Banks listed on the Nairobi Securities Exchange (NSE) have posted a robust performance, with nearly half of the commercial lenders recording year-to-date gains of more than 40%, reflecting increased investor confidence, strong profitability, and improved economic sentiment. The impressive upturn across banking counters has been buoyed by strong earnings, higher interest income, and the expansion of digital financial services.
HF Group recorded the highest performance, soaring 121% from KES 4.60 in January to KES 9.98 as Nov 28, 2025, powered by the Group’s successful diversification strategy, which has seen all its subsidiaries register growth in profitability. NCBA has jumped 72.2%, supported by impressive H1 and Q3 2025 results and strong digital lending dominance, which continues to deliver industry-leading non-funded income.
DTB, KCB, and Co-operative Bank have also posted stellar gains, appreciating 60.1%, 41.2%, and 39.2%, respectively. KCB’s share price rally has been driven by strong Q1, H1, and Q3 results, its acquisition of Riverbank Solutions, a strategic stake purchase in Pesapal, improved liquidity, and a reduction in non-performing loans following aggressive recovery efforts.
Stanbic Bank, Equity Bank, and I&M Bank have gained 33.3%, 29.9%, and 21.1%, respectively, to trade at KES 183, KES 62.75, and KES 43.90. Notably, I&M’s steady climb has been supported by the successful rollout of digital banking upgrades through its iMara platform, as well as the declaration of an interim dividend of KES 1.50 in Q3 2025. Rwanda-based lender BK Group and Absa Bank Kenya have risen 28.4% and 21.1% to KES 41.8 and KES 21.85, respectively.
StanChart Lags Peers at NSE
Standard Chartered Bank Kenya (StanChart, NSE:SCBK), despite its long-standing reputation as a top dividend payer, has significantly lagged its peers, posting a modest 2.77% year-to-date increase. StanChart’s underperformance is attributed to its conservative lending strategy, slower loan-book growth, and a more limited retail banking footprint, and legal challenges that have contributed to negative sentiment. The lender’s loss in a 16-year pensions arrears case has weighed heavily on the stock, prompting the bank to issue a profit warning for FY 2025, projecting at least a 25% decline in earnings compared to FY 2024.
2025 marks one of the strongest years for banking stocks at the NSE, with lenders benefitting from resilient earnings, improved liquidity in the capital markets following the introduction of single share trading in August and rising investor appetite for stable, dividend-rich counters.
Also Read: Safaricom Kicks Off KES 40Bn MTN With KES 15Bn Issue
