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Kenyan Bank chiefs earn Sh500 million more despite rate cap

Central Bank of Kenya building on Haile Selassie Road Nairobi. [Wilberforce Okwiri, Standard]

Commercial bank executives earned Sh500 million more in salaries last year compared to 2016 even as the sector laid off thousands of staff in cost-cutting efforts.

Data from the latest Central Bank of Kenya (CBK) monitoring report indicates that the total payout for board directors in the 40 commercial banks went up from Sh2.2 billion in 2016 to Sh2.7 billion last year.

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