Co-operative bank managing director Gideon Muriuki during the release of the Bank Q3 financial report in Nairobi. The post-Covid-19 economic recovery led to high credit demand pushing up Cooperative Bank Group’s net earnings for the year ended December 31, 2021, by 52.7 per cent. The bank’s financial results released Thursday shows it reported a profit […]
Tag: XNAI_KCB
SMEs receive Sh2bn funding under State-backed credit guarantee scheme
More than Sh2 billion has been issued to micro, small and medium-sized enterprises (MSMEs) under the state-backed credit guarantee scheme. National Treasury says by December 2021, a total of 1,291 small businesses had taken loans amounting to Sh2.1 billion since the scheme was launched a year ago. The credit guarantee scheme encourages banks to disburse […]
KCB triples dividend after profit jump, targets DRC
Listed lender KCB #ticker:KCB has tripled its dividend payout to Sh9.64 billion for the year ended December 2021, while retaining Sh24.5 billion to finance new acquisitions and grow its business in Rwanda and Kenya. The bank reported a 74 percent jump to Sh34.09 billion in net earnings for the year, driven by lower provisions for […]
Nigerians Account for Over 35 Million Vervecards
Leading payment technology and card business, Verve International has announced that it has issued over 35 million active payment cards in Nigeria alone. This is in addition to over 50 million plastic and digital payment tokens. Following this development, the financial services provider says it is onboarding over 200 direct Scheme members across Africa and […]
Stock market drops Sh65bn in two days
The stock market shed Sh65.6 billion in investor wealth in the first two trading sessions this week, pressured by foreign investor sales that have overshadowed the expected price rally ahead of the dividend season. The NSE’s #ticker:NSE market capitalisation fell to Sh2.49 trillion on Tuesday from Sh2.56 trillion at the beginning of the trading week. […]
KCB to lend Sh5bn in first big green loan financing
KCB Bank #ticker:KCB will extend Sh5 billion loan facility to an infrastructural sector firm in the country, being the first company to receive the green funds. In 2020, the lender received accreditation from the United Nations Green Climate Fund (GCF) for on-lending to investments and projects with a positive impact on the environment such as […]
StanChart Kenya’s profit soars, oil price surge clouds outlook
A pre-colonial era monument stands along Kenyatta Avenue in front the Standard Chartered Bank in Kenya’s capital Nairobi, file. . REUTERS/Noor Khamis/File Photo NAIROBI, March 14 (Reuters) – Standard Chartered Bank Kenya said on Monday its pretax profit soared 70% last year to a five-year high but surging energy prices because of Russia’s invasion of […]
Kenya: Stock market drops Sh65bn in two days
The stock market shed Sh65.6 billion in investor wealth in the first two trading sessions this week, pressured by foreign investor sales that have overshadowed the expected price rally ahead of the dividend season. The NSE’s market capitalisation fell to Sh2.49 trillion on Tuesday from Sh2.56 trillion at the beginning of the trading week. Safaricom […]
KCB quietly extends CEO Oigara’s contract by one year
KCB Group CEO Joshua Oigara. PHOTO | SALATON NJAU | NMG KCB Group has quietly extended the term of Chief Executive Officer Joshua Oigara by a year as it continues the search for a successor to the long-serving leader ahead of December. The extension, until December 31, is the second extension for the 47-year old […]
Mumias Sugar: Dashed dreams, court battles and delayed revival
FILE Mumias Sugar Company entrance. Image: HILTON OTENYO Dan Lwanga, a 54 year old cane farmer in Matungu misses the good old days when his family used to holiday at the coastal beaches after receiving sugarcane dues. ”That envelope from Mumias Outgrowers Company was life to our family. It meant food, school fees and once […]