysts, Kenya’s banking sector is currently the most profitable business compared to any other business including the manufacturing sector.