The shilling Wednesday strengthened to a five-month high against the US dollar, with traders linking this to flower remittances and muted foreign currency demand on reduced dividend repartition. It closed the day averaging 108.25 units against the dollar compared with 108.60 units at the close of trading on Tuesday, marking the 10th straight day of […]
The government should pay heed to the proposal by the Nairobi Securities Exchange (NSE) to have State shares in parastatals and other firms where it has significant ownership sold as a means of raising revenue. NSE chief executive Geoffrey Odundo told Parliament that the government has the potential to raise Sh792.6 billion from the sale […]
Covid-19 pandemic has seen the world confront its biggest health crisis this century, posing one of the most disruptive periods to businesses, forcing banks to empathise with clients’ lost livelihoods and businesses by easing off on loan payment demands Top East African banks increased provisions for bad debts by over $736 million last year (2020) […]
CBK governor Patrick Njoroge The Central Bank of Kenya has extended the loan restructuring by commercial banks to ease pressure from struggling borrowers. The relief measure first instituted in March last year has been extended to July but only covers loans which were being serviced by March 2, 2020, but went into arrears afterward This, […]
Founder and President of Energy Control Systems, Jeff Edwards who was on a visit to the country last week, said that power fluctuations increase pressure on investors whose expensive equipment may be destroyed. “It is very important to have stable electricity supply that will minimize operational costs in industries. We as a company has already […]
Equity Group shareholders will go for the second consecutive year without dividends after the board on Monday froze the payout as net profits fell 11.6 per cent to Sh20 billion. The lender posted a drop in earnings from Sh22.39 billion booked a year earlier on the back of a five times jump in provisioning for […]
•It reported 12% drop in net earnings for the year ended December 31, 2020 •The lender trounced KCB to become biggest in Kenya in terms of asset value and first in the region to cross Sh1 trillion mark Equity Bank Group’s move to hold dividends for the second year running on lower profits saw its […]
Equity Centre in Nairobi upperhill. FILE PHOTO | NMG Equity Bank has overtaken KCB Group as Kenya’s most profitable lender on back of aggressive expansion of foreign subsidiaries in a year when earnings plunged due to Covid-19 pandemic. Equity Bank net profit dropped 11 per cent to Sh19.7 billion, racing ahead of KCB whose earnings […]
Equity Centre in Nairobi upperhill. FILE PHOTO | NMG Equity Group lost Sh1.2 billion mobile banking revenue last year on waiver of transaction fees charged to customers in the wake of Covid-19 infection as the regulator sought to cut cash handling. The lender discloses that the foregone mobile banking revenue came on the back of […]
Equity Bank has been ranked as the most stable lender in Kenya both in terms of revenue and asset growth by the prestigious Africa Business Magazine. The ranking based on the 2020 end year financial results acknowledged the lender’s asset growth which hit over Sh1 trillion, becoming the first bank to reach such margins in […]
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