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07 Mar 2019, Gergana Bencheva, EMIS Editor

Kenyan banks’ total pre-tax profits jump 12.3% y/y in 2018

Kenyan banks' total pre-tax profits jumped by 12.3% on the year to KES 152.3 billion in 2018, reaching a record-high amount, Business Daily Africa reported referring to data provided by the Central Bank of Kenya (CBK). Thus, the 2018 profit growth is the fastest since 2015-2016 when it went up by 13.8% on the year.

The good results make the banking industry one of the most profitable sectors of the African country’s economy. In under a decade, banks in Kenya have more than doubled their combined profits and they expect an even greater growth in 2019.

Yet, banks still describe the economic environment as in the country as challenging. Their troubles were boosted in 2016 when President Uhuru Kenyatta signed an amendment to the Banking Act which took away their free hand in pricing loans, Business Daily Africa noted.

Sign in and read the full article in emis.com, and find out more about EMIS. Original source: Business Daily Africa