Fitch: Strong earnings growth for Kenyan banks

Fitch Ratings said it said in a special report that Kenyan banks are performing well, despite an increasingly challenging operating environment following the Dec. 2007/ January 2008 election violence and the global credit crisis.

Fitch said many of the banks continued to record strong earnings growth during the first half of 2008 on the back of robust loan book expansion and increased foreign exchange income, which was partially offset by higher impairment charges.

However, rising inflation, lower GDP growth and a lack of business confidence from international investors may dampen these improvements during the second half of the year, the agency said.

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