Best bank: Equity Bank
Equity Bank continued to grow its total assets in 2023, surpassing the KSh1 trillion ($7.7 billion) mark at the end of the year. The bank maintained a third of its consumer loans to salaried civil servants, teachers and private-sector employees at 13% interest, despite the central bank hiking rates much higher.
AfE 2024
It also maintained all loans disbursed during the interest rate-capping period at the same rate.
This has flowed through to the balance sheet where interest income was up 23% against interest expenses – which almost doubled from KSh23.9 billion in 2022 to KSh40.3 billion in 2023. Nevertheless, the bank still generated a net profit for the year of KSh26.7 billion.
In November last year, Equity Bank completed its acquisition of CogeBanque in Rwanda. The resultant entity, Equity Bank Rwanda, is the second largest bank there.
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