Co-operative Bank of Kenya recorded lower-than-expected performance to post a mild 5.2% y/y growth in net earnings to KES 23.19Bn throughout 2023. Net interest incomes declined marginally by 60bps y/y – grounded by a faster surge in interest expenses relative to interest incomes.
KCB Group FY’23 earnings surprised on the downside to post an 8.3% y/y decline in net earnings to KES 37.46Bn. The decline was prompted by a 154.7% jump in loan loss provisions – reflecting the impact of increased downgrades and adverse FX movements over the period.
ABSA Bank Kenya met in-house expectations to record a modest 12.2% y/y growth in net earnings to KES 16.37Bn throughout 2023. The expansion in revenue was propelled by organic demand growth and margin expansion across both wholesale banking and retail segments.
Standard Chartered Bank Kenya surpassed in-house expectations to post a remarkable 14.7% y/y growth in net earnings to KES 13.84Bn throughout 2023. Revenue growth was driven by a balanced demand growth in both affluent banking and mass retail propositions.
Stanbic Holdings exceeded in-house expectations to record a strong 34.2% y/y growth in net earnings to KES 12.16Bn throughout 2023. The performance now cements a strong double-digit return corridor for the third consecutive year.
On a monthly perspective, the market indices recorded an upward trend with the Nairobi All Share Indexincreasing by 0.3% m/m. Foreigners’ participation rate eased marginally to 60.0% of total market activity.
