Co-operative Bank Group CEO Gideon Muriuki. FILE PHOTO | NMG Co-operative Bank’s net profit for the first nine months of 2019 has grown 5.5 percent to Sh10.9 billion, majorly lifted by strong growth in non-interest income. Total non-interest income, mainly from fees and commissions on loans and advances, rose by 33.3 percent from Sh10.5 billion […]
Author: Curated Content
Co-op, Equity to gain most post caps — Moody’s
A Co-operative Bank branch in Nairobi: Moody’s says the lender’s focus on SMEs will boost its loan book. FILE PHOTO | NMG Credit rating agency Moody’s expects the loan book of Co-operative Bank and Equity to rise faster than that of KCB based on the former’s focus on lending to small and medium-sized enterprises (SMEs). […]
Sh45 billion needed to turn around KQ operations -Joseph
KQ plane departs from JKIA. Kenya Airways chairman Michael Joseph says the airline would need up to $450 million (Sh45 billion) to get operations back to profitability. Speaking in New York, Joseph expressed his frustrations with regards to the state’s reluctance to act on the national carrier’s recovery as it a national asset. “We need […]
Kenya lifts interest rate cap, Equity Bank to benefit the most
Analysts see Kenya’s Equity bank benefitting most from the lifting of the interest rate cap REUTERS/Thomas Mukoya Kenya has lifted its interest rate cap, in a move meant to revive shrinking credit access to the private sector. Parliament failed to raise a two-thirds-majority which would have allowed it to push through the crucial Finance Bill […]
Kenya’s Equity Bank to conclude purchase of four African banks in December
NAIROBI, Nov. 12 (Xinhua) — Kenya’s Equity Bank will conclude the purchase of four African banks in December, an official said on Tuesday. Equity Group CEO James Mwangi told an investor forum in Nairobi that it has almost finalized talks with Atlas Mara to buy the controlling equity stakes in four banks operating in Rwanda, […]
I will Retire from Equity Bank at 75, CEO James Mwangi Says
Equity Bank CEO James Mwangi has indicated that he is not about to retire and looks to remain at the helm of the lender for another two decades. This week, 57-year-old Mwangi said he wants to lead the company until he clocks age 75, Business Daily reported. “The earliest may be on my own volition […]
Two Dar banks among Africa’s Top 100 Banks 2019
According to Dubai based IC Publications which publishes The Banker and African Business magazines, NMB is positioned on number 66 with capital of U$329 million while CRDB follows closely at number 70 with capital of U$308 as of December 2018. “Tanzania’s National Microfinance Bank has climbed to #66 in the Africa ranking with capital up […]
I&M moves to Tier I on takeover of Giro Bank
I&M Bank branch in Nyeri town. FILE PHOTO | NMG I&M Bank #ticker:I&M has joined the class of large banks after its market share grew by 0.54 percentage points, driven by new business from its acquisition of Giro Bank concluded in 2017. Its market share grew to 5.32 percent to rank ninth and surpass the […]
Kenyan Bank regional subsidiaries deliver a 31.5% increase in profits
Kenyan banks registered a 31.52 percent increase in regional subsidiaries’ pre-tax profit to Sh11.57 billion last year supported by increased lending, offering hope for more growth opportunities across the borders. The growth in profit from previous year’s Sh8.79 billion was specifically from subsidiaries in DR Congo, Tanzania, Burundi and Mauritius even as Uganda’s fortunes waned. […]
Equity nets Sh100bn of diaspora remittances
Equity branch in Nairobi. FILE PHOTO | NMG Equity Group’s #ticker:EQTY diaspora remittance volumes hit Sh100 billion in the nine months to September, helping boost the lender’s forex trading income to Sh2.84 billion in the period. The volumes grew by 28 percent compared to the same period in 2018—when the bank handled Sh79.8 billion—which means […]