Gala names top rated banks in Kenya
Central Bank of Kenya director of banking Rose Detho (right) presents Imperial Bank head of marketing Muthoni Wachira with the best bank in SME banking award during the Banking Awards gala night at the Carnivore in Nairobi on Thursday night. Photo/CORRESPONDENT
Equity Bank, Barclays Bank and Kenya Commercial Bank took the first three slots as the best banks in Kenya during in a ceremony that recognises the best financial institutions.
The three banks currently top the ranks of the most profitable institutions in Kenya as measured by their pre-tax profit.
In 2008, Barclays Bank recorded a 13 per cent increase in pretax profit to Sh8 billion with KCB recording a 42 per cent increase to Sh6 billion while Equity Bank doubled its pretax profit to Sh5 billion to take the third position.
The annual awards were launched in 2006 by Think Business Limited with Renaissance Capital Kenya, the local subsidiary of the Russian-owned investment bank and Business Daily coming in as the main sponsors of the awards for the past two years.
“The aim of these awards is to encourage prudence and stability in the banking sector by recognising, awarding and celebrating exemplary performers and successes of the sector, consequently encouraging competition,” a statement from the organisers reads.
The awards have 21 categories each with about three winners making almost half of the 43 commercial banks in Kenya winners. This year’s ceremony was held at the Carnivore Restaurant grounds.
Governor, Central Bank of Kenya Prof Njuguna Ndung’u was represented by the director of banking Rose Detho.
Among the categories is a special award for non-banking organisations that have made notable contribution to the banking industry with this year’s award going to Craft Silicon Limited, an information technology company.
On individual categories, the Life Time Achievement in Banking Awards went to Ms Nassim Devji the managing director of Diamond Trust Bank while Corporate Banker of the Year award went to Mr John Wandalo, the divisional director, corporate, Kenya Commercial Bank.
Mr John Ngumi, investment banking director, CFC Stanbic, won the Investment Banker of the year award.
Chase Bank, Diamond Trust, and Equity Bank were nominated as the fastest growing commercial banks in country while Bank of India, Citi, and Bank of Baroda came top on the most efficient banks.
Banks with the most satisfied customers were named as Bank of Africa, Gulf Africa Bank and Ecobank.
