Why KCB has been recognised as the best bank in Kenya
Kenya Commercial Bank (KCB) has been recognized as the best bank in Kenya by the global finance magazine during their 28th annual awards for the world’s best banks.
The reward was for KCB’s robust market presence in the East African region, and its digital innovation to drive financial inclusion especially during a pandemic.
“We are delighted to receive this award for the third year in a row. This is a testament of the social-economic impact that our products and services are having in Kenya and in the region. As KCB, the core of our business is to drive financial inclusion in Africa. With such recognition, we are constantly motivated to continue putting in the effort to ensure we can serve our customers to the best of our abilities.” Said Joshua Oigara, KCB’s Chief Executive Officer
The award selections were made by the editors of global finance after extensive consultations with corporate financial executives, bankers and banking consultants, and analysts throughout the world.
In a statement by global finance, joseph d. Giarraputo, publisher and editorial director of global finance said, “banks are playing a key role in economic recovery around the world. Our best bank awards highlight the leaders in restoring growth and mapping a way forward. This year’s evaluations are more important and valuable than at any point in their 28-year history, given the unprecedented economic conditions wrought by the global pandemic.”
The award comes just days after KCB reported a 22 percent drop in its net profit to Ksh.19.6 billion for the year ended December 2020.
However, the lender is optimistic that the economy and banking sector will recover from the effects of the coronavirus pandemic.
This is based on the fact that the pandemic has accelerated an already rapidly shifting operating landscape accentuated by elevated customer expectations, digital disruption, and intensified competition.
In October last year, the bank was named the Safest Bank in the country by Global Finance rankings.
The 29th annual World’s Safest Banks ranking recognised KCB among 14 African banks in the list consisting of lenders from 112 countries.
KCB was the only bank in Kenya that made the list of safest banks globally.
KCB was also ranked at position 667 globally in The Banker’s Top 1,000 World Banks ranking for 2020, climbing 40 places in the survey that shows stabilisation in the finances of the majority of African major lenders.
The performance is an improvement from position 717 last year in the ranking, which tracks the health and wealth of the global banking sector. KCB was ranked 809 . in 2018.