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 […]
Tag: XUGA_KCB
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 […]
Dividend boom is here as banks turn the corner on Covid woes
Investors and analysts, during the peak of Covid-19 infections, did not expect payouts to snap back quickly to 2019 levels. Kariuki Ngari, the chief executive of Standard Chartered Bank of Kenya, says he does not need to “hold anything in excess” like in 2020 when Covid-19 disruptions convinced him to conserve cash. At the time, […]
Co-op Bank leads in funds set aside for absorbing defaults
Co-operative Bank branch along Haile Selassie Avenue, Nairobi. FILE PHOTO | NMG Co-op Bank reduced its loan loss provision by the smallest margin among the big banks in the year ended December, slowing down its profit growth and leaving it with higher buffers for absorbing defaults. Stockbroker AIB-AXYS says the lender has been the most […]
SMEs receive Sh2bn funding under State-backed credit guarantee scheme
More than Sh2 billion has been issued to micro, small and medium-sized enterprises (MSMEs) under the state-backed credit guarantee scheme. National Treasury says by December 2021, a total of 1,291 small businesses had taken loans amounting to Sh2.1 billion since the scheme was launched a year ago. The credit guarantee scheme encourages banks to disburse […]
Kenya Airways shareholders’ long wait for soft landing
Kenya Airways planes at Jomo Kenyatta International Airport (JKIA), Nairobi [Boniface Okendo, Standard] The classic investment philosophy is to invest in companies that are beaten down but with the hope that they will bounce back. That was the thinking of investors who between March 25, 1996 and April 1996 agreed to buy into Kenya Airways […]
KCB Group courts DRC bank in expansion plan
KCB Group Chief Executive Officer Joshua Oigara. PHOTO | COURTESY The deal, the bank said, will push the regional lender’s assets towards the Ksh1.5 trillion ($13.15 billion) mark in the next financial year. Chief executive Joshua Oigara told The EastAfrican that negotiations for a potential buyout are at an advanced stage and the deal should […]
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 […]
Amend insolvency law for fast revamp of the sugar sector
Trucks of sugar at the Mombasa port. FILE PHOTO | NMG The sugar sub-sector is a key factor in Kenya’s economy. Apart from providing food security, the sector employs millions that rely on it directly or indirectly through sugarcane farming, distribution, retail services and other upstream and downstream supply chain activities. The genesis of poor […]
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 […]