Author: David Indeje

Standard Chartered Bank Kenya on Wednesday posted a 16 per cent rise in pretax profit to Ksh 3.93 billion in the first quarter ended 31 March 2022. This was attributed to rising interest income which rose 7 per cent to Ksh 4.92 billion shillings. “Our first quarter performance was strong despite volatile and challenging market conditions. The Bank remains well capitalised and highly liquid with a total capital ratio of 17.62 per cent and a liquidity ratio of 71.56 per cent,” Kariuki Ngari, Chief Executive Officer, said. The lender’s operating expenses were up 9 per cent KSh3.5billion from KSh3.2billion attributed…

Kenya’s Safaricom on Thursday said its revenue increased by 12.9 per cent to Ksh 298.08 billion in the year to March from Ksh 264.03 billion a year earlier. It said its net profit rose by 5.4 per cent to Ksh 72.35 billion excluding Ethiopia but declined by 1.7 per cent to Ksh 67.50 billion at the group level including the impact of the Ksh4.66 billion financing costs for the Ethiopia business. “Our strong growth and achievements this financial year are due to the strong strategy execution, a dedicated staff force, and the business commitment to prioritize the needs of our…

Telecom operator Airtel Africa on Wednesday said its revenue increased by 17.8 per cent to USD 1.22 billion in the fourth quarter ended 31 March compared with USD 1.04 billion in the same period a year earlier. This translates to an 82 per cent increase in net profit to $755 million for FY22 compared to the previous financial year. “We have delivered strong double-digit growth in revenues across all our regions and all our key services, with improving margins driven by strong cost control, and expanding cash generation which is enabling us to continue to invest in our network and…

Parents and teachers in Kenya will soon learn ways to save for pensions and plan for retirement under Zamara’s Angaza program which will focus on offering financial literacy. “Financial literacy is one of the most important life skills that everyone needs to learn today. Research suggests that money habits are formed as early as age seven and thus it is essential to ensure children receive a level of education about finances that will shape their attitude towards money during their formative years,”  Pension administrator Zamara Group Chief Executive Officer Sundeep Raichura says. He was speaking during a three-day Zamara retirement…

The Kenya ICT Action Network (KiCTAnet) is now accepting applications for the 7th Edition of the Kenya School of Internet Governance (KeSIG) Fellowship for persons who are interested and passionate about internet governance, it’s future and internet policy. KeSIG is an introductory course covering technical, economic, legal and contemporary social issues brought about by the Internet and how they affect Kenyans in decision making.  The program aims to build a critical mass of individuals advocating for Internet rights and freedoms by equipping the participants with the skills needed to participate meaningfully in local, regional and global policy discourse. KeSIG is…

Kenya’s gross domestic product (GDP) grew by 7.5 percent in 2021, rebounding from the 0.3 percent contraction in 2020 according to the Economic Survey for 2022. In contrast, the cost of living surged to 6.1 percent in the year from 4.7 percent in 2018, according to the survey by the Kenya National Bureaus of Statistics (KNBS). The increase was mainly attributed to an increase in fuel and food prices, forcing households to spend more on their incomes. “Inflation, as measured by the Consumer Price Index (CPI), increased from 5.4 percent in 2020 to 6.1 percent in 2021. The increase was…