Kenyan banks trimmed their regional branch networks in 2024 but still delivered stronger earnings from subsidiaries, with the Democratic Republic of Congo (DRC) consolidating its role as the region’s growth engine, according to data released by the CBK.
- •Subsidiaries across the East African Community (EAC) operated 586 branches by December 2024, down 10.4% from 654 a year earlier.
- •The contraction was driven by branch rationalizations at KCB’s BPR Bank and Equity Bank Rwanda, but both lenders retained the largest footprints with 236 and 185 branches respectively.
- •Total profit before tax rose 10.9% to KSh 73.36 billion in 2024 from KSh 66.13 billion in 2023, supported by higher interest and non-funded income, with the DRC contributing nearly half of earnings, followed by Rwanda and Tanzania.
Workforce and Assets
Even with fewer branches, staffing expanded. Subsidiaries employed 12,811 people at the end of 2024, up 11.8% from 11,460 in 2023. Equity’s growth in Uganda and the DRC accounted for most of the increase. The DRC alone employed 3,754 people, nearly 30% of the regional total.
| Country | Employees 2023 | Employees 2024 | % of Total (2024) |
|---|---|---|---|
| DRC | 3,514 | 3,754 | 29.3% |
| Uganda | 2,925 | 3,199 | 25.0% |
| Rwanda | 2,814 | 2,814 | 22.0% |
| Tanzania | 1,840 | 1,841 | 14.4% |
| Others | 1,267 | 1,203 | 9.3% |
| Total | 11,460 | 12,811 | 100% |
Total assets of subsidiaries slipped 7.3% to KSh 2.15 trillion from KSh 2.32 trillion in 2023, mainly due to the strengthening of the Kenya shilling against regional currencies. The DRC was the largest contributor with 43.5% of assets, led by Equity’s Banque Commerciale du Congo (BCDC) and KCB’s Trust Merchant Bank (TMB).
| Country | Assets 2023 (KSh Bn) | Assets 2024 (KSh Bn) | % of Total 2024 |
| DRC | 910.6 | 933.4 | 43.5% |
| Uganda | 423.2 | 362.3 | 16.9% |
| Rwanda | 372.5 | 315.6 | 14.7% |
| Tanzania | 340.7 | 305.4 | 14.2% |
| Mauritius | 185.8 | 152.7 | 7.1% |
| Others | 82.7 | 77.5 | 3.6% |
| Total | 2,315.1 | 2,146.9 | 100% |
Deposits and Profitability
Deposits dropped 5.8% to KSh 1.70 trillion from KSh 1.81 trillion, also weighed down by currency effects. The DRC remained dominant, contributing 45% of the total. Equity’s BCDC led with KSh 542 billion in deposits, followed by KCB’s TMB with KSh 224 billion.
Regional subsidiaries grew profits despite balance sheet pressures.
| Country | Profit 2023 (KSh Bn) | Profit 2024 (KSh Bn) | % of Total 2024 |
| DRC | 30.1 | 33.5 | 45.7% |
| Rwanda | 13.8 | 16.8 | 22.9% |
| Tanzania | 5.6 | 10.6 | 14.8% |
| South Sudan | 4.4 | 5.3 | 7.3% |
| Uganda | 8.9 | 4.1 | 5.6% |
| Mauritius | 2.2 | 1.9 | 2.6% |
| Burundi | 1.0 | 0.9 | 1.2% |
| Total | 66.1 | 73.4 | 100% |
The data shows Kenyan banks are increasingly dependent on high-growth markets, especially the DRC, to drive regional profitability. Even as asset values and deposits came under pressure from currency fluctuations, subsidiaries in frontier markets delivered stronger earnings, underlining a shift toward efficiency and deeper market integration.
