Rwanda leads region in minting profits for Nairobi banks
An aerial view of Rwanda's capital Kigali. The country contributed the highest earnings capacity recording $73.9 million in profits for Kenyan banks in 2022.
Kenyan banks with subsidiaries in Rwanda made the highest profit in the region as East Africa’s fastest growing economy provided the most fertile ground for banking business in the region last year, withstanding the economic shocks related to the Russian invasion of Ukraine.
Latest data by the Central Bank of Kenya shows that regional subsidiaries profit before tax grew by 88.65 percent to Ksh32.51 billion ($237.29 million) last year, from Ksh17.23 billion ($125.76 million) in 2021 with a bulk (31.26 percent) of the earnings coming from the Rwandan operation.
