Kenya's homegrown lenders have used high risk appetite and ability to connect with the bottom segment of the loans market to topple their foreign rivals from the top of the profitability table. The top three local banks now control 40 per cent of total industry earnings going by the latest six-month financial results. KCB, Equity and Co-operative Bank - earned Sh25 billion in the first six months of the year compared to 15 billion shillings that the top three foreign banks earned out of the industry's total profit of 62 billion.
The Star (Nairobi)
Kenya: Local Banks Beat Foreign Rivals in Profits ContestBy Marybeth Wambugu, 9 September 2013
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