CIC Insurance Group has reported a net profit of Ksh. 668.4 Million for the year ended 31 st December 2021 as compared to a net loss of Ksh. 296.8 Million for the previous year. This rise in profitability was driven by a 17% rise in the gross earned premiums to Ksh. 19.7 Billion. At the […]
Category: Kenya
Co-op Bank Group Reports Profit Before Tax of Ksh22.6 billion
An image of Co-operative Bank Headquarters in Nairobi File The Cooperative Bank has reported a pre-tax profit of Ksh22.6 billion for the full year 2021. This is a 59 per cent growth from the Ksh14.3 billion recorded over a similar period in 2020. This represents a Ksh16.5 billion after tax profit compared to the Ksh10.8 […]
StanChart, Family, ABC banks voted best mobile banking – KBA poll
KBA chief executive Habil Olaka /FILE Standard Chartered bank is Kenyans’ most preferred mobile banking under tier one according to Kenya Bankers Association (KBA) poll. In the poll released on Thursday, Family bank was named the best under tier two while the African Banking Corporation (ABC) Bank was named the best under tier three. Most […]
StanChart staff costs hit six-year low on exits and retrenchments
Standard Chartered Bank Kenya CEO Kariuki Ngari (left) and Chief Financial Officer Chemutai Murgor during the announcement of full-year 2021 results Standard Chartered (StanChart) Bank of Kenya’s staff costs have fallen to the lowest level in six years after shedding over 800 jobs since 2014. Latest disclosures by the bank show that staff costs dropped […]
Banking fraud fears, poor network keep card payments low
Customer fears over fraud and poor network connectivity have hindered the use of bank cards for merchant transactions in Kenya, the Central Bank of Kenya (CBK) has said. The monetary regulator said in its national payments strategy released last month that the cost of terminals and lower acceptance by merchants as opposed to cash and […]
NBK posts Kshs 1.1B in full year net profit
National Bank of Kenya (NBK) has posted Kshs 1.1 billion in profit after tax for full year 2021. This represents a 431% increase from 2020, driven by increased income from loan interest and foreign exchange trading, coupled with lower loan loss provisions. NBK Managing Director, Paul Russo attributed the strong financial results to the Bank’s […]
Dividend boom is here as banks turn the corner on Covid woes
Investors and analysts, during the peak of Covid-19 infections, did not expect payouts to snap back quickly to 2019 levels. Kariuki Ngari, the chief executive of Standard Chartered Bank of Kenya, says he does not need to “hold anything in excess” like in 2020 when Covid-19 disruptions convinced him to conserve cash. At the time, […]
Fintechs as drivers of leading financial products in Kenya
There is more value in having multiple perspectives as opposed to tunnel vision. The corona epidemic has been so far the biggest disruptor of global trade and investments in the past 50 years. Corona has acted as a catalyst for world’s resilience. So hardened are we for external shocks that terror attacks, extreme weather, climate […]
Co-op Bank leads in funds set aside for absorbing defaults
Co-operative Bank branch along Haile Selassie Avenue, Nairobi. FILE PHOTO | NMG Co-op Bank reduced its loan loss provision by the smallest margin among the big banks in the year ended December, slowing down its profit growth and leaving it with higher buffers for absorbing defaults. Stockbroker AIB-AXYS says the lender has been the most […]
Safaricom could separate M-Pesa from its mobile and data business
Central Bank of Kenya Governor Patrick Njoroge . [David Gichuru,Standard] This content is exclusively available to standardmedia.co.ke subscribers. JUST KSh.10 /day Enjoy TRUE. TRANSPARENT. IMPACTFUL. The value of quality journalism When you subscribe to standardmedia.co.ke, you get: – Unlimited access to all premium content. – Access to The Standard e-paper (Web & Android). – Free […]