KCB’s acquisition of two banks in Rwanda and Tanzania has pushed its total asset base to over Ksh1 trillion ($10 billion), creating a regional banking giant with a re-energised ambition to join the ranks of leading pan-African banks, currently dominated by Southern and West African banks. "This is a significant milestone and very historic positioning. […]
KCB Group has continued its clean up of the National Bank of Kenya (NBK) books with the lender’s share of gross non performing loans (NPLs) shrinking to Ksh.29 billion. Acquired in 2019, NBK had been struggling under the weight of loan defaults, a concern that triggered KCB Group to delegate an asset recovery team to […]
NAIROBI, Nov 12 (Reuters) – KCB Group, Kenya’s biggest bank by assets, now expects to only restructure 20% to 22% of its loans by the end of the year due to the fallout from COVID-19, its chief financial officer said on Thursday. The forecast was lower than an estimate of 25% made in August by […]
KCB Group recorded a 43 percent drop in net profit during the nine months period ended September 30 owing to the Covid-19 pandemic that hurt banking transactions and fuelled a significant jump in bad loans and loan loss provisions. The lender, which has operations in Kenya, Uganda, Tanzania, Rwanda, Burundi and South Sudan, recorded a […]
NAIROBI, Kenya, Nov 12 – National Bank of Kenya (NBK) has posted Sh87million in profit after tax for the nine months ending September 2020. This represents a 77 percent decline over a similar period last year due to effects of the COVID-19 pandemic. The bank recorded a profit before tax of Sh535million representing a 7 […]
Equity Group CEO James Mwangi (PHOTO: File) NAIROBI, KENYA : Equity Group has recorded a 14 per cent decline in profit after tax in the third quarter of 2020 to Sh15 billion from Sh17.5 billion recorded the previous year same period. The bank’s net profit has been affected by the impact of the Corona Virus […]
PHOTO. | File The Nairobi Securities Exchange (NSE) has extended the suspension of Nairobi Business Ventures (NBV) from trading on the bourse. NSE says the extension will allow for completion of the company’s restructuring process that includes a share split, allotment, and issuance of shares to Delta International FZE. A notice from the securities exchange […]
Kenya Commercial Bank Group CEO Joshua Oigara. PHOTO | FILE | NMG From a business growth and revenue growth perspective, the pandemic has affected major macroeconomic drivers, reducing all economic activities. This made credit quality deteriorate significantly across all segments and banks, which have traditionally been the providers of credit have been badly affected. Kenya […]
KCB Group #ticker:KCB expects its newly acquired subsidiary National Bank of Kenya to turn a corner and deliver a billion shillings in profits by the end of the year. Chief executive Joshua Oigara said the lender had won back old corporate and government accounts as a result of market confidence and business reorganisation and recovered […]
National Bank of Kenya MD Paul Russo National Bank of Kenya (NBK) has won two prestigious global awards for its customer service excellence. The bank scooped the Customer Satisfaction and Happiness Award in the Global Banking and Finance Awards 2020. The awards recognise innovation, achievement, strategy, progressive and inspirational changes within the financial services world. […]
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