•The three are Kenya’s largest banks by asset base. •Majority of commercial lenders in the country have been leveraging on lending to government and disbursing digital loans to grow their non-funded income. Kenya’s new bank notes. KCB, Equity and Coop Bank have been downgraded to a B2 rating due to their large investments in government […]
National Bank managing director Paul Russo. FILE PHOTO | NMG National Bank of Kenya (NBK) breach of regulatory capital levels worsened in the first quarter ended March as its parent company KCB Group #ticker:KCB prepares a Sh3 billion injection. The lender’s capital supporting its deposit-taking and lending activities, which were already inadequate in December, dropped […]
Customers inside a KCB branch banking hall. The bank recorded eight per cent growth in net profit during the three months period to March 31. PHOTO | AFP The group’s profit after tax rose to Ksh6.26 billion ($62.6 million) from Ksh5.77 billion ($57.7 million) in the same period last year with a huge portion of […]
Kenya’s largest bank restructured more than 110 billion shillings ($1.03 billion) of loans by mid-May, the most by any of the country’s lenders, as measures to curb the coronavirus pandemic take their toll on businesses. “Most of it is our large customers, institutional clients, that’s around 90 billion shillings,” KCB Group Ltd. Chief Executive Officer […]
KCB Group chief executive Joshua Oigara. FILE PHOTO | NMG KCB Group reported an 8.4 percent growth in net earnings in the first quarter ended March, helped by higher interest income and fees on transactions. The lender’s net profit in the period stood at Sh6.2 billion, up from Sh5.7 billion the year before. The earnings […]
(Adds details, background, quotes) By Omar Mohammed NAIROBI, May 20 (Reuters) – KCB Group’s first-quarter profit missed expectations due to the impact of coronavirus, Kenya’s biggest lender said on Wednesday, adding that the pandemic was likely to affect its performance for the next two quarters. Profit after tax rose 8% in the first quarter to […]
Mr Peter Kenneth. Mayfair Bank is majority owned by the politician and businessman. FILE PHOTO | NMG Egypt’s largest private lender Commercial International Bank (CIB) has received regulatory nod to acquire a controlling stake in Mayfair Bank, deepening acquisitions in the local banking sector. The Central Bank of Kenya (CBK) announced on Friday that it […]
Nairobi — National Bank of Kenya (NBK) has opened its first branch since its acquisition by Kenya (KCB) Group last year. Located in Gikomba Market, the branch is one of the 4 branches that the bank is gearing to set up. It brings to 83 the total number of branches that the bank has spread […]
National Bank of Kenya Moi Avenue Branch in Nairobi. FILE PHOTO | NMG KCB Group #ticker:KCB has injected Sh5 billion in its newly acquired subsidiary National Bank of Kenya (NBK) #ticker:NBK enabling it to comply with capital requirements after suffering shortfalls for years. “In addition to enabling NBK to comply with capital adequacy requirements, the […]
The year saw Kenya’s banking sector record several mergers and acquisitions and more are predicted in the next two years as capital raising options diminish for smaller struggling lenders. Nigeria’s largest retail lender, Access Bank Plc, acquired Kenya’s Transnational Bank associated with retired President Daniel arap Moi. The bank’s profits have been on a decline […]
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