NATIONAL Insurance Corporation (NIC) pre-tax profit has more than doubled, being pushed up mainly by proceedings from the general insurance portfolio. NIC, the state-owned insurance firm, said in its financial statement that the pre-tax profit jumped from 33.65bn/- realized for a year ending June 2020 to 73.1bn/- of last June. The general insurance raked in […]
Tag: XUGA_NIC
NCBA says profits weighed down by its regional units
Losses at regional subsidiaries eroded the earnings of NCBA Group #ticker:NCBA in the year ended December when the bank relied on its Kenyan operation for 99 percent of its consolidated net income. The Kenyan business made a net profit of Sh11.7 billion in the review period while Tanzania and Uganda reported net losses of Sh1.1 […]
EXPLAINER: How the Massively Successful Safaricom M-PESA Agency Network is Driving Digital Banks in Kenya to Go Physical
One of Kenya’s top lenders, NCBA Bank, has announced plans to open 12 new branches in the country in 2022 as part of its expansion plans. This announcement comes despite the bank shutting 14 of its branches in Kenya in 2021 due to the disruption caused by Covid-19. With its expansion, the lender targets to […]
Philip Ndegwa: 5 Businesses Owned by Family of First Kenyan to ‘Bank a Billion’
Kenya’s third Central Bank of Kenya governor Philip Ndegwa died on January 7, 1996, leaving behind multi-billion wealth he had accumulated for over 30 years The former PS who served in the Ministries of Agriculture, Finance and Planning co-founded First Chartered Securities alongside other 20 civil servants in 1974 The Ndegwa family owns an 80% […]
Kenyattas, Equity CEO, Ndegwas get Sh1.6bn dividend
The families of Jomo Kenyatta, former Central Bank of Kenya Governor Philip Ndegwa and Equity Group chief executive James Mwangi will pocket Sh1.62 billion in the wake of record banking profits that have delivered outsize shareholder payouts. The Kenyattas lead the pack with a payout of Sh652.5 million from their 13.2 percent stake in NCBA […]
Kenyattas, Equity CEO, Ndegwas get Sh1.6bn dividend
The families of Jomo Kenyatta, former Central Bank of Kenya Governor Philip Ndegwa and Equity Group chief executive James Mwangi will pocket Sh1.62 billion in the wake of record banking profits that have delivered outsize shareholder payouts. The Kenyattas lead the pack with a payout of Sh652.5 million from their 13.2 percent stake in NCBA […]
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 […]
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 […]
Liberia: ‘We Are Not Flight Risks’
…. Ecobank, Afriland First Bank implore Court ‘C’ Judge Ciapha Carey of Criminal Court ‘C’ has approved Ecobank Liberia and Afriland First Bank request to appear in court without a criminal appearance bond while answering the government’s charge of economic sabotage, theft of property, forgery, and criminal conspiracy. The banks, in their request for bond […]
Big banks seen swallowing smaller loss-making rivals
Ratings agency Moody’s says small Kenyan banks suffering losses or facing insolvency are likely to become targets of acquisitions by their larger rivals over the next one-and-a-half years. The ratings firm says local lenders are witnessing a wide divergence in profitability, with 14 of the institutions in the smaller peer group reporting losses or negligible […]