Close to 200 customers who are demanding over Sh2 billion from lenders for interest charged on loans decades ago, now want the banks to notify shareholders and investors of the case pending in court. In a letter to the Kenya Bankers Association (KBA), 188 customers of Standard Chartered #ticker:SCBK and Kenya Commercial Bank #ticker:KCB say […]
Foreign investors at the Nairobi Securities Exchange (NSE) returned a net buying position at the market last week, snapping a two-week selling run that has seen them cashing in on stocks whose prices had gone up ahead of book closures on dividends. Market data from the NSE showed that there was a net foreign inflow […]
A Safaricom shop in Nairobi. FILE PHOTO | NATION MEDIA GROUP Kenya’s mobile phone operator Safaricom has topped the list of Africa’s most valuable brands by market capitalisation, with shareholder wealth peaking at a record high of $14.14 billion in February 2021. According to a new monthly survey by analysts at AfricanFinancials Group, Safaricom, which […]
HF Group head office in Nairobi. FILE PHOTO | NMG Insurance group Britam Holdings plans to sell part of its 48.2 percent stake in mortgage financier HF Group to one of the country’s big banks as part of a review of its investment portfolio. A director of Britam, which last week scrapped nine top executive […]
Britam new chief executive Tavaziva Madzinga. PHOTO | COURTESY Insurance group Britam Holdings has eliminated nine top executive positions or nearly half of its management team as the new CEO shakes up the top deck of the Nairobi bourse-listed firm. The company Thursday introduced a leaner team of 11 managers from the previous 19, with […]
A KCB branch in Nairobi. FILE PHOTO | NMG KCB Group lost Sh2.16 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 mobile banking revenue dropped 22 percent to Sh7.71 billion […]
KCB Group ’s net profit declined 22 per cent to Sh19.6 billion in the year ended December on the back of increased provisions for coronavirus-related defaults. The Nairobi Securities Exchange-listed firm had reported net earnings of Sh25.1 billion the year before. The reduced profit came as loan loss provisions tripled to Sh27.5 billion from Sh8.8 […]
KCB Group CEO Joshua Oigara (right) Chairman Andrew Kairu (centre) and Group CFO Lawrence Kimathi during the release of the full-year result. PHOTO | POOL KCB Group’s net profit declined 22 per cent to Sh19.6 billion in the year ended December on the back of increased provisions for coronavirus-related defaults. The Nairobi Securities Exchange-listed firm […]
KCB Group will provide an additional capital injection of Sh3 billion to National Bank of Kenya (NBK) in the coming days, with the cash going to help the subsidiary comply with minimum capital requirements. NBK has continued to breach statutory capital levels despite receiving the initial capital support of Sh5 billion from KCB in December […]
KCB chief executive Joshua Oigara on March 2. Photo/Enos Teche. KCB Group Plc net profit for the year ended December 2020 shrunk 22 per cent to Sh19.6 billion from Sh25.2 billion a year earlier on high Covid-19 loan loss provision. Announcing the lender’s results late Wednesday, KCB Group MD Joshua Oigara said the pandemic significantly […]
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