Kenya: market share of commercial banks | Statista (2024)

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Kenya: market share of commercial banks | Statista? ›

Nine commercial banks had a market share of around 75 percent of the Kenyan bank industry in 2021. Kenya Commercial Bank (KCB) and Equity Bank ranked as the country's major institutions, each with 14 percent in the banking market. Both also ranked high in terms of assets and tier 1 capital.

In terms of assets, Kenya Commercial Bank (KCB) was the biggest bank operating in Kenya as of 2023. The institution registered an asset value of approximately 12.6 billion U.S. dollars. Equity Bank Group followed, with assets worth almost 12 billion U.S. dollars.

KCB Bank Kenya had a market share of just over 14 percent in the Kenyan banking industry as of 2022. It was the largest financial institution in the country, considering net assets, customer deposits, capital and reserves, number of deposit accounts, and number of loan accounts.

However, the banking sector is essentially dominated by seven tier 1 commercial banks, namely Equity Bank, Kenya Commercial Bank, Barclays Bank of Kenya, Diamond Trust Bank, Cooperative Bank, Central Bank of Africa and Standard Chartered.

Overview of the Report

As at 31 December 2022, the Industry's total assets stood at Kshs 6.5 trillion, corresponding to 66% of Kenya's GDP in the same period.

Nine banks —Equity, KCB, Co-operative Bank, NCBA, Absa (Kenya), Standard Chartered Bank (Kenya), I&M ,Diamond Trust Bank (DTB) and Stanbic Bank Kenya — that control 75 percent of the industry's assets raised their total capital to Ksh1. 11 trillion ($8.47 billion) in December 31, 2023 from Ksh496.

Tier 2 banks are medium-sized lenders. They control 41.7% of the market share.

Stanbic Holdings was the fastest growing bank with a forty seven percent growth in profits after taxes to Ksh 7.1 billion.

Equity Bank of Kenya again tops the table with the group holding Tier 1 capital of $1.5bn, assets of $11.7bn and profits of $364m. Second is the KCB group.

Commercial Banks and Mortgage Finance Companies

Twenty-four of the 39 privately owned banks and the one mortgage finance institution are locally owned (i.e. their controlling shareholders are domiciled in Kenya), while 15 are foreign owned.

How many Tier 2 banks are there in Kenya? ›

According to the CBK Annual Report (2018), there are Fourteen Tier II banks in Kenya. Due to the small population size, n < 100, a census study was done for all the five years and analyzed using STATA software.

There are 9 Tier-1 commercial banks in Kenya which are classified according to the number of branches they have, their customer base, their assets and liabilities and their declared profits and losses year by year.

A general remarkable observation on estimated commercial banks efficiency scores is that banks in Kenya performed fairly well during the period. The commercial banks' efficiency score was not less than 40 percent at any one point.

The average banking sector's average funding costs rose marginally to 3.1 percent in 2022 from 2.9 percent, a trend reflected across all bank categories, driven by tightening monetary conditions in the economy. In terms of profitability, the total pre-tax profits rose by 23.0 percent to KES.

As of 2023, Equity Bank Group was the leading bank in Kenya in terms of of tier 1 capital, which reached approximately 1.44 billion U.S. dollars. Kenya Commercial Bank (KCB) followed with the second-largest volume of tier 1 capital, at around 1.41 billion U.S. dollars.

Equity Bank has been feted as the Overall Best Bank in Kenya for the 12th consecutive year, bagging 19 accolades in multiple categories, showcasing its exceptional performance across various sectors.