I&M, Co-operative Banks tops in performance in first quarter of 2020

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I&M bank and Cooperative bank showed resilient performance in the first quarter of this year, according to research conducted by Cytonn Financial Services Research Team.

I&M bank was ranked top followed by Cooperative bank while KCB came third.

Co-operative rose from position three in 2019 to two this year’s first quarter, with its gross non-performing loan ratio in this year recording a 10.8 percent as opposed to a 11.2 percent in 2019.

The research focused on perfomances of about 38 commercial banks, 13 microfinance banks, 74 foreign exchange bureaus, 18 money remittance providers in Kenya.

“Kenya’s banking sector showed resilient performance despite the tough operating environment which was largely attributed to persistent revenue diversification” Cytonn stated.

The research indicated that the banks reported a decline in the quality of their loan books as a result of compliance with the new accounting rules.

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