Kenya: CBK figures show steep rise in new bank accounts

Jun 18, 2014

Two million new accounts were opened at Kenyan banks in the first quarter of 2014, according to the latest figures from the country's central bank.

Two million new accounts were
opened at Kenyan
banks in the first quarter of 2014, according to the latest figures from the country's central bank.

Over the period
comma
the number of deposit accounts increased from 21.8 million in December 2013 to 23.8 million,
representing a growth of 9.2 per cent. This rise is partly due to
the sector's
investments in Internet and mobile banking services, the Central Bank of Kenya (CBK) said in its new survey for the first quarter
of
2014, quoted by newspaper The Star.

Deposits made up 72.3 per cent of the sector's funding liabilities, growing from Sh1.94 trillion (€16.34 billion) in December 2013 to Sh2.04 trillion by the end of March. This was driven by branch expansion, remittances from the diaspora, receipts from exports and
the
adoption of alternative channels of delivering banking services, the CBK said.

The figures also reveal the industry made a profit before tax totalling Sh33.42 billion, a rise of 0.4 per cent compared to Sh33.28 billion recorded in December last year.

Loans and advances rose seven per cent to Sh1.69 trillion over the first quarter. However, the survey notes that credit to the energy and mining sectors declined as the repayment rate in this sector surpassed new loans given.ADNFCR-2976-ID-801728967-ADNFCR