Kenyan banks have posted their results for the third quarter and, apart from a few exceptions, are expected to post modest profit growth for 2009 as a whole. Following are key facts about Kenyan banks:
* The industry posted an 11% growth in assets for the year ended September to 1.31 trillion shillings ($17.5 billion).
* Total deposits rose to 1 trillion shillings and the branch network grew by 154 branches to 918 during the same period.
* There are 43 commercial banks in Kenya. The biggest, in terms of total assets, is Kenya Commercial Bank (KCB) with 191 billion shillings at the end of last year.
* For decades, since independence from Britain in 1963, Kenyan banking was dominated by local units of the likes of Barclays and Standard Chartered. These have been challenged by home-grown institutions such as Equity Bank.
* The latest foreign bank to pitch its tent in Kenya is Nigeria’s United Bank for Africa (UBA).
* There are about 6.3 million bank accounts in Kenya, out of a total population of more than 36 million — up from 2.6 million accounts at the end of 2005.
* Kenyan banks employed 22,438 people as of December l, 2008.
* There are nine banks or holding companies for banks listed on the Nairobi Stock Exchange (NSE) with a market value in excess of 270 billion shillings, at the end of August.
* Two Islamic banks — Gulf African Bank and First Community Bank — opened their doors early last year and now have nearly 1% of gross banking assets.
Kenya Commercial Bank(KCB) | Barclays (Kenya) | Standard Chartered (Kenya) | Equity Bank | United Bank for Africa (UBA) | Gulf African Bank (GAB) | First Community Bank (FCB)
Source(s): CNBC
Rwanda’s government plans to sell its stakes in the country’s three largest companies.
Shelter Afrique, a Nairobi-based housing development company, plans to sell KES 1 billion (USD 13 million) of three-year bonds to fund new projects. Securities worth KES 700 million will be sold by July 27 and the balance by September, Deputy Managing Director Mazi Ositadinma Okonkwo said. The notes will trade on the Fixed Income Securities Market segment of the Nairobi Stock Exchange, the Capital Markets Authority (CMA), which granted approval for the sale of the notes, said yesterday.
