Losses at regional subsidiaries eroded the earnings of NCBA Group #ticker:NCBA in the year ended December when the bank relied on its Kenyan operation for 99 percent of its consolidated net income. The Kenyan business made a net profit of Sh11.7 billion in the review period while Tanzania and Uganda reported net losses of Sh1.1 […]
Tag: XNAI_NIC
EXPLAINER: How the Massively Successful Safaricom M-PESA Agency Network is Driving Digital Banks in Kenya to Go Physical
One of Kenya’s top lenders, NCBA Bank, has announced plans to open 12 new branches in the country in 2022 as part of its expansion plans. This announcement comes despite the bank shutting 14 of its branches in Kenya in 2021 due to the disruption caused by Covid-19. With its expansion, the lender targets to […]
Banks abandon CBK’s SME mobile loans deal
Four lenders selected by the Central Bank of Kenya to give low-cost mobile loans to small businesses under a programme dubbed ‘Stawi’ have abandoned the deal. The Business Daily can reveal the platform has not issued a single loan for over a year after KCB Bank #ticker:KCB , Co-operative Bank #ticker:COOP , Diamond Trust Bank […]
Banks abandon CBK’s SME mobile loans deal
Four lenders selected by the Central Bank of Kenya to give low-cost mobile loans to small businesses under a programme dubbed ‘Stawi’ have abandoned the deal. The Business Daily can reveal the platform has not issued a single loan for over a year after KCB Bank #ticker:KCB , Co-operative Bank #ticker:COOP , Diamond Trust Bank […]
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 […]
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 […]
NCBA Group bucks trend with six new branches
NCBA Group #ticker:NCBA plans to open new branches, raising its count from 78 branches to 84 by year-end, bucking a trend of banking hall closures as lenders shift to digital platforms. The bank, which shut 14 of its branches in Kenya last year due to the disruption caused by Covid-19, said yesterday its decision is […]
Philip Lopokoiyit appointed ICEA Lion CEO, Principal Officer
ICEA LION General Insurance Company Limited appoints of Philip Lopokoiyit as the new Chief Executive Officer and Principal Officer of the Company following regulatory approval. His appointment takes effect from September 20, 2021. Insurance company ICEA ion has announced the appointment of Philip Lopokoiyit as the new Chief Executive Officer and Principal Officer of the […]
NCBA Group spends Sh700m on job cuts
NCBA Group #ticker:NCBA spent Sh700.7 million to cut its workforce in the year ended December as the lender sought to realise the cost-reduction benefits of the merger of its constituents –the former NIC Group and CBA Group. The Nairobi Securities Exchange-listed firm says the job cuts were implemented in Kenya –its biggest market. Its total […]
NCBA Group spends Sh700m on job cuts
NCBA Group #ticker:NCBA spent Sh700.7 million to cut its workforce in the year ended December as the lender sought to realise the cost-reduction benefits of the merger of its constituents –the former NIC Group and CBA Group. The Nairobi Securities Exchange-listed firm says the job cuts were implemented in Kenya –its biggest market. Its total […]
