The KCB Group has converted a Sh3.45 billion long-term loan it had given to National Bank of Kenya (NBK) last year into equity. This is meant to enable NBK to meet its core capital ratios. The conversion now makes the total equity financing that KCB has put into NBK to Sh8.45 billion. This is due […]
Tag: XNAI_NBK
KCB turns Sh3bn National Bank loan into equity
KCB Group #ticker:KCB has converted a Sh3.45 billion long-term loan it had given to National Bank of Kenya (NBK) last year into equity, helping the subsidiary meet its core capital ratios after years of default. The conversion brings the total equity financing that KCB has put into NBK to Sh8.45 billion, having put in an […]
NBK posts Kshs 1.1B in full year net profit
National Bank of Kenya (NBK) has posted Kshs 1.1 billion in profit after tax for full year 2021. This represents a 431% increase from 2020, driven by increased income from loan interest and foreign exchange trading, coupled with lower loan loss provisions. NBK Managing Director, Paul Russo attributed the strong financial results to the Bank’s […]
NBK partners with Davis & Shirtliff to offer financing for customers seeking to purchase water equipment
The National Bank of Kenya (NBK) and Davis & Shirtliff have partnered to offer sustainable credit financing to individuals, SMEs and community organizations seeking to purchase water equipment and solar systems. Under the partnership, NBK will extend credit to the customers to acquire water equipment, solar panels, solar back-ups, and solar water heaters from Davis […]
Police put KNBS in more trouble over Sh500m census fees
The national statistics agency has failed to account for Sh500 million that was spent on allowances for security personnel who oversaw the 2019 population census after police refused to provide expenditure details. Kenya National Bureau and Statistics (KNBS) director-general Macdonald Obudho told Parliament that it wired Sh500 million to the National Police Service to meet […]
Big banks seen swallowing smaller loss-making rivals
Ratings agency Moody’s says small Kenyan banks suffering losses or facing insolvency are likely to become targets of acquisitions by their larger rivals over the next one-and-a-half years. The ratings firm says local lenders are witnessing a wide divergence in profitability, with 14 of the institutions in the smaller peer group reporting losses or negligible […]
Kenya: Ogeto Defends Treasury on Formation of Covid-19 Funds Board
Nairobi — Solicitor- General Kennedy Ogeto has defended the National Treasury, amid accusations that it erred in setting up the Covid-19 Funds Board, that was later turned into a Private Limited Company despite receiving and handling public funds. Ogeto told the Parliamentary Public Accounts Committee that the 12-member board was not formed in adherence to […]
Big banks seen swallowing smaller loss-making rivals
Ratings agency Moody’s says small Kenyan banks suffering losses or facing insolvency are likely to become targets of acquisitions by their larger rivals over the next one-and-a-half years. The ratings firm says local lenders are witnessing a wide divergence in profitability, with 14 of the institutions in the smaller peer group reporting losses or negligible […]
Kurwitu Ventures: The stock no investor wants
The last time the share traded was on July 27, 2017 when 100 shares exchanged hands. [Courtesy] It introduced itself to the public as the pioneer listed company with a focus on attracting Islamic investors into the capital markets. On November 13, 2014, Kurwitu Ventures was listed on the Nairobi Securities Exchange (NSE) with its […]
Dentons litigator joins MMK in Nairobi
A litigator has left Dentons’ Kenyan outfit to join a local firm which is facing greater demand from corporate clients. Kenyan law firm Munyao, Muthama & Kashindi Advocates (MMK) has added to its litigation practice with the hire of a partner with a broad disputes practice. James Tugee joined the firm this week from Dentons […]