Top banks book Sh35bn forex gain from foreign units

Kenyan currency notes.

Kenyan currency notes.

Photo credit: File | Nation Media Group

Top Kenyan banks booked gains worth Sh35.8 billion when converting the 2023 financials of regional subsidiaries into Kenya shillings, reflecting the effect of a weaker currency in the period under review.

The exchange gains of the six tier-one banks that operate units in the region rose from Sh6.6 billion in 2022, boosting the value of assets, earnings and dividends from these subsidiaries.

Regional subsidiaries normally prepare their financials in their home currencies (functional currency), but when the financials are amalgamated into the group, the currency is translated into shillings (reporting currency).

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