Public financeGazette notice
Gazette Notice No. 14536 of 2025
The Central Bank of Kenya publishes its annual report and financial statements for the year ended 30 June 2025, with board, management and governance details.
Official PDF · 0.9 MB
Whole issue, from Kenya Law. This notice starts on printed page 6981.
AI-extractedAgreement between models, not verified accuracy.
Items 5
-
Financial statement 1
Link- Body
- Central Bank of Kenya, National Treasury (on-lent IMF funds; records Kenya's IMF quota), Monetary Policy Committee (oversees market risk and sets foreign currency exposure limits)
- Issuing authority
- Board of Directors (Directors' report and statement of responsibilities), Auditor-General, Office of the Auditor-General
- Fiscal agent client
- Government of Kenya
- Agency principal
- The National Treasury, National Treasury (Treasury bills and bonds issued by the Bank on its behalf)
- Audited governance body
- Board of Directors
- Advisory body not consulted
- Salaries and Remuneration Commission
- Office
- Auditor-General, Chairman of the Board, Governor
- Place
- Nairobi
- Owner of bank
- National Treasury (wholly owns the Bank)
- Debtor to bank
- National Treasury (SDR Allocation due from National Treasury)
- Depositor
- International Monetary Fund (holds currency with the Bank as designated depository)
- Pension scheme
- National Social Security Fund (the Bank and its employees contribute)
- Counterparty
- International Monetary Fund, World Bank, Government of Kenya (Due from Government of Kenya), IMF (Funds with IMF; IMF On-Lent to GOK)
- Lender
- International Monetary Fund (IMF facilities and SDR allocations due from the Government of Kenya)
- Programme partner
- World Bank (Fixed income securities under World Bank RAMP)
- Lender
- International Monetary Fund
- Borrower
- Government of Kenya
- Guarantor
- Cabinet Secretary, The National Treasury (executed the deed guaranteeing the converted overdraft loan)
- Shareholder
- Principal Secretary to the National Treasury (in whom ownership of the entire share capital is vested)
- Approving body
- Board of Directors (authorised capitalisation of KShs 10,000 million from the general reserve fund on 6 September 2024)
- Related party
- Government of Kenya (owner of the Bank), International Monetary Fund
- Oversight body
- Board of Directors, Board Audit, Risk and Strategy Committee
- Risk manager
- Internal Audit and Risk Management Department
- Administrator
- Pension Secretariat
- Data provider
- Bloomberg (probability of default model)
- Reason
- Annual report and financial statements for the year ended 30 June 2025
- Reason
- Directors' report, results and surplus for the year ended 30 June 2025
- Amount
- KShs 65,889 million surplus (2024: deficit of KShs 24,342 million)
- Ends
- 30 June 2025
- Reason
- Auditor-General's unmodified opinion with other matter on Board constitution, agency fee deduction and human resource practices
- Reason
- Auditor-General's responsibilities for the audit of the financial statements for the year ended 30 June 2025
- Reason
- Financial statements authorised for issue by the Board of Directors
- Reason
- Statement of changes in equity, statement of cash flows and notes to the financial statements for the year ended 30 June 2025
- Reason
- Accounting policies and classes of financial instruments in the notes to the financial statements
- Amount
- KShs 3 billion annual commission limit; KShs 1.11 billion per annum loan repayment
- Effective
- 1 July 2007
- Reason
- Notes to the financial statements for the year ended 30 June 2025
- Amount
- Arbitration award of KShs 666 million relating to Industrial Area Police Housing Project, included in legal and professional expenses
- Reason
- Notes 12(b) to 18(a) to the financial statements for the year ended 30 June 2025
- Reason
- Notes 18(a) to 20 of financial statements for year ended 30 June 2025
- Reason
- Notes 27(b) to 29 of the Bank's financial statements for the year ended 30 June 2025
- Reason
- Credit quality analysis, collateral and expected credit loss inputs
- Reason
- Measurement of ECL and analysis of changes in gross carrying amount and ECL allowances
- Reason
- Notes on concentration of credit risk, market risk, interest rate risk, foreign exchange risk and liquidity risk
-
Appointment 2
Link- Appointing authority
- Central Bank of Kenya
- Appointee
- Sophie Njeri Moturi (Member), Abdullahi M. Abdi (Member), Beatrice Kosgei (Member), David Simpson Osawa Owuor (Member)
- Effective
- 12 May 2025
- Ends
- 11 May 2029
- Date
- 12 May 2025
-
Appointment 3
Link- Appointee
- Gerald Nyaoma (Deputy Governor)
- Office
- Deputy Governor, Central Bank of Kenya
- Effective
- 9 December 2024
- Date
- 9 December 2024
-
Appointment 4
Link- Body
- Audit, Risk and Strategy Committee
- Appointee
- Sophie Njeri Moturi (Chairperson), Abdullahi M. Abdi (Member), Beatrice Kosgei (Member), David Simpson Osawa Owuor (Member)
- Effective
- 27 June 2025
- Date
- 27 June 2025
-
Appointment 5
Link- Body
- Human Resources Administration and Information Technology Committee
- Appointee
- Beatrice Kosgei (Chairperson), Abdullahi M. Abdi (Member), Sophie Njeri Moturi (Member), David Simpson Osawa Owuor (Member)
- Effective
- 27 June 2025
- Date
- 27 June 2025
Schedule 860 rows
Rows 1 to 200 of 860.
| Name | Position |
|---|---|
| Mr. Andrew Musangi | Chairman |
| Dr. Kamau Thugge | Governor |
| Dr. Chris Kiptoo | Principal Secretary, The National Treasury |
| Mr. Samson Cherutich | Member (Retired on 4 December 2024) |
| Mrs. Nelius W. Kariuki | Member (Retired on 4 December 2024) |
| Mrs. Rachel Dzombo | Member (Retired on 4 December 2024) |
| Mr. Ravi J. Ruparel | Member (Retired on 4 December 2024) |
| FCPA. Sophie Njeri Moturi | Member (Appointed on 12 May 2025) |
| CPA. Abdullahi M. Abdi, PhD | Member (Appointed on 12 May 2025) |
| Ms. Beatrice Kosgei | Member (Appointed on 12 May 2025) |
| Mr. David Simpson Osawa Owuor | Member (Appointed on 12 May 2025) |
| Name | Position |
|---|---|
| Dr. Kamau Thugge | Governor |
| Dr. Susan Koech | Deputy Governor |
| Mr. Gerald Nyaoma | Deputy Governor (Appointed on 9 December 2024) |
| Name | Position |
|---|---|
| Mr. Kennedy Abuga | Director – Governor’s Office (Board Secretary) |
| Mr. William Nyagaka | Director – Central Bank of Kenya-Institute of Monetary Studies (Retired on 21 August 2025) |
| Mr. David Luusa | Director - Financial Markets Department |
| Mr.Gerald Nyaoma | Director - Bank Supervision Department (Retired on 6 October 2024) |
| Mr. Josiah Mugo | Director - Bank Supervision Department (Appointed on 12 May 2025) |
| Mr. Stephen Muriu | Director - General Services Department |
| Ms. Darliah M. Mbugua | Director - Human Resource and Administration Department |
| Mr. Michael Eganza | Director – Banking & Payments Services Department |
| Ms. Caroline Mackola | Director - Finance Department |
| Mr. Leonard Ouma | Director - Internal Audit and Risk Management Department (Appointed on 23 May 2025) |
| Prof. Robert Mudida | Director - Research Department |
| Dr. Walter Onyino | Director - Information Technology Department |
| Mr. Paul Wanyagi | Director - Currency Operations Department (Retired on 11 November 2024) |
| Mr. Evans Muttai | Director - Currency Operations Department (Appointed on 23 May 2025) |
| Mr. George Amollo | Head- Strategic Management Department |
| Mr. Kibunyi Amdany | Director-Branch Administration Department |
| No. | Name | Position | Discipline | Date of Appointment | Contract end date |
|---|---|---|---|---|---|
| 1. | Mr. Andrew Musangi | Chairman | Lawyer | 29 September 2023 | 28 September 2027 |
| 2. | Dr. Kamau Thugge | Governor | Economist | 19 June 2024 | 18 June 2027 |
| 3. | Principal Secretary/ The National Treasury | Executive Officer | Economist | Permanent | Permanent |
| 4. | Mrs. Nelius Kariuki | Member-(Retired) | Economist | Reappointed on 5 December 2020 | 4 December 2024 |
| 5. | Mr. Ravi Ruparel | Member-(Retired) | Financial Sector Expert | Reappointed on 5 December 2020 | 4 December 2024 |
| 6. | Mr. Samson Cherutich | Member-(Retired) | Accountant | Reappointed on 5 December 2020 | 4 December 2024 |
| 7. | Mrs. Rachel Dzombo | Member-(Retired) | Management Expert | Reappointed on 5 December 2020 | 4 December 2024 |
| 8. | FCPA. Sophie Njeri Moturi | Member | Accountant | Appointed on 12 May 2025 | 11 May 2029 |
| 9. | CPA. Abdullahi M. Abdi, PhD | Member | Finance and Strategy Expert | Appointed on 12 May 2025 | 11 May 2029 |
| 10. | Ms. Beatrice Kosgei | Member | Legal Expert | Appointed on 12 May 2025 | 11 May 2029 |
| 11. | Mr. David Simpson Osawa Owuor | Member | Information Technology Expert | Appointed on 12 May 2025 | 11 May 2029 |
| No. | Name | Position | Discipline | Meetings Attended |
|---|---|---|---|---|
| 1. | Mr. Andrew Musangi | Chairman | Lawyer | 6 |
| 2. | Dr. Kamau Thugge | Governor | Economist | 6 |
| 3. | Principal Secretary/ The National Treasury | Executive Officer | Economist | 2 |
| 4. | CPA. Abdullahi M. Abdi, PhD | Member | Finance and Strategy | 2 |
| 5. | Ms. Beatrice Kosgei | Member | Legal Expert | 2 |
| 6. | Mr. David Simpson Osawa Owuor | Member | Information Technology Expert | 2 |
| 7. | FCPA. Sophie Njeri Moturi | Member | Accountant | 2 |
| 8. | Mrs. Nelius Kariuki | Member-(Retired) | Economist | 4 |
| 9. | Mr. Ravi Ruparel | Member-(Retired) | Financial Sector Expert | 4 |
| 10. | Mr. Samson Cherutich | Member-(Retired) | Accountant | 4 |
| 11. | Mrs. Rachel Dzombo | Member-(Retired) | Management Expert | 4 |
| No. | Name | Position | Discipline | Meetings Attended |
|---|---|---|---|---|
| 1. | FCPA. Sophie Njeri Moturi | Chairperson | Accountant | 2 |
| 2. | CPA. Abdullahi M. Abdi, PhD | Member | Finance and Strategy Expert | 2 |
| 3. | Ms. Beatrice Kosgei | Member | Legal Expert | 2 |
| 4. | Mr. David Simpson Osawa Owuor | Member | Information Technology Expert | 2 |
| 5. | Mr. Samson Cherutich | Chairman -(Retired) | Accountant | 8 |
| 6. | Mr. Ravi Ruparel | Member - (Retired) | Financial Sector Expert | 8 |
| 7. | Mrs. Nelius Kariuki | Member - (Retired) | Economist | 8 |
| 8. | Mrs. Rachel Dzombo | Member - (Retired) | Management Expert | 8 |
| No. | Name | Position | Discipline | Meetings attended |
|---|---|---|---|---|
| 1. | Ms. Beatrice Kosgei | Chairperson | Legal Expert | - |
| 2. | FCPA. Sophie Njeri Moturi | Member | Accountant | - |
| 3. | CPA. Abdullahi M. Abdi, PhD | Member | Finance and Strategy Expert | - |
| 4. | Mr. David Simpson Osawa Owuor | Member | Information Technology Expert | - |
| 5. | Mrs. Nelius Kariuki | Chairperson –(Retired) | Economist | 3 |
| 6. | Mr. Samson Cherutich | Member-(Retired) | Accountant | 3 |
| 7. | Mrs Rachel Dzombo | Member-(Retired) | Management Expert | 3 |
| 8. | Mr. Ravi Ruparel | Member-(Retired) | Financial Sector Expert | 3 |
| Item | Notes | 2025 KShs' million | 2024 KShs' million |
|---|---|---|---|
| Interest income | 4 | 68,569 | 63,630 |
| Interest expense | 5 | (10,527) | (6,526) |
| Net interest income | 58,042 | 57,104 | |
| Fees and commission income | 6(a) | 3,000 | 3,000 |
| Net trading income | 6(b) | 9,684 | 9,092 |
| Other income | 7(a) | 1,453 | 1,387 |
| Operating income | 72,179 | 70,583 | |
| Impairment allowance on financial assets | 8 | 22 | (3,782) |
| Operating expenses | 9(a) | (20,194) | (17,588) |
| Operating surplus before unrealized gain | 52,007 | 49,213 | |
| Unrealised gain / (loss): | |||
| Foreign exchange gain / (loss) | 9(c) | 13,882 | (73,555) |
| Surplus / (Deficit) for the year | 65,889 | (24,342) | |
| Other comprehensive income /(loss): | |||
| Items that are or may be subsequently reclassified to profit or loss: | |||
| Debt instruments at fair value through other comprehensive income: | |||
| Net change in fair value during the year | 10(a) | 4,963 | 9,691 |
| Reclassification to income statement | 10(b) | 1,021 | 9,122 |
| Changes in impairment allowance | 8 | 8 | 73 |
| 5,992 | 18,886 | ||
| Items that will not be reclassified to profit or loss: | |||
| Actuarial gain on retirement benefit asset | 20 | 720 | 337 |
| Other comprehensive income for the year | 6,712 | 19,223 | |
| Total comprehensive income /(loss) for the year | 72,601 | (5,119) |
| Item | Notes | 2025 KShs' million | 2024 KShs' million |
|---|---|---|---|
| ASSETS | |||
| Balances due from banking institutions | 11 | 548,702 | 484,312 |
| Funds held with International Monetary Fund (IMF) | 12(a) | 39,565 | 52,550 |
| Securities and advances to banks | 13 | 56,570 | 239,847 |
| Loans and advances | 14 | 3,670 | 3,627 |
| Debt instruments at fair value through other comprehensive income | 15 | 940,478 | 564,824 |
| Equity instruments at fair value through other comprehensive income | 16 | 12 | 11 |
| Other assets | 17(a) | 6,822 | 7,117 |
| Gold holdings | 17(b) | 238 | 169 |
| Right-of-use assets | 18(a) | 125 | 64 |
| Property and equipment | 18(b) | 28,587 | 29,583 |
| Intangible assets | 19 | 3,942 | 2,666 |
| Retirement benefit asset | 20 | 7,258 | 5,861 |
| IMF On-Lent to Government of Kenya (GOK) | 21(a) | 478,582 | 409,375 |
| Due from Government of Kenya | 21(b) | 165,251 | 160,311 |
| TOTAL ASSETS | 2,279,802 | 1,960,317 | |
| LIABILITIES | |||
| Currency in circulation | 22 | 357,015 | 333,795 |
| Deposits due to banks and Government | 23(a) | 687,521 | 647,035 |
| Investment by banks | 23(b) | 106,018 | - |
| Due to IMF | 12(b) | 678,940 | 573,412 |
| Other liabilities | 24 | 7,749 | 6,117 |
| TOTAL LIABILITIES | 1,837,243 | 1,560,359 | |
| EQUITY | |||
| Share capital | 25(a) | 60,000 | 50,000 |
| General reserve fund | 25(b) | 357,334 | 300,725 |
| Fair value reserve | 25(c) | 3,545 | (2,447) |
| Revaluation reserve | 25(d) | 21,680 | 21,680 |
| Consolidated fund | 25(e) | - | 30,000 |
| TOTAL EQUITY | 442,559 | 399,958 | |
| TOTAL LIABILITIES AND EQUITY | 2,279,802 | 1,960,317 |
| Year ended 30 June 2025 | Notes | Share capital KShs' million | General reserve KShs' million | Revaluation reserve KShs' million | Fair value reserve KShs' million | Consolidated fund KShs' million | Total KShs' million |
|---|---|---|---|---|---|---|---|
| At 1 July 2024 | 50,000 | 300,725 | 21,680 | (2,447) | 30,000 | 399,958 | |
| Surplus for the year | - | 65,889 | - | - | - | 65,889 | |
| Net change in fair value of debt instrument at FVOCI | - | - | - | 4,963 | - | 4,963 | |
| Net amount reclassified to the income statement on sale and maturity of debt instruments at FVOCI | - | - | - | 1,021 | - | 1,021 | |
| Net change in impairment allowance on debt instruments at FVOCI | - | - | - | 8 | - | 8 | |
| Actuarial gain on retirement benefit asset | 20 | - | 720 | - | - | - | 720 |
| Other comprehensive income for the year | - | - | - | 5,992 | - | 6,712 | |
| Total comprehensive income for the year | - | 66,609 | - | 5,992 | - | 72,601 | |
| Additional share capital | 25(a) | 10,000 | (10,000) | - | - | - | - |
| Transactions with owners | |||||||
| - Transfer to consolidated fund | 25(e) | - | - | - | - | - | - |
| - Payments out of consolidated fund | 25(e) | - | - | - | - | (30,000) | (30,000) |
| At 30 June 2025 | 60,000 | 357,334 | 21,680 | 3,545 | - | 442,559 |
| Year ended 30 June 2024 | Notes | Share capital KShs' million | General reserve KShs' million | Revaluation reserve KShs' million | Fair value reserve KShs' million | Consolidated fund KShs' million | Total KShs' million |
|---|---|---|---|---|---|---|---|
| At 1 July 2023 | 38,000 | 366,730 | 21,680 | (21,333) | 5,000 | 410,077 | |
| Deficit for the year | - | (24,342) | - | - | - | (24,342) | |
| Net change in fair value of debt instrument at FVOCI | - | - | - | 9,691 | - | 9,691 | |
| Net amount reclassified to the income statement on sale and maturity of debt instruments at FVOCI | - | - | - | 9,122 | - | 9,122 | |
| Net change in impairment allowance on debt instruments at FVOCI | - | - | - | 73 | - | 73 | |
| Actuarial gain on retirement benefit asset | 20 | - | 337 | - | - | - | 337 |
| Other comprehensive income for the year | - | 337 | - | 18,886 | - | 19,223 | |
| Total comprehensive (loss) for the year | - | (24,005) | - | 18,886 | - | (5,119) | |
| Additional share capital | 12,000 | (12,000) | - | - | - | - | |
| - Transfer to consolidated fund | 25(e) | - | (30,000) | - | - | 30,000 | - |
| - Payments out of consolidated fund | 25(e) | - | - | - | - | (5,000) | (5,000) |
| At 30 June 2024 | 50,000 | 300,725 | 21,680 | (2,447) | 30,000 | 399,958 |
| Item | Notes | 2025 KShs' million | 2024 KShs' million |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Cash generated from operating activities | 26 | 89,714 | 15,212 |
| Interest received | 68,569 | 62,907 | |
| Interest paid | (10,527) | (6,526) | |
| Interest paid on lease liabilities | 18(a) | (7) | (7) |
| Cash generated from operating activities | 147,749 | 71,586 | |
| INVESTING ACTIVITIES | |||
| Purchase of property and equipment | 18(b) | (1,294) | (1,930) |
| Purchase of intangible assets | 19 | (1,633) | (955) |
| Proceeds from disposal of property and equipment | 18 | 18 | 4 |
| Net change in debt instruments at fair value through other comprehensive income | (252,399) | 33,909 | |
| Net change in securities and advances to banks | 12,169 | (21,410) | |
| Net change in funds held with International Monetary Fund (IMF) | 12,985 | 15,521 | |
| Net cash generated from investing activities | (230,154) | 25,139 | |
| FINANCING ACTIVITIES | |||
| Payment of principal portion of lease liabilities | 18(a) | (74) | (75) |
| Receipts from International Monetary Fund (IMF) | 27(b) | 80,934 | 139,866 |
| Repayments to the International Monetary Fund (IMF) | 27(b) | - | (1,225) |
| Payment to the consolidated fund | 25(e) | (30,000) | (5,000) |
| Net cash generated from financing activities | 50,860 | 133,566 | |
| Net increase in cash and cash equivalents | (31,545) | 230,291 | |
| Cash and cash equivalents at the beginning of the year | 730,958 | 512,113 | |
| Effect of foreign exchange rate changes on cash and cash equivalents | 1,865 | (11,446) | |
| CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR | 27(a) | 701,278 | 730,958 |
| New and Amendments to standards | Effective for annual periods beginning on or after |
|---|---|
| Amendments to IAS 1 – Classification of liabilities as current or non-current | 1 January 2024 |
| Amendments to IFRS 16 - Lease Liability in a Sale and Leaseback | 1 January 2024 |
| IFRS S1 General requirements for disclosure of sustainability – related financial information | 1 January 2024 |
| IFRS S2 Climate – related disclosures | 1 January 2024 |
| Amendments to IAS 7 and IFRS 7: Supplier finance arrangements | 1 January 2024 |
| Amendments to IAS 1- Non-current Liabilities with Covenants | 1 January 2024 |
| New and Amendments to standards | Effective for annual periods beginning on or after |
|---|---|
| Amendments to IAS 21 – Lack of exchangeability | 1 January 2025 |
| IFRS 18: Presentation and disclosure in financial statements | 1 January 2027, with early application permitted |
| Amendments to IFRS 9 and IFRS 7: Amendments to the classification and measurement of financial statements | 1 January 2026, with early application permitted |
| IFRS 19: Subsidiaries without public accountability disclosures | 1 January 2027 |
| Category (as defined by IFRS 9) | Sub-category | Class (as determined by the Bank) | Detail | 2025 KShs' million | 2024 KShs' million |
|---|---|---|---|---|---|
| Financial assets | Financial assets at amortized cost | Securities and advances to banks | 56,570 | 239,847 | |
| Financial assets | Financial assets at amortized cost | Funds held with IMF | 39,565 | 52,550 | |
| Financial assets | Financial assets at amortized cost | Loans and advances | 3,670 | 3,627 | |
| Financial assets | Financial assets at amortized cost | Other assets (classified as financial assets) | 547 | 497 | |
| Financial assets | Financial assets at amortized cost | Due from Government | Government term loan | 16,164 | 16,679 |
| Financial assets | Financial assets at amortized cost | Due from Government | IMF On-Lent to GOK | 478,582 | 409,375 |
| Financial assets | Financial assets at amortized cost | Due from Government | SDR Allocation due from National Treasury | 81,459 | 82,611 |
| Financial assets | Financial assets at amortized cost | Due from Government | GOK Overdraft facility | 67,628 | 61,021 |
| Financial assets | Financial assets at amortized cost | Balances due from banking institutions | Foreign currency denominated term deposits and current account balances | 548,702 | 484,312 |
| Financial assets | Financial assets at Fair value through other comprehensive income | Fixed income securities | World Bank managed and internally managed fixed income portfolios | 940,478 | 564,824 |
| Financial assets | Financial assets at Fair value through other comprehensive income | Equity | Investment securities | 12 | 11 |
| Financial liabilities | Financial liabilities at amortised cost | Deposits from banks | Cash reserve ratio and current account deposits | 258,173 | 294,324 |
| Financial liabilities | Financial liabilities at amortised cost | Due to IMF | 678,940 | 573,412 | |
| Financial liabilities | Financial liabilities at amortised cost | Investment by banks | 106,018 | - | |
| Financial liabilities | Financial liabilities at amortised cost | Other liabilities | 7,749 | 6,117 | |
| Financial liabilities | Financial liabilities at amortised cost | Deposits from Government institutions | 429,348 | 352,711 |
| Asset classification | Useful life | Depreciation rate |
|---|---|---|
| Leasehold land | Over the period of the lease | |
| Buildings | 20 years | 5% |
Everyone named
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Corrections 0
- Corrected by
- No corrigendum in the issues we hold.
- Cites
- Note 29, Note 9(b)
- Continues
- Gazette Notice No. 14536 of 2025
Cite
Kenya Gazette Notice No. 14536 of 2025, Vol. CXXVII No. 208, 8 October 2025, p. 6981.Permalink funua.com/notices/2025/14536/.
About this data
- Source
- Official PDF of Vol. CXXVII No. 208, from Kenya Law
- Extracted by
- AI models
- Model audit
- An independent model agreed with 98 to 99% of compared values for land and succession notices, 97% overall. Agreement between models, not verified accuracy.
- Review flag
- None on this notice
Filed under: Public finance, 2025 · October 2025 · Vol. CXXVII No. 208