Co-op joins queue of banks expecting significant profit hits

Co-op joins queue of banks expecting significant profit hits

The Co-operative Bank of Kenya has become the sixth lender to issue a profit warning on expected 2020 earnings. In a notice to shareholders on Friday, the bank attributed the expected collapse in earnings to economic disruptions arising from the COVID-19 pandemic. The volatile operating environment has seen the lender raise its loan-loss coverage in […]

Co-op joins queue of banks expecting significant profit hits

Co-op joins queue of banks expecting significant profit hits

The Co-operative Bank of Kenya has become the sixth lender to issue a profit warning on expected 2020 earnings. In a notice to shareholders on Friday, the bank attributed the expected collapse in earnings to economic disruptions arising from the COVID-19 pandemic. The volatile operating environment has seen the lender raise its loan-loss coverage in […]

Kenya's TransCentury, EA Cables say complete debt restructuring

Kenya’s TransCentury, EA Cables say complete debt restructuring

NAIROBI, July 22 (Reuters) – Kenya’s East African Cables and its parent firm TransCentury Ltd have completed a debt restructuring deal that has reduced the group’s debt by almost half, they said on Monday. TransCentury, which was founded by a group of Kenyan investors in 1997, invested in a range of infrastructure companies, including East […]