Banking industry booms in Kenya
(The East African—AllAfrica.com) “According to the just released trading results, big banks in Kenya registered impressive financial growth for the year ending December 2006.
The three top banks, Barclays Bank of Kenya (BBK), Standard Chartered Bank Kenya and the Kenya Commercial Bank (KCB) realised over half of all the banking industry’s profits.”
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“The East African Breweries Ltd (EABL), which posted Ksh8.6 billion ($122.9 million) pre-tax profit last year, made the most profit.
Though StanChart recorded only 9 per cent financial growth, it was the second highest profitable financial institution in Kenya. The bank realised a pre-tax profit of Ksh3.8 billion ($54.3 million).
By November 2006, the banks’ total pre-tax profits had risen by 39 per cent to Ksh42.8 billion ($611.4 million), up from Ksh17.9 billion ($255.7 million) recorded in 2005.
Most banks have attributed these profits to an increase in interest income on loans and advances, earnings from government securities and non-funded income.” (more…)
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