The Democratic Republic of Congo (DRC) has overtaken Rwanda as the most profitable market for subsidiaries of Kenyan banks within the East African Community bloc, highlighting the opportunities in the mineral-rich Central African nation.
The latest disclosures by the Central Bank of Kenya (CBK) show that the pre-tax profit realised by regional subsidiaries of Kenyan banks more than doubled to Sh66.13 billion in 2023 from Sh32.51 billion in 2022. The DRC market contributed the highest proportion of the total earnings by Kenyan banks’ regional subsidiaries, equivalent to 45.52 percent (Sh30 billion).
