A majority of listed banks in Kenya remain undervalued by investors in the stock market relative to their net asset value, despite reporting record profits in a tough economy.
The nine Kenyan banks listed on the NSE retained a record Sh105.3 billion of the profits they made in the year ended December despite declaring all-time high dividend distributions to shareholders.
Last year, Equity and KCB jointly increased their amount set aside from company profits, funds and assets to meet future liabilities by $153.81 million.