The fall in the shares of the companies could be attributed to a fall in demand as foreign investors withheld their money, while others sold off their share to either keep cash or reinvest in their home countries and other markets considered safer. The market value of the companies listed on the Uganda Securities Exchange […]
Tag: XNAI_EQTY
Equity Bank’s Borrowed SME Funds jump to Ksh68.5 billion in Q3
Equity Bank’s borrowed funds for SME s jumped 19.7 per cent to Sh68.5 billion over the three months to September as development finance institutions began disbursing cash for onward lending to small businesses. The bank had received commitments from the World Bank’s private-sector lending arm, International Finance Corporation (IFC) and Agence Française de Développement Group’s […]
Co-operative Bank net profit dips 10pc in nine months
Cooperative Bank has made Kshs. 9.8 billion in net profit during the first nine months of this year, representing a 10% reduction which the lender blames on increased COVID-19 related loan loss provisions. Cooperative Bank booked a 905 increase in loan loss provision from Kshs. 2.1 billion in 2019 to Kshs. 4 billion. Group CEO […]
Co-op Bank’s Q3 profits dip 10% on high loan provision
Co-op Bank Group has reported a slight drop in net profit for the third quarter ended September on high loan provision arising from Covid-19 economic pressure. The lender’s financial results for the period released Thursday show profit after tax dropped 10 per cent to Sh9.8 billion compared to Sh10.9 billion over a similar period last […]
Equity Group offers 30% more loans, Uganda deposits up 50%
Equity Group Managing Director and CEO Dr James Mwangi has announced positive results for Quarter 3. Nairobi, Kenya | THE INDEPENDENT | Equity Group has reported giving out 30% more loans than the previous year, as it supports companies seeking new opportunities as they recover from the COVID-19 lockdown. This has been possible as customer […]
Co-op Bank Q3 net profit declines by 10 percent
Kenya’s Co-operative Bank net profit for the nine months period to September 30 declined by 10 percent over reduced banking transactions and increased provisioning to cushion against the economic disruption occasioned by the Covid-19 pandemic. The lender, which is listed on the Nairobi Securities Exchange (NSE), recorded a profit after tax (PAT) of Ksh9.8 billion […]
Equity wins SME Bank of the Year at global finance awards
• Equity, through its products and services, has continued to empower small and medium sized businesses and has transformed them into instruments of driving value across the society. • COVID-19 has challenged the normal operations for many SMEs in Kenya and across Africa Equity Bank has won the 2020 SME Bank of the year – […]
Kenya: Co-Op Bank Profit Falls 10pc On Covid Defaults
Co-operative Bank Group net profit for the first nine months of the year has dropped by 10 per cent to Sh9.77 billion, weighed down by near-doubling of Covid-19-related loan loss provisioning. The decline in net earnings is from the preceding similar period’s Sh10.88 billion and came on the back of rising loan loss provisioning by […]
NSE grapples with investor jitters as Covid-19 resurgence hits gains
The stock market may stick in the woods for some time, despite stocks prices beginning to react positively with the reopening of the economy. Trading of equities at the Nairobi Securities Exchange (NSE) has been bumpy since the strike of the coronavirus in the country in March, as the period has been characterised by huge […]
Absa Bank profit drops 66% on Covid, transition costs
Absa Bank Kenya PLC managing director Jeremy Awori celebrates with staff at the Sarit Centre branch during the official unveiling of the Absa brand in Kenya on February 10 Absa Bank Kenya is the latest listed lender to report a massive profit drop in the year to September, as net earnings sink by 66.1 per […]