Kenya’s financial sector is predominantly governed by commercial banks, all of which operate under the regulatory oversight of the Central Bank of Kenya (CBK). With so many options, choosing the right bank can be overwhelming, especially when each institution promises top-notch, innovative financial services. But do they all live up to their claims?
One of the key indicators of a bank’s stability is its asset base—banks with larger asset bases are generally considered more stable. In this comprehensive guide, we have leveraged the latest CBK report to present a rundown of the top 10 banks in Kenya by asset base, helping you make a well-informed financial decision.
List of Top Banks in Kenya – 2024
| Bank | Capital Base (Ksh) |
| KCB Bank Group | 1.4 trillion |
| Equity Bank | 1.004 trillion |
| NCBA Bank Kenya PLC | 661 Billion |
| Co-operative Bank | 624 Billion |
| Absa Bank Kenya | 520 Billion |
| Stanbic Bank | 449 Billion |
| Standard Chartered Bank | 429 Billion |
| I&M Bank Kenya | 405 Billion |
| Diamond Trust Bank | 399 Billion |
| Bank of Baroda | 201 Billion |
Detailed Description of the Largest Banks in Kenya
1. KCB Bank Group – Ksh1.4 trillion
The KCB Bank Group is officially Kenya’s largest banking services provider according to a 2023 industry report by the Central Bank of Kenya. This Big Boy has won the trust of many people over the years due to its exemplary performance. The bank focuses on driving service delivery to fulfill its mission of being the “leading financial solutions center” in this part of the globe.
KCB Bank has 207 branches in Kenya, an asset base of 1.4 Trillion, and its headquarters are in Kencom House in Nairobi. The Bank is not only the largest lender in Kenya on asset base; it also has garnered customer trust across the borders. With a 69% net profit growth in Q1 of 2024, it’s the proud owner of the title “East Africa’s largest and most profitable financial institution.”
2. Equity Bank – Ksh1.004 trillion
Equity Bank is widely known in Kenya and also across the East African Community because of its excellent services. Its tagline, “Your Listening, Caring Partner,” has helped it gain immense trust from its customers. The bank offers integrated financial services that empower businesses, communities, or customers both economically and socially.
The bank’s headquarters are at Equity Center in Upperhill, Nairobi. It has up to 197 branches countrywide to ensure timely delivery of financial services to customers, even to those at the grassroots level.
With a presence in six countries and a diverse clientele, Equity Bank is a trailblazer in the realm of innovation. In fact, they are the only Kenyan bank that offers PayPal to Bank withdrawals – something that makes them a darling to players in the burgeoning digital economy.
3. NCBA Bank Kenya PLC – Ksh661 Billion
Formed out of a merger between NIC and CBA banks, NCBA Bank offers mobile banking, relationship management, financial services, and investment solutions to guarantee customer satisfaction. Apart from being the 3rd largest bank in Kenya, it’s one of East Africa’s fastest-growing financial institutions.
NCBA bank has 92 branches, and its head office is at NCBA House, Upperhill Nairobi. The bank is best known for holding the largest number of high-value accounts in the country i.e. accounts with deposits exceeding Ksh100,000. With that in mind, this might just be the go-to bank for the Kenyan middle-class.
4. Co-operative Bank – Ksh624 Billion
The Co-operative Bank is a customer-centric bank that distinguishes itself through its cooperative movement approach that emphasizes sustainable banking and community engagement. The bank’s high reputation is attributed to its exemplary customer service and zero account operating charges.
Co-operative Bank has a total of 171 branches and plans to open more branches soon. These (branches) help it to cater to its ever-growing customer base and ensure convenient service delivery. The Co-operative House in Nairobi houses the bank’s head office.
5. Absa Bank Kenya – Ksh520 Billion
Formerly Barclays Bank, Absa Bank Kenya is a subsidiary of Absa Group Limited, a South-Africa-based financial service provider with a solid presence in Africa. The bank offers various services including investment, retail, corporate, and business advisory to its clients.
The Absa headquarters are situated along Waiyaki Way in Westlands, Nairobi County. It boasts 107 branches countrywide all of which help this giant guarantee quality service delivery to its clientele.
Ranked one of the “Best Employers in Kenya,” the bank seems focused on improving the value of customer interactions through employee empowerment. After all, don’t happy employees always lead to happy customers?
6. Stanbic Bank – Ksh449 Billion
Stanbic Bank Kenya, formerly CFC Stanbic, focuses on delivering value addition to its clients. Considered one of the best performing banks under the Stanbic Africa PLC banner, this financial institution boasts a strong grip of the manufacturing sector in Kenya with clients like the multi-billion Devki Group firmly under its wings.
Stanbic offers bespoke support on foreign exchange markets thanks to its solid presence in Africa and beyond. Also, the bank has special interests in MSMEs, youth, and women’s groups with the objective being to enable financial empowerment and inclusion.
The bank’s head office is at Stanbic Bank Center, Chiromo Road, Nairobi. It has 31 physical branches spread across the Kenya.
7. Standard Chartered Bank – Ksh429 Billion
The first truly global bank on our list of top banks in Kenya, Standard Chartered Bank is a top financial institution that focuses on helping individuals and businesses achieve financial freedom. With over 25 markets in Europe, Asia, and Africa, it embraces digital technology for optimal service delivery to meet customer’s investment, borrowing, and transactional demands. For this reason, Standard Chartered Bank has won several global awards in mobile banking, digital banking, and sustainability.
The bank’s Kenyan headquarters are in the Standard Chartered Building in Westlands, Nairobi. It has more than 24 branches in Kenya’s major towns.
8. I&M Bank – Ksh405 Billion
I&M Bank has gained trust among many Kenyans since its inception in 1974 as a leading financial institution that supports economic growth. This has been possible through its focus on enhancing shareholder value, embracing technology, and promoting fairness in service delivery.
With an asset base of over 400 billion shillings, it proudly belongs to the coveted Tier I category of banks; a preserve of Kenyan banks with hundreds of billions worth of net assets and widely deemed unlikely to collapse. The bank gained those status following its takeover of Giro Bank in 2017.
I&M Bank has 41 branches in Kenya and is headquartered in Nairobi’s Parklands area along First Parklands Avenue.
9. Diamond Trust Bank – Ksh399 Billion
For over 70 years, Diamond Trust Bank has been Kenya’s and East Africa’s go-to bank due to its endless innovative services plus financial stability. The bank has invested heavily in digital banking and largely aims to boost education, agricultural, and fintech sectors.
It’s also worth noting that no other bank in Kenya has a solid presence across East Africa as DTB’s. The bank has a solid presence on Tanzania, Uganda, Burundi, and of course Kenya – a feat even the largest banks in the land are yet to achieve.
This NSE-listed vendor is a subsidiary of the Aga Khan Development Network (AKDN), the bank boasts over 400 billion worth of assets locally.
Home to over 84 branches countrywide, it is one of the few banks that have heavily invested in expanding its physical branches at a time when most banks are doing the opposite in favor of digital banking. With branches in places like Gikomba, Bomet and so forth, this bank looks all set to tap into the unbanked world.
The DTB head office is at the DTB Center, along Mombasa Road, Nairobi.
10. Bank of Baroda – Ksh201 Billion
With only 15 branches in Kenya and just over 200 billion in capital base, Bank of Baroda is by no means a Tier I bank. However, a look at its balance sheet proves that it is a financial institution capable of standing tall among the giants.
Founded in 1953, this bank is a subsidiary of the Bank of Baroda India, an Indian government public sector bank.
The bank strives to improve the value of its customers through well-trained staff so as to provide excellent financial services.
The head office of the Bank of Baroda is in Baroda House, Koinange Street, Nairobi City County.
Conclusion
The above banks are not just top banks in Kenya by asset base; they epitomize excellent customer service and innovativeness for better quality delivery. While a bank’s financial stability is quite essential since it makes it more competitive, other factors like overall net profits, convenience, and customer service are also relevant. Nevertheless, a large asset base gives a bank room for expansion, lending, and investment.
With a Diploma in Banking and Finance, Lenah boasts a good understanding of the Kenyan business landscape. She is a seasoned freelance copywriter who enjoys reading the Bible during her free time.