Top banks saved up to Sh27.2 billion in the nine months to September on lower costs of handling defaults as borrowers resumed making payments following months of a freeze. The eight tier-one lenders reduced their loan loss provisioning costs by up to 39 percent, underlining the supernormal profits posted by most of them. KCB Bank […]
Co-operative Bank had the highest volume of non-performing loans. FILE PHOTO | COURTESY East Africa’s top retail banks booked more than $125 million of bad loans in the nine months to September this year, as borrowers struggled to repay their loans following the expiry of a 12-month loan repayment relief programme for customers adversely impacted […]
The Fuliza overdraft service transacts more than Sh1.2 billion daily. Safaricom’s overdraft facility, Fuliza, has taken less than three years to capture the digital lending market. But the telco’s climb to the pinnacle of the market segment has been anything but smooth. It started with M-Kesho—the ill-fated product launched by the mobile service provider in […]
Small businesses are eyeing longer-term loans at fairer rates from funds provided to banks by development finance institutions to provide capital to fund the post-Covid-19 recovery plan. Cooperative Bank #ticker:COOP last week announced a seven-year loan facility for small businesses with up to 250 workers, partnering with the European Investment Bank (EIB) that has provided […]
Co-operative Bank had the highest volume of non-performing loans. FILE PHOTO | DENNIS ONSONGO Meanwhile, Bank of Tanzania (BoT) has introduced measures to address non-performing loans, which include zeroing in on individual bank employees who are directly responsible for issuing the loans. The latest unaudited financial statements for regional lenders KCB, Equity and Co-operative banks […]
East Africa’s top retail banks booked more than $125 million of bad loans in the nine months to September this year, as borrowers struggled to repay their loans following the expiry of a 12-month loan repayment relief programme for customers adversely impacted by the Covid-19 pandemic. This comes as regional banking regulators in Kenya, Tanzania […]
Equity Group Managing Director & CEO Dr. James Mwangi [Wilberforce Okwiri, Standard] Equity Group founder Peter Munga knows well what to do in the face of failure: look for people to rescue the vision. But for KCB Bank, hitting rock bottom has not been part of its story. Since 1896, when it started its operations […]
Equity Bank Uganda has launched an environmental conservation and climate financing initiative to facilitate clean energy generation and increase the adoption and purchase of innovative clean energy technologies that directly impact peoples’ health, incomes and the environment in Uganda and other countries within East and Central Africa. The Bank is working together with households and […]
Equity Group CEO James Mwangi could become one of the longest-serving CEOs in the country, after disclosing that he will leave his position earliest 2032. Mwangi has served the bank for 31 years including 17 years as CEO, and he plans to go beyond the 70-year age limit set by the Capital Markets Authority (CMA). […]
Nairobi — Kenyan Banks have emerged top of their other East African counterparts in the 2021 ranking of the continent’s top 100 banks by tier 1 capital conducted by Africa Business Magazine. Equity was the highest-ranked in the report. The regional lender climbed three places to position 24 following a 27 percent increase in its […]
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