Kenyan banks saw their half-year staff costs surge by Sh1.39 billion in the six months to June 2017 despite multiple rounds of job cuts by lenders as they shifted to technology to cut costs in the era of interest rate caps.
Banks spent Sh47.4 billion to remunerate their employees in the first half of this year compared to Sh46.01 billion in the six month period to June 2016, a growth of 3.04 per cent, according to industry data compiled by the Business Daily.
