Equity and Standard Chartered (Kenya) banks yesterday became the first top lenders to announce a drop in earnings for the three months to March by 14 per cent and 16.6 per cent respectively. Equity, the country’s second-largest bank by assets, said first-quarter net profit fell to Sh5.2 billion, compared to Sh6.1 billion in a similar […]
Tag: XNAI_EQTY
South African Multibillion RH Bophelo to List on Rwanda Stock Market Tomorrow
Rwanda Capital Market Authority (CMA) has approved the first South African healthcare company, RH Bophelo Limited to be cross-listed on the Rwanda Stock Exchange (RSE). RH Bophelo entry on the local bourse makes it the 9th company to be listed on the RSE stock market but also comes at a time when another South African […]
Equity Bank’s Q1 earnings drop 14pc on loan loss provisioning
Equity Bank Holdings Ltd recorded a 14 per cent decline in net profit for the three months to March 31, 2020. PHOTO | DENNIS ONSONGO | NATION MEDIA GROUP The Nairobi Securities Exchange-listed lender saw its profit after tax fall to Ksh5.28 billion ($52.8 million) from Ksh6.15 billion ($61.5 million). The management took a conservative […]
CRDB, NBC banks shortlisted for premier bankers’ awards
Dar es Salaam. C RDB and NBC banks have been shortlisted for Africa’s premier bankers’ awards which celebrate excellence in banking and finance on the continent. The two Tanzanian banks are among six from the East African region that were nominated as finalists for the top honours in the African Bankers of The Year Awards […]
EA Cables spared liquidation over Sh285m default
East African Cables plant in Nairobi. FILE PHOTO | NMG East African Cables #ticker:CABL has reached a loan restructure agreement with SBM Bank Kenya, a move that has seen the lender retreat from its move to liquidate the Nairobi Securities Exchange-listed firm over a Sh285 million debt. The cables manufacturer says the maturity date of […]
Equity Group cancels KSh 9.4 billion dividend payout citing COVID-19 fears
– Equity, which restructured 25% of its loan book (KSh 92 billion), said the announcement of the dividends was made when the economy was doing better – The lender joined the list of other banks such as NCBA Group and Standard Chartered which also postponed cash distributions due the effects of COVID-19 – It was […]
Jitters double derivatives trade in Q1
A staff member at the at Nairobi Securities Exchange. FILE PHOTO | NMG The derivatives market (NEXT) at the Nairobi Securities Exchange (NSE) transacted the highest ever quarterly turnover in the first three months of this year — signalling the uncertainty that necessitated more hedging. The value stood at Sh15.5 million, exceeding the amount transacted […]
EA Cables spared liquidation over Sh285m default
East African Cables plant in Nairobi. FILE PHOTO | NMG East African Cables #ticker:CABL has reached a loan restructure agreement with SBM Bank Kenya, a move that has seen the lender retreat from its move to liquidate the Nairobi Securities Exchange-listed firm over a Sh285 million debt. The cables manufacturer says the maturity date of […]
Bank profits drop as virus ups risks
Business News Lenders attribute performance to adverse effects of Covid-19 pandemic. Several banks have registered a decline in profitability for the first three months of the year as Covid-19 continued to ravage through their balance sheets. At least six banks posted a lower profit after tax in the first quarter compared to a similar period […]
KCB, Equity and Co-op bank ratings downgraded
•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 […]