Internet and mobile banking has paid off for banks with the sector registering two million new accounts in the first quarter of the year.
According to the
Over the period the number of deposit accounts increased from 21.8 million in
Over the same period last year, the deposit accounts grew by more or less the same margin by 9.1 per cent to 17.3 million accounts. CBK data shows that 1.4 million new accounts were opened over the same period last year.
Though loans and advances rose seven per cent to Sh1.69 trillion during the quarter, the survey notes that credit to the energy and mining sectors declined as the repayment rate in this sector surpassed new loans given.
Deposits made up 72.3 per cent of the sector's funding liabilities as they grew from 1.94 trillion as at
Total bank branches in the country stood at 1363 over the period.
Banks increased their capital with the industry registering a growth of two per cent from Sh418.2 billion to 426.6 billion. Shareholders funds rose by five per cent from Sh432.2 billion to 453.6 billion.
"However, the ratios of core and total capital to total risk-weighted assets decreased from 17.9 per cent and 20.7 per cent to 15.7 per cent and 18.2 per cent respectively," said the CBK in the quarter one industry report.
Gross non performing loans increased by 16.1 per cent to Sh95.1 billion from Sh81.9 billion in December.
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