The Kenyan banking sector has been growing despite the turbulent economic times the country has experienced in the recent past. The sector posted good results for the year ended December 2011.

This is evidenced by the impressive profit before tax of Ksh.89.3 billion (USD1.08 billion) for the year ended December 2011. The figure was a 20.4% increase from Ksh.74.3 billion (USD895 million) returned in the same period in 2010.

Speaking at the launch of FirstRand Bank's representative office in Kenya, Central Bank of Kenya (CBK) governor Njuguna Ndung'u attributed this growth of the entire Financial system in the country.

"Banks, Microfinance Institutions, currency centres, credit reference bureaus, agency banking, risk-based supervision are indicators that the financial infrastructure in Kenya is now in place; with banks rolling out branch networks across the region supported by initiatives like agency banking and an appropriate information sharing mechanism allows the financial sector to grow." Ndung'u said. He added that the other arms of Pension, Securities and Insurance are moving in the same direction.

FirstRand is one of the largest South African financial institutions posting normalized earnings of USD1.5b for the year ended December 2011.The bank has set its physical presence in Kenya through representation and later looks at operating in the entire East African region. The bank also has global representation in Australia, China, Dubai, India and the United Kingdom.