Kenya’s interest cap continues to hurt bank profits

A law capping interest rates continues to pile pressure on Kenyan banks, with at least three banks posting a drop in earnings in the first quarter of this year. NIC Bank, Stanbic Bank and Kenya Commercial Bank (KCB) posted 3.9 percent, 9.3 percent and 1.9 percent decline in profit, with the performance attributed to the […]

Equity sweeps most awards at an industry gala

Equity sweeps most awards at an industry gala

The Equity Bank Family after scooping 19 Awards out of the 24 possible entries it had submitted for the Think Business Banking Awards2017 held at Radisson Blu Hotel.  The Bank was crowned the top overall bank in Kenya. Largest lender by deposit accounts, Equity Holdings, emerged the overall winner during the annual banking awards, orgnaised […]

Junk status not good for Africa's overall growth

Junk status for Africa’s two biggest economies will hit overall growth

According to Royal Institution of Chartered Surveyors’ (RICS) South Africa country manager TC Chetty, the recent credit rating downgrades by global ratings agencies will negatively affect Africa’s two biggest economies – South Africa and Nigeria, and hit Africa’s overall economic growth. TC Chetty, South Africa country manager for the Royal Institution of Chartered Surveyors (RICS). […]

Kenya Breweries in social media campaign to curb drunk driving

Kenya Breweries Limited has unveiled an online campaign aimed at promoting responsible consumption of alcohol. In the campaign, the firm has partnered with taxi hailing app Uber and aims at dissuading revelers from drinking and driving. The campaign, dubbed #PartyCentralKenya, is largely targeted at the youth. It leverages heavily on use of digital media, ingeniously […]

Tanzania: Govt Asks for Extradition of Former Kenyan Senior Banker

Tanzania has asked Kenya to extradite former Stanbic Bank CEO Bashir Awale to face charges in the $600 million government bond bribery scandal, it has emerged. Attorney General George Masaju has reportedly sought help from his Kenyan counterpart, Mr Githu Muigai, to bring back Mr Awale for questioning over the bribery scandal that rocked the […]

Jambo Jet eyes regional flights in expansion plan

Kenya Airways’ owned Jambo Jet eyes regional flights in expansion plan

 Jambo jet plans to stabilize its key routes in the country and extend its services to the East Africa region. Already the company, which is celebrating its second anniversary, intends to acquire two new air crafts in May and November this year so as to ensure their operations are smooth. The airline which is an […]

Uchumi Supermarkets to reopen Uganda, Tanzania

Uchumi Supermarkets to reopen Uganda, Tanzania

Uchumi C.E.O Julius Kipngetich Uchumi Supermarkets is readying itself to return to Uganda and Tanzania, despite having burnt its fingers in the two markets. The retailer operated in the two countries for five years without profits before throwing in the towel in 2015. The company, however, is yet to finalise the payment of debts to […]

EABL net profit for six months falls 28% after reduced beer sales

EABL half year net profit falls 28% after reduced beer sales

East African Breweries‘ net profit for six months ended December 31 fell 28 per cent on reduced sales of mainstream beer, the giant brewer announced on Friday. The company said profit for the period declined to Sh5.6 billion from Sh7.7 billion in the same period la year earlier. Net revenues from sales slumped six per […]

Uganda Forex reserves have gone up $100m bringing it closer to EAC monetary stability standard

Uganda’s foreign exchange reserves have risen by $139.5 million, following improvements in the country’s overall balance of payment. This brings it closer to the benchmark set by the East African Community for monetary stability. In its Monetary Policy report of February 15, the Bank of Uganda said that the overall balance of payments resulted in […]

EABL to Cut Short-Term Debt With Sh6bn Bond Proceeds

East African Breweries Limited (EABL) will use the proceeds of its oversubscribed five-year bond issue to retire short-term debt. The firm raised the entire Sh6 billion it was targeting from the issue, which ran between March 13 and 24, defying a recent poor run for corporate bonds that has put off firms from the market. The […]