Residents of Mahiga-Meru village chase desert locusts using old aluminium cooking pots, iron sheets and twigs, in Laikipia County (file photo). Top Kenyan banks have yielded to the Covid-19 pandemic with grim prospects of weaker profitability, slowed loan book growth and a surge in the volume of bad loans, signaling reduced dividends for shareholders and […]
A shop with various agency banking counters in Nakuru. KCB, Equity, NCBA, Co-operative Bank, DTB, Absa, StanChart and Stanbic started 2020 with by deteriorating asset quality. FILE PHOTO | NMG KCB, Equity, NCBA, Co-operative Bank, DTB, Absa Bank (Kenya), Standard Chartered Bank and Stanbic started the year with by deteriorating asset quality, with an average […]
Former National Bank Managing Director Munhir Sheikh. PHOTO| COURTESY The Employment and Labour Relations Court has ordered National Bank of Kenya (NBK) to pay its former Managing Director Munir Sheikh Ahmed Ksh.26,520,000 as compensation for unlawful sacking. Justice Byram Ongaya ruled that the bank failed to prove the allegations of gross misconduct and misrepresentation of […]
Representative image Image Credit: Facebook / National Bank of Kenya National Bank of Kenya has been ordered to pay the former managing director, Munir Sheikh Ahmed Sh26,520,000 as compensation for unlawful dismissing, according to a news report by The Star. Justice Byram Ongaya at the Milimani law courts on October 9 has said it was […]
Boniface Gikunda struggled to pay his bills even more than usual under Kenya’s COVID-19 restrictions. Some days, the professional driver went without a single customer call from the three driving app services that dominate Nairobi: Uber, Taxify, and Little Cab. But what weighed heaviest on his mind was a government mandate that required him to […]
FILE | PHOTO Cytonn Investments Chief Executive Officer Edwin Dande At the heart of the contention is the capping of proceeds from the investment firm’s Cytonn High Yield Fund (CHYF) which are largely invested in-house through the Cytonn Asset Managers Limited. Edwin Dande is hoping for a favourable ruling allowing his company Cytonn the leeway […]
KCB Group has made a Sh5 billion capital injection into National Bank of Kenya (NBK), representing the largest such recapitalisation in Kenya’s banking history. The fresh funding for the newly-acquired subsidiary is expected to improve the liquidity of the struggling lender and allow it to mobilise deposits and extend more loans. The money will also […]
National Bank of Kenya (NBK) branch. FILE PHOTO | NMG National Bank of Kenya (NBK) has been ordered to pay Ecobank over half-a billion shillings for a botched financing deals linked to the supply of digital driving licences. Justice Grace Nzioka ruled that NBK had to pay Sh549.3 million based on an agreement signed three […]
Nairobi County parking attendants in a file photo from 2019. The Nairobi Metropolitan Services (NMS) will implement a new revenue collection platform in phases to avoid a system crash. NMS Director of Strategic Communications Tony Mbarine said they had focused on first implementing the payment platform for parking services last week before embarking on the […]
NAIROBI, Aug 13 – KCB Group, Kenya’s biggest bank by assets, expects the proportion of loans it will restructure due to effects of the novel coronavirus to hit 25% of its total loans by December, its chief executive officer said on Thursday. The bank said on Wednesday its first-half after-tax profit fell 40% to 7.6 […]
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