KCB overtakes Equity as Kenya’s largest bank

Monday, May 15th, 2023 12:20 | By
KCB bank PHOTO/Courtesy

The Kenya Commercial Bank (KCB) has overtaken Equity Bank to become the largest lender in the country by asset size.

According to regulatory filings, KCB’s total assets stood at Ksh1.55 trillion in the year ending December 2022, compared to Equity’s total assets of Ksh1.44 trillion.

Equity pipped its Kenyan rivals including KCB in the year ended December 2022 when its profit before tax led the Kenyan banking industry at Ksh59.8 billion ahead of KCB’s Ksh57.3 billion.

According to the regulatory disclosures, KCB’s customer deposits stood at Ksh1.14 trillion ahead of Equity’s Ksh1.05 trillion.

KCB Group and Equity Group are the only two Kenyan-based banks with more than a trillion shilling in customer deposits base.

The gap is even wider in net customer loans with KCB leading the pack with Ksh863 billion, equivalent to Ksh156 billion more than Equity’s Ksh706 billion loan book.

KCB vs Equity on shareholder funds

KCB’s shareholder funds stood at Ksh200 billion ahead of Equity’s Ksh182 billion.

KCB also has the largest branch network in the region at 603 branches in the region in 2022, which is almost double the footprint Equity reported of 337 in 2021.

KCB is also the largest employer in the banking sector with over 11,000 employees across the region.

KCB Bank Kenya's total assets stood at Ksh971 billion ahead of Equity’s Ksh894 billion, while revenue stood at Ksh93 billion ahead of Equity’s Ksh86 billion.

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