IN the coming week, like previous week there could be an increase in market activities as we have witnessed increased in market activities during the start of the year 2021, we still prospect that the market will remain vibrant going forward, thanks to prospects from the banking sector performance for the year ended 2020 and […]
The Safaricom share yesterday touched a new all-time of Sh35.10, pushing the combined wealth of investors at the Nairobi bourse to levels last seen 11 months ago and brightening prospects of recovery from Covid-19-induced price plunges. The jump in the Safaricom share from Tuesday’s Sh34.90 continues a rally that set in from the beginning of […]
(Adds details, background) NAIROBI, April 30 (Reuters) – Kenya’s Equity Group Holdings said on Tuesday it was in discussions with London-listed financial services firm Atlas Mara Limited about acquiring stakes in banks in Rwanda, Zambia, Mozambique and Tanzania. Equity’s announcement marks the third major deal among lenders in Kenya since the government capped commercial lending […]
Mr Paul Russo. FILE PHOTO | NMG National Bank of Kenya (NBK) and Costa Homes yesterday launched an off-plan housing development account where buyers’ funds will be held until delivery of their completed units. NBK managing director Paul Russo said the savings plan seeks to eradicate instances where developers use pre-sale funds for development of […]
NSE trading floor. FILE PHOTO | NMG A record number of profit warnings by commercial banks has left their shareholders at risk of missing dividends worth over Sh33 billion after the lenders were forced to cut or suspend the payments to conserve cash in the wake of the Covid-19 crisis. An unprecedented six of the […]
The lenders are said to be owed Sh6.445 billion by the steelmaker, which remained unpaid despite demand. [File, Standard] Plans by four banks to recover Sh7.5 billion from a cash-strapped steel plant have been derailed by a court decision that asked the receiver-manager to furnish a new creditor with information. High Court Judge David Majanja […]
For businesses, this has been a tough year replete with challenges sparked by Covid-19 pandemic, with majority reporting cash flow troubles, high cost of operation, while some firms have closed entirely. In a survey conducted by the Kenya Private Sector Alliance (Kepsa), 66 percent of businesses reported a significant drop in sales as at the […]
Investor wealth at the Nairobi Securities Exchange (NSE) dipped by Sh1 billion during the first trading day of the New Year Monday, data showed, halting two weeks of gains. The combined investor wealth at the bourse closed at Sh2.335 trillion amid a recovery in trading activities. This is in contrast with Sh2.336 trillion on the […]
The Co-operative Bank of Kenya has become the sixth lender to issue a profit warning on expected 2020 earnings. In a notice to shareholders on Friday, the bank attributed the expected collapse in earnings to economic disruptions arising from the COVID-19 pandemic. The volatile operating environment has seen the lender raise its loan-loss coverage in […]
Co-operative Bank branch along Haile Selassie Avenue, Nairobi. FILE PHOTO | NMG More commercial banks are now projecting a substantial fall in their full-year net profits for 2020 on account of Covid-induced economic disruptions that have weakened borrowers’ ability to repay loans. Lenders say that they have had to significantly raise loan loss provisioning to […]
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