A Historic Day for Banking Sector Earnings
The Nairobi Securities Exchange served as the stage for an unprecedented quarterly earnings cascade on Wednesday, March 18, 2026, as seven major financial institutions — including NCBA Group, KCB Group, Co-operative Bank, ABSA Bank Kenya, I&M Group, Diamond Trust Bank, and Carbacid Investments — simultaneously unveiled their financial performance. This synchronized data release, primarily covering unaudited results for the period ended September 30, 2025 for the banking institutions, coincided with the official launch of the exchange's Banking Sector Index, while the benchmark NASI retreated 0.25% to close at 211.11 points, according to official NSE data.
Key figures
- NASI: 211.11 points (-0.25%)
- USD/KES: 129.5 (+0.86%)
- NCBA Group: +2.7% at 93.75 KES
- TPS Eastern Africa: -5.3% at 16.2 KES
- Brent Crude: $102.99/bbl
Market Context: Narrow Breadth and Shilling Pressure
The trading session revealed narrow market breadth, with only 19 stocks advancing against 25 decliners out of 65 active securities, based on official exchange statistics. The NASI, the exchange's all-share indicator, slipped 0.25% to 211.11 points, pressured by a weakening local currency: the Kenyan shilling depreciated 0.86% against the US dollar to 129.5 KES, according to foreign exchange market data. This depreciation comes as Brent crude oil maintains elevated levels at $102.99 per barrel and gold declines 2.3% to $4,887.9 per ounce, reflecting persistent geopolitical tensions in the Middle East that weigh on the nation's energy import costs.
The Q3 2025 Earnings Wave
The day's dominant narrative centered on the coordinated release of third-quarter 2025 financial statements by six of Kenya's largest listed banks. NCBA Group posted the strongest sectoral performance, climbing 2.7% to 93.75 KES and lifting its market capitalization to record levels, while KCB Group, Co-operative Bank of Kenya, ABSA Bank Kenya, I&M Group, and Diamond Trust Bank collectively released financials reflecting resilience despite the Central Bank of Kenya's sustained high interest rate environment. These banking institutions collectively manage assets exceeding 6 trillion KES, while Carbacid Investments, the sole non-bank in the group, released its audited full-year results for the period ended July 31, 2025.