Sh923b deposits keep top banks ahead of the pack

However, despite the amendment in the Banking Act that now requires banks to give customers at least 70 per cent per cent of the benchmark rate on their fixed deposits, the three banks are benefiting from cheap deposits.PHOTO:COURTESY

Three of the country's top banks now hold customer deposits that are enough to fund more than a third of the 2017/18 national budget.

According to the latest company filings by Kenya Commercial Bank (KCB), Co-operative Bank and Equity Bank, they have Sh923.4 billion in their books of accounts as customer deposits, most of which are non-interest-bearing.