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Stable shilling cuts top banks forex income by Sh9bn
Banks primarily make money from forex by supporting clients including individuals, corporates and institutions in sourcing for foreign exchange for trade, remittances, investments and cross-border transactions.
Top Kenyan banks saw their forex exchange trading income fall by Sh9 billion in the three months to March as the stability of the Kenya shilling against the US dollar reduced trading spreads --the difference between the rate lenders offer for the American currency and the selling price.
Forex trading income for the nine top listed lenders including Equity Group, NCBA Group and Standard Chartered Bank Kenya fell 52.4 percent in the review period to Sh8.2 billion compared to Sh17.2 billion a year earlier.
