Author: David Indeje

KCB Group on Wednesday reported a flat 1.8 per cent growth in first-quarter net profit at KSh 6.37 billion, compared with KSh 6.26 billion in the corresponding quarter last year. The lender’s Non-interest income declined 20 per cent to KSh6.3 billion from KSh7.8 billion. “Overall performance was largely impacted by lower non-interest income due to subdued digital lending on reduced disbursements and lower customer transactions,” chief executive Joshua Oigara said in a statement.

Central Bank of Kenya (CBK) on Wednesday decided to leave the benchmark interest rate unchanged at 7 per cent maintaining that “the current accommodative monetary policy stance remains appropriate”. However, the Monetary Policy Committee (MPC)  will closely monitor the impact of the policy measures, as well as developments in the global and domestic economy, and stands ready to take additional measures as necessary to support the economy hit by the COVID-19 pandemic. “The Committee noted that inflation expectations remained well anchored within the target range, and the economy continued to operate below its potential level,” Dr. Patrick Njoroge, chairman of…

Equity Group Holdings on Wednesday announced its financial results for the quarter ended March 30, 2021. The bank posted a 64 per cent growth in net profit at Ksh 8.7bn in Q21FY21, as compared to KSh5.3 billion in the corresponding period of last year. The lender’s net interest income grew 28 per cent to KSh14.8 billion in line with 29 per cent growth in loan book to KSh487.7 billion. “Our strategy; purpose-first, inclusivity, affordability, reach, agility and quality have proven resilient and sustainable,” said Dr James Mwangi, the Equity Group CEO while releasing the first quarter of 2021 financial results. “Purpose…

The Capital Markets Authority (CMA) has granted Synesis Capital Limited to register Masaru Unit Trust Fund as a Collective Investment Scheme. The Unit Trust Funds will comprise of two sub-funds; Masaru Money Market Fund and Masaru Wealth Fund. “The Fund seeks to obtain a moderate level of growth of investor’s capital over time. To achieve this, it will seek to outperform other benchmark government securities available by investing in medium to long term interest-bearing securities and strong blue-chip companies both listed and unlisted on security exchanges,” CMA said in a statement. The fund manager for the Collective Investment Scheme is…

NCBA Group Plc, Tuesday reported a net profit of Ksh 2.84 billion for the quarter ending March 31, 2021  on account of higher non-interest income.  In the same period in FY20, the lender had posted Ksh 1.6 billion. NCBA Group Managing Director, John Gachora said the results reflect strong underlying performance across all areas of the business and a slowly improving economy. “We view 2021, as our transition year following the finalization of the merger and consolidation of all entities, systems and processes of CBA Group and NIC Group across the region in 2020. With the conclusion of this phase,…

Safaricom will seek shareholders’ nod on July 30 during its Annual General Meeting on the creation of subsidiaries in a series of companies formed for entry into Ethiopia’s telecoms market. The Ethiopian government announced that a new telecommunications license had been awarded to the Global Partnership for Ethiopia –  a consortium comprising Safaricom PLC, Vodacom Group, Vodafone Group, the United Kingdom’s development finance institution CDC Group plc, the Japanese-owned Sumitomo Corporation, and the Development Finance Corporation. In a public notice issued Tuesday, the 15-year license does not include the right to operate mobile money with the right to apply for…