KCB Group & Equity Bank Among Top 1000 Global Banks in 2017
Two Kenyan banks KCB Group (Stock; KCB) and Equity Bank (Equity) have been ranked the only Kenyan lenders among The Top 1000 Banks in the World in a report released on Monday by the Banker Magazine.
According to the ranking, KCB Group was placed first in Kenya, 18th in Africa and number 721 in the world with $929 Million in Tier 1 capital. Equity Bank on the other hand was ranked 2nd in Kenya, 21st in Africa and number 806 in the world with $740 Million in tier 1 capital.
KCB Group and Equity Bank were also listed among Africa’s Top 25 Banks. The ranking is an indication that Kenyan banking sector is very robust despite facing some unfortunate conditions in 2016.
South Africa’s Standard Bank Group once again tops the regional table with $8.6 Billion in Tier 1 capital. Rounding out the top three positions are fellow South African lenders FirstRand and Nedbank, second and third, respectively. FirstRand’s Tier 1 marginally decreased over the review period, dropping by 3.8%. Conversely, Nedbank posted a 24.7% gain.
KCB Group was also ranked second among Africa’s highest movers in a list that was dominated by lenders from South Africa. The bank posted a 29.55% increase to its Tier 1 capital.
World’s Top Banks
To be included in the 2017 edition of the Top 1000, banks must hold at least $442.12 million in Tier 1 capital, $38 million higher than 2016’s entry threshold.
Industrial and Commercial Bank of China (ICBC) stayed top for the fifth year running with $281 billion in tier 1 capital, the key measure of the ranking. China Construction Bank came in second place and Bank of China remained in fourth position.
Banks from the Middle East performed well despite the fall in oil prices. Profits in the United Arab Emirates increased $2bn while capital was up nearly 40%. Profits in both Qatar and Saudi Arabia increased by $1bn while the capital uplift was 71% in Qatar and 38% in Saudi Arabia.