Eight top commercial banks that account for more than 90 per cent of listed lenders' income shed off millions shillings in cost cuts even as their total income rose in the first six months of the year, helping them shrug off the impact of the rate caps and grow their profits, latest industry data shows.
KCB #ticker:KCB , Equity #ticker:EQTY , DTB #ticker:DTK , Stanbic, NIC #ticker:NIC , StanChart #ticker:SCBK , Barclays #ticker:BBK and Co-op #ticker:COOP banks reduced their total costs to about Sh82.5 billion or by over Sh700 million as total income rose 8.7 per cent to more than Sh151 billion in the half year. That action saw costs, relative to income (cost-to-income, CTI) ratio, fall to 55.7 per cent in the period under review compared to 59.2 per cent last year.
