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 […]
Tag: national bank of kenya
KCB quietly extends CEO Oigara’s contract by one year
KCB Group CEO Joshua Oigara. PHOTO | SALATON NJAU | NMG KCB Group has quietly extended the term of Chief Executive Officer Joshua Oigara by a year as it continues the search for a successor to the long-serving leader ahead of December. The extension, until December 31, is the second extension for the 47-year old […]
NBK partners with Davis & Shirtliff to offer financing for customers seeking to purchase water equipment
The National Bank of Kenya (NBK) and Davis & Shirtliff have partnered to offer sustainable credit financing to individuals, SMEs and community organizations seeking to purchase water equipment and solar systems. Under the partnership, NBK will extend credit to the customers to acquire water equipment, solar panels, solar back-ups, and solar water heaters from Davis […]
Police put KNBS in more trouble over Sh500m census fees
The national statistics agency has failed to account for Sh500 million that was spent on allowances for security personnel who oversaw the 2019 population census after police refused to provide expenditure details. Kenya National Bureau and Statistics (KNBS) director-general Macdonald Obudho told Parliament that it wired Sh500 million to the National Police Service to meet […]
Big banks seen swallowing smaller loss-making rivals
Ratings agency Moody’s says small Kenyan banks suffering losses or facing insolvency are likely to become targets of acquisitions by their larger rivals over the next one-and-a-half years. The ratings firm says local lenders are witnessing a wide divergence in profitability, with 14 of the institutions in the smaller peer group reporting losses or negligible […]
Kenya: Ogeto Defends Treasury on Formation of Covid-19 Funds Board
Nairobi — Solicitor- General Kennedy Ogeto has defended the National Treasury, amid accusations that it erred in setting up the Covid-19 Funds Board, that was later turned into a Private Limited Company despite receiving and handling public funds. Ogeto told the Parliamentary Public Accounts Committee that the 12-member board was not formed in adherence to […]
Kurwitu Ventures: The stock no investor wants
The last time the share traded was on July 27, 2017 when 100 shares exchanged hands. [Courtesy] It introduced itself to the public as the pioneer listed company with a focus on attracting Islamic investors into the capital markets. On November 13, 2014, Kurwitu Ventures was listed on the Nairobi Securities Exchange (NSE) with its […]
Dentons litigator joins MMK in Nairobi
A litigator has left Dentons’ Kenyan outfit to join a local firm which is facing greater demand from corporate clients. Kenyan law firm Munyao, Muthama & Kashindi Advocates (MMK) has added to its litigation practice with the hire of a partner with a broad disputes practice. James Tugee joined the firm this week from Dentons […]
KCB posts Sh25.2 billion profit on reduced loan loss provision
KCB Group CEO and MD Joshua Oigara interact with KCB Group Chairman Andrew Wambari Kairu and KCB Group Chief Finance Officer Lawrence Kimathi during the KCB Group half-year financial results announcement. KCB Bank recorded a growth of 131 per cent in net profits to Sh25.2 billion in the first nine months of 2021, following a […]
National Bank exits Nairobi bourse this week
National Bank of Kenya (NBK) #ticker:NBK is set to be delisted from the Nairobi Securities Exchange on Thursday following its acquisition by KCB Group #ticker:KCB through a share swap. NBK’s shares had already been suspended from trading ahead of the transaction, with the delisting marking the lender’s formal exit from the bourse which will now […]