Nairobi, Kenya – While ordinary Kenyans are feeling the pinch, the nation’s banking giants are celebrating a year of unprecedented financial success. New data reveals that Kenyan banks have collectively smashed profit records, leaving many to wonder if their soaring success comes at the expense of everyday depositors.
According to a bombshell report, the banking sector collectively netted a staggering Sh240.1 billion in profit in 2024, a record high. This jaw-dropping figure was achieved even as high interest rates caused a notable decline in lending. So, how did they do it?
The major players led the charge. KCB Group emerged as the top earner, posting an eye-watering Sh61.8 billion net profit. Not to be outdone, Equity Bank came in a close second with a colossal Sh48.8 billion in revenue.
In a move that’s sure to raise eyebrows, these banking titans are now rewarding their shareholders with generous dividend payouts. While ordinary citizens struggle with a high cost of living, banks like KCB and Equity are rewarding their investors, highlighting a growing disconnect between the financial elite and the public.
This record-breaking year comes at a curious time. The Central Bank of Kenya recently slashed the benchmark lending rate from 13% to 10.75%, a move intended to encourage banks to pass on the benefits to their customers. But with profits this high, will the banks truly share the wealth, or will they continue to prioritize their bottom line?
This story continues to develop, with many eagerly watching to see if the financial gains will trickle down to the hard-working people who need it most.
