The Nairobi Securities Exchange. FILE PHOTO | NMG Insurance group Britam #ticker:BRIT has sold 21.6 million shares of Equity Group #ticker:EQTY with a current market value of about Sh765 million, further reducing its ownership in Kenya’s second-largest bank. This is the latest in a series of divestments from the lender as Britam seeks to comply […]
Nairobi — Kenya’s listed telco Safaricom topped the region as the largest company by market capitalisation and net earnings yet again this year, even as the Covid-19 pandemic hit listed firms, wiping out shareholder earnings and pushing away foreign investors. A survey on Africa’s top 250 companies by South Africa’s African Business Magazine had 17 […]
BC-Kenyan-Banks Hoarding-Cash-to-Cover-Faltering-Loans , Eric Ombok (Bloomberg) — Kenyan banks are expected to hoard cash as they report a jump in first-quarter loan-loss provisions to cope with the aftermath of the coronavirus pandemic. Kenyan institutions got a cash boost when the central bank lowered reserve requirements to free up funds for lending, while interest rates have […]
Business News Lenders attribute performance to adverse effects of Covid-19 pandemic. Several banks have registered a decline in profitability for the first three months of the year as Covid-19 continued to ravage through their balance sheets. At least six banks posted a lower profit after tax in the first quarter compared to a similar period […]
Visitors are silhouetted against the logo of the International Monetary Fund at the main venue for the IMF and World Bank annual meeting in Tokyo October 10, 2012. REUTERS/Kim Kyung-Hoon The International Monetary Fund (IMF) has backed the halting of dividend payments and share buy backs by banks in response to the Covid-19 pandemic. According […]
(Ecofin Agency) – The Board of Directors of Kenyan Equity Group Holdings says it has canceled the distribution of KSh9.5 billion (about $88.9 million) in dividends to shareholders for the financial year 2019. The reason for this decision, the Board says, is the need to preserve liquidity in this pandemic context. Following this announcement, the […]
Dr. James Mwangi, the Equity Group CEO and Managing Director (PHOTO/File). NAIROBI – The Board of Directors of Equity Group Holdings Plc, one of the largest bank on the Nairobi Securities Exchange by market capitalization, has withdrawn its recommendation of a Ksh. 9.5 billion dividend payout to its shareholders. The withdrawal of the dividend payout […]
Equity Group Holdings is a Pan-African financial services group based in Nairobi, Kenya with Bank subsidiary operations in Kenya, Rwanda, Uganda, Tanzania, South Sudan, and the Democratic Republic of the Congo. The Group’s operations include a fintech com Dr. James Mwangi is a champion for socio-economic transformation. The Kenyan born banker and leading businessman is […]
Equity Group Managing Director James Mwangi. Business News Total operating costs rose by nearly 50pc to Sh12.8b Equity Bank’s net profits dipped by 14 per cent to Sh5.3 billion in the first three months of this year as the lender significantly shored up the buffer against loan defaults. Equity had reported a Sh6.15 billion after-tax […]
Safaricom remains the top company in East Africa, according to a survey on Africa’s top 250 companies by South Africa’s ‘African Business Magazine’. PHOTO | FILE A survey on Africa’s top 250 companies by South Africa’s African Business Magazine had 17 East African companies valued at $20.2 billion (3.4 per cent of total market capitalisation […]
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