The Kenyan banking sector experienced robust growth in 2023, with commercial banks' total assets soaring by 16.7% to reach Sh7.7 trillion as of December 31, 2023, up from Sh6.6 trillion the previous year.
According to the Central Bank of Kenya’s Bank Supervision Annual Report 2023, the sector's performance reflects resilience amid a challenging business environment.
Customer deposits also surged by 18%, rising from Sh5.0 trillion in December 2022 to Sh5.9 trillion in December 2023.
Top 5 richest banks in Kenya
1.KCB
Data from the Central Bank of Kenya's Bank Supervision Annual Report 2023 shows that KCB holds the largest market share of 17.4%, and asset base of Sh1.43 trillion, positioning it as the wealthiest bank in Kenya as of 2023.
In 2024, KCB reported that the asset base had hit Sh2 trillion.
2.Equity Bank (Kenya) Ltd
Equity Bank ranks second with a market share of 12.2%, reporting total assets valued at Sh1.00 trillion.
3.NCBA Bank Kenya PLC
With a 9.2% market share, NCBA Bank’s total assets amounted to Sh661.74 billion, making it one of the largest financial institutions in Kenya.
4.Co-operative Bank of Kenya Ltd
Co-operative Bank holds an 8.8% market share, with total assets valued at Sh624.25 billion.
5. Absa Bank Kenya PLC
Rounding out the top five, Absa Bank commands a 6.6% market share, with total assets of Sh520.30 billion.
VOTE: Nominees for the business category in the 2025 Pulse Influencer Awards
39 richest banks in Kenya by asset base
Below is a comprehensive list of all 39 banks in Kenya, market share and assets
| Rank | Large banks | Market Share (%) | Total Assets (Sh) |
|---|---|---|---|
| 1 | KCB Bank Kenya Limited | 17.4 | 1.43 trillion |
| 2 | Equity Bank (Kenya) Ltd | 12.2 | 1.00 trillion |
| 3 | NCBA Bank Kenya PLC | 9 | 661.74 billion |
| 4 | Co-operative Bank of Kenya Ltd | 8.8 | 624.25 billion |
| 5 | Absa Bank Kenya PLC | 6.6 | 520.30 billion |
| 6 | Standard Chartered Bank (K) Ltd | 5.9 | 429.28 billion |
| 7 | Stanbic Bank Kenya Ltd | 5.8 | 449.61 billion |
| 8 | I&M Bank Limited | 5.4 | 405.61 billion |
| 9 | Diamond Trust Bank Kenya Limited | 5.3 | 399.62 billion |
| Medium Banks | |||
| 10 | Bank of Baroda (Kenya) Limited | 2.8 | 201.94 billion |
| 11 | Prime Bank Ltd | 2.7 | 166.06 billion |
| 12 | Citibank N.A. Kenya | 2.3 | 151.77 billion |
| 13 | Family Bank Ltd. | 1.8 | 142.32 billion |
| 14 | Bank of India | 1.8 | 103.08 billion |
| 15 | National Bank of Kenya Ltd | 1.7 | 161.11 billion |
| 16 | SBM Bank (Kenya) Ltd | 1.1 | 94.92 billion |
| 17 | Ecobank Kenya Ltd | 1 | 103.94 billion |
| Small Banks | |||
| 18 | HFC Ltd | 0.8 | 59.15 billion |
| 19 | Victoria Commercial Bank Plc | 0.7 | 59.20 billion |
| 20 | Bank of Africa Ltd | 0.6 | 51.72 billion |
| 21 | Gulf African Bank Limited | 0.5 | 42.13 billion |
| 22 | Guaranty Trust Bank (Kenya) Limited | 0.4 | 30.11 billion |
| 23 | African Banking Corporation Ltd | 0.5 | 41.78 billion |
| 24 | Sidian Bank Ltd | 0.6 | 44.74 billion |
| 25 | Habib Bank AG Zurich | 0.4 | 36.13 billion |
| 26 | DIB Bank Kenya Ltd | 0.4 | 26.49 billion |
| 27 | UBA Kenya Bank Ltd | 0.4 | 31.21 billion |
| 28 | Premier Bank Kenya Ltd | 0.3 | 23.31 billion |
| 29 | Credit Bank PLC | 0.3 | 25.72 billion |
| 30 | Commercial International Bank (CIB) Kenya Limited | 0.3 | 17.54 billion |
| 31 | Kingdom Bank Kenya Limited | 0.3 | 36.72 billion |
| 32 | Development Bank of Kenya Ltd | 0.3 | 18.84 billion |
| 33 | Guardian Bank Limited | 0.3 | 15.85 billion |
| 34 | M-Oriental Bank Kenya Ltd | 0.2 | 13.86 billion |
| 35 | Middle East Bank (K) Ltd | 0.2 | 18.85 billion |
| 36 | Paramount Bank Ltd | 0.2 | 15.44 billion |
| 37 | Access Bank (Kenya) PLC | 0.2 | 17.16 billion |
| 38 | Consolidated Bank of Kenya Limited | 0.2 | 15.21 billion |
| 39 | Spire Bank Limited | - | 2.88 billion |
Banking Sector Performance
The impressive growth in customer deposits from Sh5 trillion in December 2022 to Sh5.9 trillion was primarily driven by increased usage of mobile banking platforms and agency banking initiatives, highlighting the sector's adaptability to technological advancements.
Despite these gains, the banking sector's profit before tax fell by 8.8%, from Sh240.4 billion in 2022 to Sh219.3 billion in 2023.
The decline was attributed to a sharper increase in total operating expenses compared to the rise in total income.
Total expenses rose by Sh175.3 billion, while income increased by Sh154.1 billion during the period.
Rising Operating Expenses Impact Profitability
The Central Bank of Kenya's report identified several factors contributing to the rise in operating expenses, which included a 41.3% increase in interest expenses, a 22.8% rise in other operating expenses, and a 19.8% growth in salaries and wages.
Additionally, bad debt charges climbed by 16.1%, further straining the sector's profitability.
The report also revealed that the banking sector's capital and reserves increased by 6.9%, from Sh917.6 billion in December 2022 to Sh980.9 billion in December 2023.
This growth was largely driven by a rise in retained earnings, which jumped by Sh81.2 billion, and share premiums.
Dividend Payouts See Moderate Growth
Despite the overall decline in profitability, banks showed confidence in their future performance, with proposed dividends increasing by Sh3.4 billion to Sh50.8 billion in 2023.
The report noted that the increase in proposed dividends had minimal impact on the sector’s capital and reserves due to the larger margin in retained earnings and share premium, which collectively grew by Sh94.9 billion.
READ: 39 richest SACCOs in Kenya by asset base - SASRA report