Thursday, March 28, 2024

KCB named safest bank in Kenya in global survey

Safest Banks in Kenya: Kenya Commercial Bank (KCB) has been named the safest bank in Kenya by the Global Finance. The bank was recognized in the 29th annual World’s Safest Banks rankings which tracks the health and wealth of the global banking sector.

KCB was also rated number 1 in Eastern Africa and emerged in the top 10 among African banks. The survey analyzed close to 2,000 financial institutions globally, based on 2019 full year financial results.

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KCB’s top ranking was attributed to the bank’s strong capital base which is well within both internal and regulatory limits, solid business performance and a well-established corporate and retail franchise.

“We remain steadfast in strengthening our socio-economic contribution to the East African region and beyond and our commitment to creating value in the economies in which we operate. The core of our business lays in driving innovation while leveraging on technology in how we do business and support our stakeholders,” said KCB Group CEO and MD Joshua Oigara.

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Oigara added that while the 2020 ranking shows a stabilization in the finances of the majority of African major lenders, the COVID-19 pandemic has hit Banks significantly and will take toll on lenders in key African markets, such as South Africa and Nigeria through the coming year.

The ranking includes data on more than $123 trillion of assets in 94 countries. Beyond Tier 1 Capital, the ranking also includes additional data points such as Pre-Tax Profit, total Assets and key ratios including, Capital to Assets Ratio, Return on Capital, Return on Assets, Non Performing Loans, Loans to Assets, and Cost to Income to provide an overall view of their soundness, profitability, asset quality and operational efficiency. Safest Banks in Kenya.

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