The chief executive officer of the fallen retail giant Nakumatt, Atul Shah, has lost his Lavington home to auctioneers after the High Court dismissed a petition seeking to overturn the forced sale of the high-end property by KCB Group #ticker:KCB over a Sh2 billion debt. Justice Francis Tuiyott dismissed the petition by the administrator of […]
Covid-19 pandemic has seen the world confront its biggest health crisis this century, posing one of the most disruptive periods to businesses, forcing banks to empathise with clients’ lost livelihoods and businesses by easing off on loan payment demands Top East African banks increased provisions for bad debts by over $736 million last year (2020) […]
Customers wait to be served at a banking hall. FILE PHOTO | NMG Banks’ balance sheets look unfamiliar as lenders count the cost of setting aside large sums of money to absorb shocks of loan defaults. According to a report, Kenya and Ghana are the countries where banks look to have done precautionary provisioning as […]
Covid-19 pandemic has seen the world confront its biggest health crisis this century, posing one of the most disruptive periods to businesses, forcing banks to empathise with clients’ lost livelihoods and businesses by easing off on loan payment demands Top East African banks increased provisions for bad debts by over $736 million last year (2020) […]
Founder and President of Energy Control Systems, Jeff Edwards who was on a visit to the country last week, said that power fluctuations increase pressure on investors whose expensive equipment may be destroyed. “It is very important to have stable electricity supply that will minimize operational costs in industries. We as a company has already […]
KRA Headquarter (PHOTO: FILE) The High Court has given the taxman the go-ahead to collect Sh18 million from Leah Njeri Njiru, the wife to businessman Patrick Njiiru Kuria, who is embroiled in a Sh9 billion tax evasion suit against the government. In a judgement delivered late last month, Justice David Majanja upheld the decision by […]
Equity Bank has weathered the COVID-19 disruption to register a 51% growth in its balance sheet with total assets growing to Kshs 1.015 billion up from Kshs 674 billion the previous year. This is according to the Group’s 2020 full-year financial result released this week. The growth delivered through both organic and merger and acquisition […]
Equity Group shareholders will go for the second consecutive year without dividends after the board on Monday froze the payout as net profits fell 11.6 per cent to Sh20 billion. The lender posted a drop in earnings from Sh22.39 billion booked a year earlier on the back of a five times jump in provisioning for […]
DEG, FMO, CDC Group and Team Europe have signed a $100m (Kshs 11bn) loan facility with Equity Group Holdings in its continued commitment to strategically walk with MSMEs during the COVID-19 pandemic. This is the fourth tranche for Equity Group after having signed a $50m (Kshs 5.5bn) loan facility with IFC in September; a $100m […]
•It reported 12% drop in net earnings for the year ended December 31, 2020 •The lender trounced KCB to become biggest in Kenya in terms of asset value and first in the region to cross Sh1 trillion mark Equity Bank Group’s move to hold dividends for the second year running on lower profits saw its […]
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