Businesses & Financial News

Kenyan banks’ assets now worth over Sh5.5trillion in five years

Total assets held by Kenyan commercial banks hit over Sh5.5trillion as of December 2020 from Sh3.6trillion the local lenders had accumulated by 2015, latest industry figures show.

According to the latest white paper on the modernization of the monetary policy framework and operations by the Central Bank of Kenya (CBK), that growth represents a 53 per cent jump in a period that also had swell by 42 per cent to record Sh3.7 trillion by end of last year. Customers’ deposits stood at Sh2.6trillion in 2015.

That growth, according to CBK’s Governor Dr. Patrick Njoroge would be higher were it not for the challenges seen in the financial sector including the repeal of interest rate caps in November 2019 and impacts linked to Covid-19.

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