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39 richest banks in Kenya by asset base - CBK report

According to Central Bank of Kenya, banks control over Sh17 trillion assets and hold over Sh5.9 trillion in customer deposits

An AI generated image of a man applying for a loan at a bank

The Kenyan banking sector experienced robust growth in 2023, with commercial banks' total assets soaring by 16.7% to reach Sh7.7 trillion as of December 31, 2023, up from Sh6.6 trillion the previous year.

According to the Central Bank of Kenya’s Bank Supervision Annual Report 2023, the sector's performance reflects resilience amid a challenging business environment.

Customer deposits also surged by 18%, rising from Sh5.0 trillion in December 2022 to Sh5.9 trillion in December 2023.

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1.KCB

Data from the Central Bank of Kenya's Bank Supervision Annual Report 2023 shows that KCB holds the largest market share of 17.4%, and asset base of Sh1.43 trillion, positioning it as the wealthiest bank in Kenya as of 2023.

In 2024, KCB reported that the asset base had hit Sh2 trillion.

2.Equity Bank (Kenya) Ltd

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Equity Bank ranks second with a market share of 12.2%, reporting total assets valued at Sh1.00 trillion.

3.NCBA Bank Kenya PLC

With a 9.2% market share, NCBA Bank’s total assets amounted to Sh661.74 billion, making it one of the largest financial institutions in Kenya.

4.Co-operative Bank of Kenya Ltd

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Co-operative Bank holds an 8.8% market share, with total assets valued at Sh624.25 billion.

5. Absa Bank Kenya PLC

Rounding out the top five, Absa Bank commands a 6.6% market share, with total assets of Sh520.30 billion.

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Below is a comprehensive list of all 39 banks in Kenya, market share and assets

Rank Large banks Market Share (%) Total Assets (Sh)
1 KCB Bank Kenya Limited 17.4 1.43 trillion
2 Equity Bank (Kenya) Ltd 12.2 1.00 trillion
3 NCBA Bank Kenya PLC 9 661.74 billion
4 Co-operative Bank of Kenya Ltd 8.8 624.25 billion
5 Absa Bank Kenya PLC 6.6 520.30 billion
6 Standard Chartered Bank (K) Ltd 5.9 429.28 billion
7 Stanbic Bank Kenya Ltd 5.8 449.61 billion
8 I&M Bank Limited 5.4 405.61 billion
9 Diamond Trust Bank Kenya Limited 5.3 399.62 billion
Medium Banks
10 Bank of Baroda (Kenya) Limited 2.8 201.94 billion
11 Prime Bank Ltd 2.7 166.06 billion
12 Citibank N.A. Kenya 2.3 151.77 billion
13 Family Bank Ltd. 1.8 142.32 billion
14 Bank of India 1.8 103.08 billion
15 National Bank of Kenya Ltd 1.7 161.11 billion
16 SBM Bank (Kenya) Ltd 1.1 94.92 billion
17 Ecobank Kenya Ltd 1 103.94 billion
Small Banks
18 HFC Ltd 0.8 59.15 billion
19 Victoria Commercial Bank Plc 0.7 59.20 billion
20 Bank of Africa Ltd 0.6 51.72 billion
21 Gulf African Bank Limited 0.5 42.13 billion
22 Guaranty Trust Bank (Kenya) Limited 0.4 30.11 billion
23 African Banking Corporation Ltd 0.5 41.78 billion
24 Sidian Bank Ltd 0.6 44.74 billion
25 Habib Bank AG Zurich 0.4 36.13 billion
26 DIB Bank Kenya Ltd 0.4 26.49 billion
27 UBA Kenya Bank Ltd 0.4 31.21 billion
28 Premier Bank Kenya Ltd 0.3 23.31 billion
29 Credit Bank PLC 0.3 25.72 billion
30 Commercial International Bank (CIB) Kenya Limited 0.3 17.54 billion
31 Kingdom Bank Kenya Limited 0.3 36.72 billion
32 Development Bank of Kenya Ltd 0.3 18.84 billion
33 Guardian Bank Limited 0.3 15.85 billion
34 M-Oriental Bank Kenya Ltd 0.2 13.86 billion
35 Middle East Bank (K) Ltd 0.2 18.85 billion
36 Paramount Bank Ltd 0.2 15.44 billion
37 Access Bank (Kenya) PLC 0.2 17.16 billion
38 Consolidated Bank of Kenya Limited 0.2 15.21 billion
39 Spire Bank Limited - 2.88 billion

The impressive growth in customer deposits from Sh5 trillion in December 2022 to Sh5.9 trillion was primarily driven by increased usage of mobile banking platforms and agency banking initiatives, highlighting the sector's adaptability to technological advancements.

Despite these gains, the banking sector's profit before tax fell by 8.8%, from Sh240.4 billion in 2022 to Sh219.3 billion in 2023.

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The decline was attributed to a sharper increase in total operating expenses compared to the rise in total income.

Total expenses rose by Sh175.3 billion, while income increased by Sh154.1 billion during the period.

The Central Bank of Kenya's report identified several factors contributing to the rise in operating expenses, which included a 41.3% increase in interest expenses, a 22.8% rise in other operating expenses, and a 19.8% growth in salaries and wages.

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Additionally, bad debt charges climbed by 16.1%, further straining the sector's profitability.

The report also revealed that the banking sector's capital and reserves increased by 6.9%, from Sh917.6 billion in December 2022 to Sh980.9 billion in December 2023.

This growth was largely driven by a rise in retained earnings, which jumped by Sh81.2 billion, and share premiums.

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Despite the overall decline in profitability, banks showed confidence in their future performance, with proposed dividends increasing by Sh3.4 billion to Sh50.8 billion in 2023.

The report noted that the increase in proposed dividends had minimal impact on the sector’s capital and reserves due to the larger margin in retained earnings and share premium, which collectively grew by Sh94.9 billion.

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