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Youth Village Kenya > Blog > Business > Who owns the biggest banks in Kenya? List
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Who owns the biggest banks in Kenya? List

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Last updated: 2024/03/28 at 10:59 AM
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Biggest Banks in Kenya
Biggest Banks in Kenya
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In a surprising turn of events, Kenyan banks experienced a significant increase in cumulative net profits during the fiscal year 2023, despite grappling with a challenging economic environment marked by non-performing loans and other adversities. According to reports, these banks collectively witnessed a staggering rise in profits, soaring from KSh 11.43 billion to a remarkable KSh 185.9 billion. This substantial growth is indicative of the resilience and adaptability of Kenya’s banking sector amidst adversity.

Contents
1. Equity Bank2. Co-operative Bank3. NCBA Bank4. Family Bank5. Kenya Commercial Bank

1. Equity Bank

Leading the pack in this financial surge is Equity Bank, which announced a proposal to distribute dividends amounting to KSh 15.1 billion after achieving a profit after tax of KSh 43.7 billion. The bank, founded by Peter Munga, now sees its CEO James Mwangi holding a significant 3.39% shareholding, reflecting his vested interest and leadership in the institution’s success.

2. Co-operative Bank

Another notable player in the Kenyan banking landscape is Co-operative Bank, where shareholders are set to receive over KSh 8 billion in dividends for the fiscal year ending in December 2023. A significant development occurred with Kenyan billionaire Baloobhai Patel’s acquisition of 20.5 million Co-op Bank shares, solidifying his position as the second-largest individual shareholder after the bank’s CEO, Gideon Muriuki.

3. NCBA Bank

NCBA Bank, with a diverse ownership structure, saw the Ndegwa family emerge as prominent shareholders, overtaking the founding president Jomo Kenyatta’s family in terms of stakeholding. This shift underscores the dynamic nature of shareholding patterns within the banking sector, reflecting changing investment strategies and priorities.

4. Family Bank

Meanwhile, Family Bank, which began as the Family Finance Building Society, has evolved into a significant player with over 90 branches across Kenya and a workforce of around 1,500 employees. The bank’s shareholder base includes entities such as KTDA Holding Ltd, the estate of Rachael Njeri, Daykio Ltd, and individual stakeholders like Titus Muya, among others.

5. Kenya Commercial Bank

Kenya Commercial Bank (KCB), a cornerstone of the country’s financial system, witnessed changes in its shareholder profile, with local institutional investors holding the largest stake. Notably, the National Social Security Fund (NSSF) divested a portion of its shares in 2023, reflecting the fluidity of ownership dynamics in the banking sector.

These developments collectively highlight the robustness and adaptability of Kenyan banks in navigating complex economic landscapes. Shareholders, both individual and institutional, continue to play a pivotal role in shaping the trajectory of these financial institutions, ensuring sustained growth and stability in Kenya’s banking industry.

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TAGGED: Banks in kenya, co-operative bank, Equity Bank, family bank, featured, Finance, KCB, kenya commercial bank, NCBA Bank

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Editor March 28, 2024 March 28, 2024
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