9 Banks Increase Loan Interest Rates Despite CBK's Lending Rate Drop

9 banks increased their lending rates in June despite the recent drop in the Central Bank Rate (CBR) by the Central Bank of Kenya from 10% to 9.75%.

Among the banks that increased their lending rates is Citibank N.A Kenya which increased its rate from 10.36% to 10.6%, an increase of 0.24%. This was the highest increase in June.

According to data by the CBK, Consolidated Bank of Kenya Limited increased its lending rate from 13.61% to 13.8%, marking an increase of 0.19%.

Others were Bank of Africa Kenya Limited (18.07% to 18.21%), Guaranty Trust Bank (K) Ltd (15.61% to 15.74%). The increase was 0.14% and 0.13% respectively.

Habib Bank A.G Zurich increased its rate by 0.06 (14.55% to 14.61%) while the Bank of India increased its rate by 0.04% (14.94% to14.98%).

Credit Bank PLC (19.41% to 19.43%), HFC Limited (18.99% to 19.01%), and M-Oriental Bank Limited (16.17% to 16.19%). The increase of the three banks was 0.2%.

Conversely, other banks dropped their interest rates in July, offering reprieve to borrowers.

Ecobank Kenya Limited had the most significant drop at 1.43% after the reduction of the lending rates from 13.72% to 12.29%.

Middle East Bank (K) Limited dropped its rates from 19.87% to 18.65%. This was a drop of 1.22%.

Below is a List of the June Interest Rates from the Most Affordable to the Most Expensive

1. Citibank N.A Kenya - 10.6%
2. Stanbic Bank Kenya Limited - 12.2%
3. Ecobank Kenya Limited - 12.9%
4. Standard Chartered Bank Kenya Limited - 13.08%
5. Guardian Bank Limited - 13.54%
6. Consolidated Bank of Kenya Limited - 13.8%
7. Paramount Bank Limited - 14.37%
8. Habib Bank A.G Zurich - 14.61%
9. Gulf African Bank Limited - 14.7%
10. Equity Bank Kenya Limited - 14.84%
11. Bank of India - 14.98%
12. Premier Bank Kenya Limited - 15%
13. Bank of Baroda (Kenya) Limited - 15.09%
14. Diamond Trust Bank Kenya Limited - 15.15%
15. ABSA Bank Kenya PLC - 15.29%
16. NCBA Bank Kenya PLC - 15.41%
17. Prime Bank Limited - 15.44%
18. Victoria Commercial Bank PLC - 15.64%
19. KCB Bank Kenya Limited - 15.69%
20. Guaranty Trust Bank (K) Ltd - 15.74%
21. Kingdom Bank Limited - 15.75%
22. National Bank of Kenya Limited - 15.87%
23. Family Bank Limited - 16%
24. Co-operative Bank of Kenya Limited - 16.09%
25. M-Oriental Bank Limited - 16.19%
26. African Banking Corporation Limited - 16.42%
27. UBA Kenya Bank Limited - 16.44%
28. I&M Bank Limited - 16.55%
29. Development Bank of Kenya Limited - 16.69%
30. DIB Bank Kenya Limited - 16.85%
31. Sidian Bank Limited - 17.52%
32. SBM Bank Kenya Limited - 18%
33. Bank of Africa Kenya Limited - 18.21%
34. Middle East Bank (K) Limited - 18.65%
35. HFC - 19.01%
36. Commercial International Bank (CIB) Kenya Limited - 19.43%
37. Credit Bank PLC - 19.43%
38. Access Bank (Kenya) PLC - 19.97%

‍Below is the Comparison Between the May 2024 Interest Rates and the June Interest Rates