East African Cables has reached an agreement with the State Bank of Mauritius (SBM) over the restructuring of Ksh285 million ($2.85 million) debt that is due and payment on demand, giving the company a lifeline in its recovery efforts. The agreement means the lender withdraws a liquidation petition against the firm, a Nairobi Securities Exchange-listed […]
Equity Group CEO James Mwangi. FILE PHOTO | NMG Pensioners, billionaires and institutional investors are among the shareholders of Equity Group #ticker:EQTY who will forgo hefty dividends after the lender cancelled its proposed payout of Sh2.5 per share or a total of Sh9.4 billion. They include Britam Holdings, Equity’s CEO James Mwangi, the lender’s founder […]
The Kenya Commercial Bank (KCB) will on Thursday appoint PricewaterhouseCoopers (PwC) as its external auditor, automatically replacing KPMG. The changes will see KPMG lose at least Ksh55 million in revenues, that KCB parts with every year as auditing fees. This is the second job KPMG is losing less than a year, after losing Absa Group […]
Different exhibition stands at Kenyatta International Convention Centre (KICC) Nairobi on February 25, 2020 during an SMEs expo. FILE PHOTO | NMG Helping Small and Medium Enterprises to continue operating post Covid-19 is proving to be a big challenge to both the government and the private sector. This has emerged from various forums of financial […]
Different exhibition stands at Kenyatta International Convention Centre (KICC) Nairobi on February 25, 2020 during an SMEs expo. FILE PHOTO | NMG Helping Small and Medium Enterprises to continue operating post Covid-19 is proving to be a big challenge to both the government and the private sector. This has emerged from various forums of financial […]
Equity town hall branch. High loan loss provisions saw Equity Group’s quarter one net profit dip by 14 percent, according to its financial results. The provisions grew tenfold to Sh3billion from Sh300million dropping the lender’s profits to Sh5.3 billion from Sh6.2 billion recorded in the same period last year. “Aggressive provisions saw the cost of […]
– Equity Group CEO and MD James Mwangi said the coronavirus pandemic had created uncertainty in the financial sector – The lender’s net interest income grew by 11% on the back of a 24% year on year growth on loan book to KSh 379.2 billion up from KSh 305.5 billion – Equity had earlier cancelled […]
Courtesy Lender Equity group has releases first-quarter results for 2020. The results are based on the uncertainties related to Coronavirus, including an overall 14% drop in profit after tax on KES 3 billion provision of loans. The loss is a tenfold drop to KES 3 billion from KES 300 million in the same period in […]
EA Cables has been struggling to pay creditors, including banks. FILE PHOTO | NMG SBM Bank (Kenya) Limited has withdrawn a petition to liquidate East African Cables #ticker:CABL after the two reached a debt settlement and restructure agreement. SBM Bank in January this year filed a petition to liquidate the loss making company after it […]
Equity is seeking to conserve cash due to the Covid-19 outbreak. FILE PHOTO | NMG Equity Bank’s #ticker:EQTY share has wobbled from Tuesday after the lender informed investors of a surprise withdrawal of dividend, before recovering some of the losses in the last two days as buyers returned to look for a friendly entry price. […]
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