(Bloomberg) — Equity Group Holdings Plc, Kenya’s biggest bank by market value, failed to declare an interim dividend despite almost doubling net income for the first half of the year. The board of the bank with operations in six African nations is still committed to returning 30% to 50% of income in dividends this year, […]
Tag: XUGA_KCB
Havi sues two banks, police in LSK accounts tug-of-war
Law Society of Kenya President Nelson Havi at the Milimani law courts in Nairobi. NMG PHOTO Two banks and the police have been sucked into the ongoing factional wars at the Law Society of Kenya (LSK) after they were sued for allegedly crippling the financial operations of the lawyers’ lobby. LSK president Nelson Havi has […]
Stanbic first bank to offer interim dividend payout
A Stanbic Bank branch on Kimathi Street, Nairobi. FILE PHOTO | NMG Stanbic Holdings is the first bank to reinstate interim dividends after its net profit surged 37 percent in the half year ended June to Sh3.5 billion. The company declared a payout of Sh1.7 per share or a total of Sh672 million to be […]
Pension scheme returns double on resurgent NSE
Zamara chief executive Sundeep Raichura. FILE PHOTO | NMG The rally in large stocks at the Nairobi bourse doubled returns of pension funds in the second quarter, offering relief to contributors whose savings have been ravaged by inflation. Returns from their equities investments grew by 11.7 percent during the quarter, boosting the overall returns to […]
Safaricom tops EA’s list of most valuable firms
Safaricom, which started its operations in 2000, has grown from a subscriber base of 26,000 people in 2001 to about 40 million subscribers currently. PHOTO | FILE | NMG Kenyan companies dominated East African and Mauritius most valuable brands in the three months to June 30, with Safaricom being the highest prized brand in the […]
Safaricom’s allure poses headache for big investors
Safaricom Chief Executive Officer Peter Ndegwa. [Wilberforce Okwiri,Standard] Mobile phone operator Safaricom is indisputably the most profitable company in Eastern and Central Africa. No company comes close to the telco, which recently made an incursion into Ethiopia after Addis Ababa liberalised its telecommunications sector. Yet, Safaricom’s dominance does not end in the goods and services […]
Former Nakumatt CEO Atul Shah’s Lavington Mansion to be Auctioned over Sh2 Billion Debt
Former Nakumatt CEO Atul Shah is set to lose his home in Nairobi’s high-end estate of Lavington over a Sh2 billion defaulted loan. The multi-million-shilling mansion was used as security for a loan given to the collapsed retail chain by Kenya Commercial Bank (KCB) in 2011. Following the collapse of Nakumatt, the debt has remained […]
Nandi, Bomet and Kericho to raise land rates 100 times for tea firms
Counties from the tea growing regions in the Rift Valley want multinational tea companies to pay Sh10,000 land rates per acre, up from the current Sh100 they have been paying since 1926. The counties of Nandi, Bomet and Kericho are pushing to have the companies pay more, citing the changing economic times and the profits […]
Parliament rejects Bill seeking to pay fallen bank depositors Sh1m
MPs during a session at Parliament chambers. PHOTO | FILE Parliament has rejected a proposed law that would have seen depositors in fallen banks paid up to Sh1 million for every account in compensation. The National Assembly Committee on Finance and National Planning shot down the Bill amid concerns that nearly Sh1 trillion would be […]
NSE outperforms Africa peers despite Covid fears
A stockbroker at the Nairobi Securities Exchange trading floor. FILE PHOTO | NMG The price gains in large blue-chip stocks have helped the NSE beat its peers in Africa in returns this year, boosting its prospects of attracting capital inflows as global markets continue to recover from the Covid-19 pandemic. In the year-to-date, the NSE […]