Central Bank of Kenya (CBK) Report Highlights Strong Performance and Resilience in Banking Sector for 2023

The Central Bank of Kenya (CBK) has released its Banking Sector Supervision annual report for 2023, showcasing the improved financial strength and resilience of the sector. Despite facing economic challenges such as the devaluation of the Kenya shilling, the banking sector demonstrated stability and resilience throughout the year.

According to Central Bank Governor Kamau Thugge, the positive trajectory of the banking sector is expected to continue into 2024, making it one of the best-performing sectors on the Nairobi Securities Exchange (NSE). The report highlighted key players in the banking sector, with Equity Group and KCB Group leading the pack based on market capitalization.

Equity Group, with a market cap of KSh 155.85 billion, and KCB Group, with a market cap of KSh 102.18 billion, are the top two banks on the NSE. Other notable banks such as Absa Bank Kenya, Co-operative Bank, and Standard Chartered Bank also featured in the report, showcasing their financial performance and market value.

Overall, the CBK report paints a positive picture of the banking sector in Kenya, emphasizing its strength and resilience in the face of economic challenges. With continued growth expected in 2024, investors and stakeholders can look forward to a robust performance from the banking industry on the NSE.