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15 Nov 2019, Gergana Bencheva, EMIS Editor

Regional units of Kenyan banks book pre-tax profit growth of 31.5% y/y in 2018

The regional subsidiaries of Kenyan banks saw their pre-tax profit grow by 31.52% on an annual basis to KES 11.57 billion in 2018, Business Daily Africa reported referring to data released by the Central Bank of Kenya (CBK). The good result was mainly explained with increased lending.

In terms of regions, Rwanda emerged as the most profitable market for Kenyan bank units despite having fewer subsidiaries than, for example, Uganda and Tanzania. The Rwanda subsidiaries accounted for KES 2.79 billion in profits, or a 24.12% share of the total earnings. In comparison, the units in Tanzania accounted for 17.95% of the total profits and those in Uganda accounted for 16.71%.

In the meantime, Uganda topped the list of loss-making subsidiaries. NIC Bank, Guaranty Trust Bank and ABC Bank booked a combined loss of KES 339.67 million, Business Daily Africa noted.

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Original source: Business Daily Africa