Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
File image of Equity Bank building


Kenyan banks top 2021 regional rankings

NAIROBI, Kenya, Nov 22 –  Kenyan Banks have emerged top of their other East African counterparts in the 2021 ranking of the continent’s top 100 banks by tier 1 capital conducted by Africa Business Magazine. 

Equity was the highest-ranked in the report. The regional lender climbed three places to position 24 following a 27 percent increase in its capital to USD1.4 billion.

Africa Business Magazine noted Equity’s continued expansion in the regional market including the recent foray into the Democratic Republic of Congo (DRC) with the merger of  Equity Bank Congo (EBC) and Banque Commerciale du Congo (BCDC) to form Equity BCDC.

During the release of the 2021 half-year results in which the bank announced an Shs 17 billion profit, Equity Group CEO James Mwangi said he expects DRC will drive Equity’s growth in the coming years.

Commercial Bank of Ethiopia (CBE) and Kenya’s KCB dropped places in this year’s ranking to positions 26 and 29 respectively.

“CBE’s tier 1 capital is down 33percent to USD 1.2bn and it has fallen from position 17 to 26. Part of this is due to the faster depreciation of the birr than the Kenyan shilling against the US dollar. CBE retains top profitability with 24percent ROE,” says Tom Minney of African Business Magazine.

KCB has also slipped from position 25 to 29 with tier 1 capital down 6% to $1.1bn, although this is mostly due to 8% depreciation in the Kenyan shilling versus the dollar.

Although regional economies have been hard hit, the report recognizes Kenya’s and the region’s accommodative monetary policies as part of the emergency response by policy-makers and central banks. The industry is widely expected to recover later in the year, with Kenya bouncing back fastest, although held back by ongoing precautionary restrictions.

Kenyan banks make up regional rankings positions 4 to 7. Tanzania’s highest-ranked bank is the National Microfinance Bank, creeping up the overall ranking from position 67 to 64 and position 8 in the region with a capital of $397m. Rwanda’s Bank of Kigali is back in the top 100, after dropping out last year, although tier 1 capital fell 1% to $224m.

Advertisement. Scroll to continue reading.


Equity’s rise in ranking comes in the backdrop of economic turbulence in the region occasioned by the ongoing COVID-19 pandemic. The lender exhibited innovation during the pandemic period resulting in a rise in the uptake of its digital banking offerings. While Kenya’s banking transactions completed through digital channels stood at 67% according to the 2019/2020 Central Bank of Kenya annual report, Equity’s customers made 98% of their transactions outside physical branches, with 85% of those done through self-service mobile and internet banking platforms.


Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...