Atleast four Kenyan banks have been ranked among the top 10 best financial institutions in the sub Saharan Africa, a new research by Cytonn investments suggests.
The four, including Kenya Commercial Bank Group, NIC Bank, Co-operative Bank and I&M Holdings managed to beat 36 other banks in the region.
The research dubbed Sub Saharan Africa research coverage initiative, ranked KCB group first overall while rating it at position six in the total return score boosted by its strong franchise score, its optimal loan to deposit mix and a favourable return on average equity.
Zenith Bank and Societe Generale, from Nigeria and Ghana, respectively, rounded up the top three, with both recording particularly strong franchise value scores, ranking 2nd and 6th, respectively.
Kenya also produced the last ranking bank, National Bank of Kenya at position 36 and Standard Chartered Bank at position 31 with a total return score of 35 and 27 respectively.
Report also analysed some 17 firms in the insurance industry where
Kenya-Reinsurance ranked the second best insurance firm as Botswana Insurance Holdings emerging top overall.
This performance was attributed to a strong franchise score, supported by low loss and expense ratios, in addition to revenue diversification.
Custodial and Allied of Nigeria, respectively, capped off the top three insurance firms in the region supported by combined ratios.
According to Cytonn Investments, the new coverage which analysed 49 companies operating in 10 Sub Saharan African countries will be limited to Financial Services.