Customers wait to be served in the banking hall at KCB in Nairobi, Kenya. REUTERS/Thomas Mukoya/File Photo Kenyan bank KCB Group on Wednesday announced a first half-year after-tax profit of Sh7.6 billion (about $70 million), a 40 percent drop compared to earnings during a similar period in 2019 largely due to the negative effects of […]
Treasury Cabinet Secretary Ukur Yatani. FILE PHOTO | NMG The Treasury is sitting on cash pile of Sh9.9 billion in donations from State agencies, voluntary salary cuts and money seized from graft lords amid rising coronavirus infections and a shortage of key medical kits in the counties. Treasury Cabinet Secretary Ukur Yatani Thursday told Parliament […]
NAIROBI, Aug 13 (Reuters) – 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 […]
Regional lender KCB Group has reported a 40 percent drop in net profit for the six months to June 30, 2020, over increased provisioning to deal with bad loans linked to the Covid-19 pandemic. The bank, which has operations in Kenya, Uganda, Tanzania, Rwanda, Burundi, and South Sudan, recorded a net profit of Ksh7.57 billion […]
Nairobi — Kenya Commercial Bank has registered a 40 percent decline in its half-year after-tax profits to Sh7.6 billion. The lender in a statement attributed the drop-in performance from Sh12.7 billion it posted in 2019 to increased provisions in the wake of higher credit risk due to the COVID-19 pandemic. "The second quarter was the […]
Co-operative Bank of Kenya will buy 90% of micro lender Jamii Bora Bank and the deal will complete this month, the country’s central bank said on Friday, marking further consolidation in the East African nation’s banking industry. Co-op Bank’s takeover of Jamii Bora was first announced in March and the deal is due to complete […]
(Adds details, background) NAIROBI, Aug 7 (Reuters) – Co-operative Bank of Kenya will buy 90% of micro lender Jamii Bora Bank and the deal will complete this month, the country’s central bank said on Friday, marking further consolidation in the East African nation’s banking industry. Co-op Bank’s takeover of Jamii Bora was first announced in […]
Safaricom CEO Michael Joseph speaks at Railways Club, Nairobi on March 12, 2020 Former Safaricom CEO Michael Joseph was on Thursday, July 30, appointed the chairperson of the Safaricom PLC Board. He will take over after the retirement of Nicholas Ng’ang’a who has held the position for 16 years. Announcing the appointment, Safaricom Chief Executive […]
• The Nairobi County Revenue System will be rolled out in phases to replace the Local Authority Integrated Financial Management System that has been in existence since 2014. • KRA was appointed City Hall’s principal revenue collector on March 16 as part of the agreement in the Deed of Transfer of functions to the National […]
Safaricom outgoing chairman Nicholas Ng’ang’a. PHOTO | JEFF ANGOTE | NMG Whenever up and about in public places, Nicholas Ng’ang’a on many occasions goes unnoticed. And he loves it that way; a quiet and simplistic lifestyle. As such his face may not be the most easily recognisable to many despite his rich legacy both in […]
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