Kenya’s three top banks have earned most of the industry's profits according to the December 2005 year-end financial results.
Standard Chartered Bank Kenya, Barclays Bank of Kenya, and Kenya Commercial Bank all reported impressive results largely as a result of increased financing of real estate, manufacturing and corporate assets. The growth in loan activity is a good sign of economic growth in the country.
Barclays Bank of Kenya: 5.4 billion Kenya shillings (about $75mn) in pre-tax profits which is a 2.5 percent decline. The bank said the closure of 10 of its branches was responsible for the decrease in profits.
Kenya Commercial Bank: 1.95 billion Kenya shillings (about $27mn) in pre-tax profits which is a 111 percent increase.
Standard Chartered Bank: 3.5 billion Kenya shillings (about $49mn) in pre-tax profits which is a 31 percent increase.
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