Kenya Bank Rankings

June 2007 [ and change from June 2006]

Tier I banks
1. Barclays Kshs. 136.54 billion in assets ($1.95 billion) (up 21% from June 2006)
2. Kenya Commercial 96,532 [17%]
3. Standard Chartered 92, 743 [13%]
4. Cooperative 58,712 [3%]
5. CFC /Stanbic 55,534 +
6. National Bank of Kenya 42, 142 [25%]
7 Commercial Bank of Africa 36,217 [10%]
8. Citibank Kenya 36,147 [8%]
9. Equity 29,888 [116%]
– CFC 27,926 [25%]
– Stanbic 27, 608 [62%]
10. NIC 27,583 [22%]

Tier 2 banks
11. Investment & Mortgages 24,494 ($349 million) [19%]
12. Diamond Trust 24, 484 [37%]
13. Baroda13,253 [24%]
14. Imperial 11,039 [30%]
15. Prime 10,773 [25%]
16. Housing Finance 9,665 [-2%]
17. Bank of India 9,552 [21%]
18. EABS 9,049 [5%]
19. Fina 7,688 [25%]
20. Bank of Africa 7,347 [26%]
21. Family Finance 6,698 [73%]
22. K-Rep 6,358 [43%]

Tier 3 banks
23. Habib AG Zurich 5,393 ($77 million) [5%]
24. Giro 5,317 [3%]
25. ABC 5,282 [10%]
26. Guardian 4,970 [2%]
27. Chase 4,826 [74%]
28. Southern Credit 4,581 [8%]
29. Victoria 4,081 [2%]
30. Consolidated 4,001 [28%]
31. Development Bank of Kenya (DBK) 3,876 [35%]
32. Equatorial 3,832 [5%]
33. Habib Bank 3,485 [10%]
34. Middle East 3,309 [-9%]
35. Credit 2,963 [5%]
36. Fidelity 2,779 [43%]
37. Transnational 2,720 [24%]
38. Paramount Universal 2,271 [27%]
39. Oriental (formerly Delphis) 1,624 [17%]
40. Dubai 1,437 [26%]
41. City Finance 510
— Charterhouse 3,938
+ Merger, awaiting approval

Asset growth
industry average 24%
Equity 116%
Chase 74%
Family Finance 73%
Stanbic 62%
K-Rep 43%

Profit growth
average 76%
Bank of Africa 825%
Habib bank 467%
Giro 300%
Paramount universal 300%
Fidelity 222%
EABS 200%
Southern credit 186%
Chase 179%
Oriental 115%
Equity 107%

Loan grwoth
average 19%
Equity 785
Family Finance 67%
K-Rep 66%
Diamond Trust 51%
KCB 49%

Deposit growth
average 25%
Equity 111%
Stanbic 95%
Chase 84%
DBK 63%
Family finance 57%

8 thoughts on “Kenya Bank Rankings

  1. coldtusker

    DTBK – 64% (does it include DTBT deposits)…?

    DTB(Kenya) consolidates DTB(Tz) & might break into the top 10 with the new Rights Issue.

    I expect they will merge with Habib Bank in a few years. The primary ownership is the same.

    How did Stanbic zoom past all the others? Unlike Equity, which has heft thru many branches, Stanbic an uppity bank has few branches! well, the merger with CFC will make a contender for the top 5.

    I&M was #9 at one time so unless they can pull up their socks they may become also-rans. The growth in deposits is below average!

    Family Finance will be the new Equity Bank. Rapid growth. Will they take away some of Equity’s thunder?

    How many of the Tier 3 banks will be around in 3 years?

    I think at least 10 will disappear once the new regulations come into place.

  2. MainaT

    And when are they going to put Citibank and Middle East Bank under statutory CBK management given they are both havens for money-launderers?

  3. John

    Looking at the growth in loans; Equity and Family lead, and am thinking their profit growth will be phenomenal for now. I also think in 2 – 5 years from now these profits may start declining (will it be phenomenal?) as their provision for impaired loans/debts skyrocket. Of course this may not happen if this time round they are more cautious with their lending procedures.

  4. coldtusker

    MainaT: Oh, puhleeze… the amount “laundered” thru Citibank (btw, are you talking of CT Kenya) is probably miniscule compared to their total transactions.

    Transnational moved $200mn a few years ago which was HUGE compared to their “normal” business.

    I have no idea about ME Bank.

  5. Anonymous


    It is trite law that an investigating officer may only arrest a suspect or commence an investigation on the basis of reasonable suspicion. This procedural safeguard is aimed at discouraging frivolous and vexatious accusations or anonymous complaints, which may be injurious to another person. Mr. S. K. Patel, who complained against Equity Bank, has not stated the capacity in which he is complaining. He has not demonstrated any breach of the law or fiduciary obligation by Mr. James Mwangi the CEO of the bank or it’s Board of Directors. As a depositor, he is required to cite a specific breach relating to lending, shareholding or dealings with customer deposits contrary to the provisions of the Banking Act. Alternatively, he could cite non-compliance with the disclosure requirements set by the Prudential Guidelines under the Central Bank of Kenya Act. As a shareholder, he needs to show fraud or breach of a fiduciary obligation owed to him and other shareholders by the Board or a specific director. A complaint against management should relate to a specific contravention of the bank’s Internal Rules of Management.

    His complaint does not cite any specific breach of the Companies Act or the Capital Markets Authority Act regarding the capitalisation of the bank in the creation, allocation and issuance of its shares. If he is not a shareholder or a depositor with the bank, he lacks the locus standi or the capacity in law to make the kind of allegations he is making. To sustain a claim of impropriety, Patel ought to demonstrate that Mr. Mwangi has done something wrong while discharging his duties in his capacity as director qua director at Equity Bank and not in any other capacity. Secondly, the improper act must be illegal or unlawful and thirdly the act must have been prejudicial to the interests of the bank or have occasioned loss to another person. Without these elements, the attack on Mr. Mwangi regarding his past association with another institution is spurious at best.

    The CBK confirmed that it has received similar generalised complaints against Equity in the past. What has spurred these attacks against the bank and its management? The detractors of Equity have not produced any specific evidence of wrong doing or breach of the law on the part of Mr. Mwangi or the Board of Directors of the bank. They prefer to remain anonymous and their attacks are mere generalised accusations which do not disclose what fiduciary duty they are owed by the bank. The public is thus entitled to construe their accusations as unethical business practice by desperate competitors or political mischief by persons acting at the behest of the competitors. Nevertheless, the allegations found their way to parliament last week and Honourable Members of the August House devoted considerable legislative time to debate them. And there lies the irony. Is there a hidden hand behind these attacks?

    The detractors of Equity base their attacks on its rapid growth as well as the attention its shares are receiving at Nairobi Stock Exchange. This exposes them as seriously uninformed. Equity is not a bubble. The bank has existed for over 20 years albeit in different legal capacities. First, as a Building Society registered under the Building Societies Act, and now as a Commercial Bank, registered under the Companies Act and licensed under the Banking Act. It was during its former existence that the bank’s unique business model and brand were conceived and nurtured. Its is this model that has appealed to many Kenyans in the lower end of the industry and attracted cognition and applause from international bodies.

    Equity’s is foundation was laid during its days as building society. Curiously, the institution did not attract much attention then from competitors and politicians. Its competitors in the financial sector then ignored or laughed it off at best. When Equity took its brand to the low-income earners in the countryside and the poorer neighbourhoods of our cities it found a ready market. A population that had been rudely turned away and denied access to financial services by the multinational institutions that had closed shop and withdrawn services from these areas welcomed the bank with open hands. The bank revolutionised and demystified banking when it adopted a unique marketing strategy. It opened marketing stalls along the streets of Nairobi and rural markets and earned the stale joke as the “Hawking Bank”. The strategy worked well and it has made Equity what it is today. When it hit the mark of 1 Million depositors, the bank went further to reduce or completely remove charges for many services offered to its customers. Its main competitors are now following the same strategy and model. Institutions that may have chided Equity in the past have now placed open stalls at strategic streets to sell their financial services. The current joke among the depositors of Equity Bank is that “our bank has since left the streets and hawking to those other Banks”. The managers of Equity can pride themselves that they set the pace which others are now following.

    The attack on Equity is not just an attack on Mr. James Mwangi. It is an affront to local enterprise. Mr. Mwangi has broken the myth and demonstrated that indigenous Kenyans have the capacity to build and nurture local institutions that can compete well with major institutions from the financial capitals of the West. The foreign capitalist behemoths in Kenya must wake to the reality that local enterprise has come of age. They have to ready themselves to compete with “local irritants” that are fast invading their traditional territories.

    Equity occupies a unique position as a bank developed by Kenyans for Kenyans in an industry dominated by foreign companies. It has existed as a Commercial Bank for slightly over three years. An allegation of fraud against a bank is a serious matter. The industry operates and is dependent on trust. The acts of bankers must be acts uberrima fides, of utmost good faith at all times. Depositors and the general public must never be put in doubt or anxiety without any reasonable justification. The institution survived for long and did well as a Building Society. As a bank, it is even under more scrutiny and regulation by the Capital Markets Authority, the Supervision Division of the Central Bank of Kenya and the Registrar of Companies. Fraud investigators and regulatory authorities cannot and ought not to commence investigations on the basis of anonymous and generalised allegations that contain no clear evidence to raise a reasonable suspicion. The unsubstantiated allegations of fraud against Equity and its management could hurt the bank and adversely affect the financial sector if they are taken up by politicians and given an aura of a reasonable suspicion. If the MPs who raised the matter in Parliament had no other information apart from Patel’s letter, then their actions were clearly reckless, an abuse of parliamentary privilege and a violation of the Rules of Parliamentary Practice and Procedure in the Commonwealth. It would be prudent for the political class in Kenya to protect local institutions and leave regulatory matters to the established specialised agencies that are best suited and competent to handle them.

  6. bankelele

    pesa tu: me too, stanbic has grown quietly, but now evident from lines at ATM’s

    coldtusker: DTBK alone

    MainaT: Never

    John: some growth is not sustainable

    scribblesheet: as long as tehy are profitable, and will be able to meet teh 1b capital, many of them will remain standing alone

    Anon: nice defence of Equity, but focus away from Mr. Patel

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