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The Central Bank of Kenya's (CBK) 2024 Annual Bank Supervision Report is out, and it paints a clear picture of a financial landscape rapidly transforming through technology.
Here's a breakdown of the 2024 bank performance report, focusing on what it means for young people's finances, loans, and savings.
An AI-generated image showing a customer being attended to at a bank
Banks’ Performance
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Kenyan banks had a very profitable year in 2024. Their profit before tax jumped by 18.87 per cent to Sh260.3 billion in 2024.
A major reason for this increase was the growth in income from interest on loans and advances.
This indicates that the interest rates Kenyans paid on personal loans, business loans, or digital credit contributed significantly to bank profits. While this profitability makes the sector stable, it also reflects the higher cost of borrowing that many may have experienced.
On the flip side, customer deposits in banks decreased slightly by 2.1 percent.
The report states that total customer deposits held in banks decreased from Sh5.6 trillion in December 2023 to Sh5.5 trillion in December 2024.
The Director of Bank Supervision attributed this decline in part to other competing investment opportunities and withdrawals by individuals and businesses.
KCB Bank
More People Are Struggling to Repay Loans
The report indicates a more challenging economic environment for borrowers. The proportion of loans that are not being paid back, known as Non-Performing Loans (NPLs), rose from 15.6 per cent in 2023 to 17.1 per cent in 2024.
This trend highlights that more individuals and businesses are facing financial difficulties. The sectors with the highest number of defaults were personal and household, trade, manufacturing, and real estate.
For young entrepreneurs and individuals, this is a clear sign of the economic pressures that are making it harder to keep up with loan repayments.
Your Money is Safe, and Banks are Stable
Despite the rise in defaults, the banking sector as a whole is very stable. Banks are holding capital far above the minimum legal requirement, with a total capital adequacy ratio of 19.6 per cent (the minimum is 14.5 per cent).
Their liquidity, the ability to pay out cash when needed, is also very high at 56.0 per cent, well above the 20 per cent minimum.
This stability means Kenyans' savings are secure. It shows that banks have strong financial cushions to withstand economic shocks, ensuring they can continue to operate reliably, protect customer deposits, and have the capacity to keep lending to customers.
READ ALSO: How ex-pharmacist Jeremy Awori became one of Africa's best bankers
Absa Bank Kenya headquarters in Nairobi, Kenya
41 Richest Banks in Kenya - CBK Report
1. KCB Bank Kenya Limited
KCB is Kenya's oldest and largest bank by assets, established in 1896. It has a vast retail and corporate customer base, with a strong focus on digital banking (Vooma) and a significant regional presence across East Africa. It serves individuals, SMEs, and large corporations.
Market Share: 16.6%
Total Net Assets: Sh1.28 Trillion
Total Deposits: Sh988.5 Billion
Shareholders' Funds: Sh183.7 Billion
READ ALSO: KCB makes history as 1st Kenyan bank to unlock instant cross-border transactions
2. Equity Bank Kenya Ltd
Started as a building society in 1984 and has grown rapidly by focusing on financial inclusion for the mass market. It is renowned for its innovative agency banking model ("Equity Agent") and mobile services (Eazzy Banking), serving millions of lower-income customers and SMEs alongside corporate clients.
Market Share: 12.8%
Total Net Assets: Sh1.03 Trillion
Total Deposits: Sh843.6 Billion
Shareholders' Funds: Sh123.1 Billion
3. Co-operative Bank of Kenya Ltd
With roots in the Kenyan co-operative movement, the bank was established to serve the country's influential Savings and Credit Co-operative Societies (Saccos). It maintains this unique focus while also offering a full suite of retail and corporate banking services, making it a key player in the agricultural and SME sectors
Market Share: 9.6%
Total Net Assets: Sh687.8 Billion
Total Deposits: Sh482.7 Billion
Shareholders' Funds: Sh135.0 Billion
4. NCBA Bank Kenya PLC
Formed from the 2019 merger of NIC Bank (a leader in asset finance) and Commercial Bank of Africa (a pioneer in digital lending). NCBA is a powerhouse in corporate banking and asset finance. It is famous for its digital partnerships, most notably M-Shwari and Fuliza with Safaricom, which gives it a massive digital lending footprint.
Market Share: 8.3%
Total Net Assets: Sh588.7 Billion
Total Deposits: Sh462.4 Billion
Shareholders' Funds: Sh96.6 Billion
NCBA Group Managing Director John Gachora
5. Absa Bank Kenya PLC
Formerly Barclays Bank Kenya, it rebranded in 2020 as part of the broader Absa Group. It has a long history in the country, serving a mix of retail, corporate, and institutional clients with a wide range of financial products, including wealth management and investment banking.
Market Share: 6.6%
Total Net Assets: Sh506.1 Billion
Total Deposits: Sh378.9 Billion
Shareholders' Funds: Sh 80.2 Billion
READ ALSO: Nigerian bank that acquired 14 African banks, including 2 in Kenya [LIST]
6. Stanbic Bank Kenya Ltd
A member of the Standard Bank Group of South Africa, Africa's largest bank. In Kenya, Stanbic primarily serves a corporate and high-net-worth client base. It is a leader in investment banking, trade finance, and wealth management services.
Market Share: 5.7%
Total Net Assets: Sh445.2 Billion
Total Deposits: Sh332.1 Billion
Shareholders' Funds: Sh65.4 Billion
7. I & M Bank Limited
Starting as a community-focused financial institution in 1974, I&M has grown into a significant corporate and retail bank. It is known for its personalised service and strong relationships with mid-to-large-sized businesses and high-net-worth individuals, with a growing regional presence.
Market Share: 5.4%
Total Net Assets: Sh414.9 Billion
Total Deposits: Sh314.1 Billion
Shareholders' Funds: Sh66.2 Billion
8. Standard Chartered Bank (K) Ltd
With over a century of operations in Kenya, Standard Chartered is a major international bank with a strong local presence. It focuses on corporate, institutional, and priority retail banking, leveraging its global network to serve multinational corporations and affluent clients.
Market Share: 5.4%
Total Net Assets: Sh385.2 Billion
Total Deposits: Sh296.0 Billion
Shareholders' Funds: Sh71.5 Billion
READ ALSO: Kenya buys shares in powerful European bank, here's how much it cost taxpayers
9. Diamond Trust Bank Kenya Limited
Part of the Aga Khan Fund for Economic Development, DTB has a strong presence across East Africa. It has a historical focus on the SME sector and serves a diverse customer base across retail and corporate banking, with a wide regional branch network known for its convenient banking hours.
Market Share: 5.2%
Total Net Assets: Sh381.1 Billion
Total Deposits: Sh305.2 Billion
Shareholders' Funds: Sh65.5 Billion
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Prime Bank Branch
10. Prime Bank Ltd
A private bank that primarily focuses on corporate and SME banking, as well as trade finance and private banking for high-net-worth individuals.
Market Share: 2.9%
Total Net Assets: Sh188.8 Billion
Total Deposits: Sh143.8 Billion
Shareholders' Funds: Sh43.6 Billion
11. Bank of Baroda (Kenya) Limited
A subsidiary of the Indian multinational bank. It primarily serves the Indian diaspora community, local businesses, and facilitates India-Kenya trade.
Market Share: 2.7%
Total Net Assets: Sh200.5 Billion
Total Deposits: Sh166.0 Billion
Shareholders' Funds: Sh33.3 Billion
12. Citibank N.A. Kenya
The Kenyan branch of the global Citigroup. It exclusively serves large local corporations, multinational companies, financial institutions, and government bodies. It does not offer retail banking services in Kenya.
Market Share: 2.6%
Total Net Assets: Sh171.8 Billion
Total Deposits: Sh130.0 Billion
Shareholders' Funds: Sh38.2 Billion
READ ALSO: Nigeria’s Moniepoint targets to acquire Kenya’s 'chama' turned billion-shilling microfinance bank
13. Family Bank Ltd
Grew from a building society into a commercial bank. It focuses on retail customers and SMEs, with a strong emphasis on providing accessible financial services.
Market Share: 2.1%
Total Net Assets: Sh168.4 Billion
Total Deposits: Sh134.3 Billion
Shareholders' Funds: Sh21.7 Billion
14. National Bank of Kenya Ltd
Formerly a state-owned bank, it is now a subsidiary of Nigeria's Access Bank Group after being sold by KCB. It has a long history of serving government agencies, parastatals, and a mix of corporate and retail customers. NBK and Access Bank Kenya continue to operate independently, pending the completion of all integration processes.
Total Net Assets: Sh148.3 Billion
Total Deposits: Sh110.6 Billion
Shareholders' Funds: Sh13.0 Billion
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National Bank of Kenya
15. Bank of India
Another Kenyan subsidiary of a major Indian public sector bank. It serves a mix of corporate and retail customers, with a focus on the Indo-Kenyan business community
Market Share: 1.5%
Total Net Assets: Sh90.5 Billion
Total Deposits: Sh59.3 Billion
Shareholders' Funds: Sh30.0 Billion
16. Ecobank Kenya Ltd
A member of the pan-African Ecobank Group. It focuses on providing wholesale, retail, and investment banking services, with a key strength in facilitating cross-border trade across Africa.
Market Share: 1.1%
Total Net Assets: Sh102.6 Billion
Total Deposits: Sh95.9 Billion
Shareholders' Funds: Sh5.2 Billion
READ ALSO: CBK approves launch of JPMorgan Chase office in Kenya
17. SBM Bank Kenya Ltd
A subsidiary of the State Bank of Mauritius (SBM) Group. It entered the Kenyan market by acquiring the assets of Fidelity Commercial Bank and later, Chase Bank, giving it a substantial SME and retail customer base.
Market Share: 1.1%
Total Net Assets: Sh101.4 Billion
Total Deposits: Sh69.9 Billion
Shareholders' Funds: Sh9.1 Billion
18. HFC Ltd
Originating as the Housing Finance Company of Kenya, it has a deep specialisation in property and mortgage financing. It has since diversified into a full-fledged commercial bank serving retail and SME clients.
Market Share: 1.0%
Total Net Assets: Sh67.6 Billion
Total Deposits: Sh48.3 Billion
Shareholders' Funds: Sh14.8 Billion
19. Victoria Commercial Bank Limited
A niche bank that focuses exclusively on serving high-net-worth individuals and large corporate clients with highly personalised banking services.
Market Share: 0.8%
Total Net Assets: Sh65.0 Billion
20. Sidian Bank Ltd
Formerly K-Rep Bank, it has roots in microfinance. Today, it primarily focuses on providing banking solutions for SMEs and entrepreneurs.
Market Share: 0.7%
Total Net Assets: Sh60.0 Billion
A Sidian Bank branch
21. Gulf African Bank
A leading Islamic bank in Kenya, offering a range of Sharia-compliant banking products for retail, SME, and corporate clients.
Market Share: 0.6%
Total Net Assets: Sh44.9 Billion
READ ALSO: CBK introduces new rules for large bank transactions: How they’ll affect you
22. Bank of Africa Ltd
Part of the pan-African Bank of Africa Group. It serves a universal customer base, including retail, SME, and corporate clients.
Market Share: 0.6%)
Total Net Assets: Sh54.0 Billion
23. Guaranty Trust Bank
A subsidiary of the Nigerian multinational GTBank. It is known for its strong digital banking platforms and serves retail and corporate customers.
Market Share: 0.6%
Total Net Assets: Sh34.1 Billion
24. African Banking Corporation Ltd
A local bank focusing on corporate banking, SME financing, and asset finance.
Market Share: 0.6%
Total Net Assets: Sh50.1 Billion
25. Habib Bank AG Zurich
The Kenyan branch of a Swiss commercial bank. It serves a niche market of corporate clients and high-net-worth individuals, particularly those involved in international trade.
Market Share: 0.5%
Total Net Assets: Sh37.9 Billion
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26. DIB Bank Kenya Ltd
A subsidiary of Dubai Islamic Bank. It is a fully Sharia-compliant bank offering Islamic banking services to corporate and retail customers.
Market Share: 0.4%
Total Net Assets: Sh28.8 Billion
27. Kingdom Bank Limited
Formerly Jamii Bora Bank, it was acquired by the Co-operative Bank of Kenya. It focuses on serving MSMEs, Saccos, and faith-based organisations.
Market Share: 0.4%
Total Net Assets: Sh41.2 Billion
Kingdom Bank offices
28. Premier Bank Ltd
A Somali-owned bank with a focus on facilitating trade and investment within the Somali business community and offering Sharia-compliant services.
Market Share: 0.3%
Total Net Assets: Sh25.1 Billion
29. Credit Bank Ltd
A privately-owned bank with a strong focus on providing credit and financial solutions to the SME sector.
Market Share: 0.3%
Total Net Assets: Sh26.3 Billion
READ ALSO: 4 security features win Kenyan banknotes international award
30. Guardian Bank Limited
Started by members of the Visa Oshwal community, the bank has a focus on serving SME and corporate clients, particularly within the business community.
Market Share: 0.2%
Total Net Assets: Sh16.1 Billion
31. Development Bank of Kenya Ltd
A specialised state-owned Development Finance Institution (DFI) that provides long-term financing and capital for development projects in various sectors of the economy.
0.3%
Total Net Assets: Sh21.2 Billion
32. Commercial International Bank (CIB) Kenya Ltd
Formerly Mayfair Bank, it was acquired by Egypt's CIB. It focuses on serving high-net-worth individuals and corporate clients.
Market Share: 0.3%
Total Net Assets: Sh17.1 Billion
34. Paramount Bank Ltd
A local bank that has been serving the Kenyan market for over 25 years, with a focus on SME and corporate clients.
Market Share: 0.2%
Total Net Assets: Sh15.9 Billion
35. M-Oriental Commercial Bank
Formerly Oriental Commercial Bank, it serves a niche market of business and corporate clients.
Market Share: 0.2%
Total Net Assets: Sh13.8 Billion
36. Middle East Bank (K) Ltd
One of the older private banks, focusing on corporate banking and trade finance.
Market Share: 0.2%
Total Net Assets: Sh16.3 Billion
37. UBA Kenya Bank Ltd
A subsidiary of the United Bank for Africa, a leading pan-African banking group, offering a full range of retail and corporate banking services.
Market Share: 0.2%
Total Net Assets: Sh13.7 Billion
39. Access Bank (Kenya) PLC
Entered the market by acquiring Transnational Bank. It is a subsidiary of Nigeria's Access Bank Plc, one of Africa's largest banks, and is focused on expanding its retail and corporate footprint.
Market Share: 0.2%
Total Net Assets: Sh14.3 Billion
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Access Bank signage
40. Consolidated Bank of Kenya Limited
A state-owned bank formed through the merger of several struggling financial institutions in the past. It primarily serves the public sector and retail customers.
Market Share: 0.2%
Total Net Assets: Sh17.5 Billion
41. Spire Bank
Formerly Equatorial Commercial Bank, it is owned by Equity Bank Kenya after sale of certain assets and liabilities. In the acquisition, approximately 20,000 customers & 3,700 loan customers were migrated to Equity Bank.
Market Share: 0.0%
Total Net Assets: Sh0.1 Billion
Market Growth
Banks are physically expanding their footprint, bringing financial services closer to more Kenyans. The total number of bank branches in the country grew from 1,511 to 1,573 in 2024, an increase of 62 new branches.
This expansion is happening in emerging and new growth areas, not just in the capital. Kiambu County saw the highest increase with 9 new branches, while other counties like Mombasa, Uasin Gishu, Baringo, Busia, and Siaya also registered significant growth in their branch networks.
In 2024, the Central Bank of Kenya implemented major reforms aimed at strengthening and stabilising the country’s banking sector.
The measures include progressively raising the minimum core capital for commercial banks from Sh1 billion to Sh10 billion by 2029, ensuring institutions are better equipped to absorb shocks and safeguard customer deposits.
A new penalty framework was also introduced, imposing fines of Sh20 million or three times the financial gains from violations, whichever is higher, to deter misconduct and reinforce a culture of compliance.
Additionally, the CBK is developing a Green Finance Taxonomy and climate risk disclosure framework, encouraging banks to address the financial risks linked to climate change and promote long-term sustainability.
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An AI generated image of a man applying for a loan at a bank
Digital Transformation in Banking
Kenyan banks are rapidly embracing technology to serve a digitally-native generation, with 98% now offering mobile banking through apps or USSD.
Key investments include APIs (used by 79% of banks) for seamless integration between financial services, and cloud computing with big data analytics (adopted by over 40%) to enable real-time credit decisions and tailored products.
These innovations aim to boost convenience, speed, and personalisation, giving customers faster loan approvals, round-the-clock account access, and financial solutions customised to their needs, all via smartphone.