Strong growth Kenya banks

Kenya’s banking industry has showed a strong performance in 2014. East Africa’s top lender Equity Group Holding did extremely well with 18 per cent pre-tax growth, closely followed by Kenya Commercial Bank’s (KCB) 17.5 per cent rise and Barclays Bank of Kenya’s 10 per cent rise.

According to a report by CNBC Africa, the double-digit growth numbers basically have been a result of growth in loans and advances. To continue to meet the growing demands in the banking sector, most banks are turning to other channels like technology to further enhance growth of the banks in the long term.

Diamond Trust Bank (DTB), an affiliate of the Aga Khan Fund for Economic Development, reported a growth of 17.8 per cent in its pre-tax profit to 8.52 billion Kenyan shillings. DTB said its net interest income grew by 16.2 per cent to 12.79 billion Kenyan shillings in 2014. These impressive figures were also driven by stronger loan book growth.

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