KCB Group up 92 places in global industry ranking : The Standard

KCB Group has been ranked at position 717 in The Banker’s Top 1000 World Banks ranking for 2019, climbing nearly 100 places on the back of steady growth and strong balance sheet. The bank emerged first in eastern Africa and 21st on the continent at it improved from position 809 last year. KCB was Africa’s highest mover in the ranking, which tracks the health and wealth of the global banking sector, according to a statement from the lender yesterday. The survey, which ranks the largest bank holding companies based on Tier One capital, analysed close to 2,000 financial institutions based on 2018 full year financial results.

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KCB attributed its ranking to a strong capital base, solid performance and a well-established corporate and retail franchise. “We had a strong year and the business witnessed growth across various segments. The international businesses have continued to improve while our digital offerings have continued to witness increased activity,” said KCB Group Chief Executive Joshua Oigara in the statement. Globally, banks had their best year ever despite the challenges of tighter regulation, higher capital requirements, competition from fintechs and low interest rates in Europe and the US, said the statement.

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The Banker said low banking levels in emerging markets as well as deliberate investments in technology are allowing banks to grow their profits much quicker than in more advanced countries. According to the Banker, the Kenyan banking sector remained strong on sustained assets growth with the top banks growing assets by as much as 10 per cent and return on assets by 115 basis points during the period under review.

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In its latest review, rating firm S&P Global Ratings affirmed its ‘B+/B’ long- and short-term issuer credit ratings on KCB, with a stable outlook. S&P said the bank is well placed to maintain its revenue stability in the current economic environment.

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KCB GroupThe Banker’s Top 1000World Banks