Author: David Indeje

Kenya’s COVID-19 positivity rate Tuesday surged to 22.1 per cent after 1,127 more people tested positive in the last 24 hours from a sample size of 5,390. Consequently, the Kenya Medical Practitioners and Dentists Union (KMPDU) raised the red flag over a shortage of Intensive Care Unit (ICU) beds for Covid-19 patients. According to the Ministry of Health, 25 patients succumbed to the virus: three were reported in the last 24 hours while 22 were reported on diverse dates. The total number of fatalities is now at 2048.  210 people have however recovered from COVID-19 pushing the total number of…

First listed lender to withhold dividends Posts 44% Profit After Tax, Ksh 4.2 billion Absa Bank Kenya on Tuesday posted an 8% pre-provision profit growth of Ksh 17.9 billion which was described as ‘decent growth’ from Ksh 16.3 billion in 2019  amid the economic downturn that was precipitated by the Covid-19 pandemic. Mr Yusuf K. Omari, Chief Financial Officer said for the financial results for the full year ended December 2020, it posted a 44 per cent  Profit After Tax equivalent to Ksh 4.2 billion from KSh7.47 billion a year earlier. It attributed the decline to high loan provisions and…

The Central Bank of Kenya (CBK) says borrowers must recommence regular repayments and have up to June 3, 2021, to ensure that they do not default on their loan obligations. CBK says its March 2, 2020, was the end of the moratorium period of one year for all outstanding loans aimed to provide relief and reassurance to those who were financially impacted due to the pandemic. This was together with the provision of regulatory flexibility to banks by CBK, “The measures expired on March 2, 2021”.  “The period for determining the performance of all the restructured loans will begin on…

Shares of Housing Finance Group PLC, a multi-dimensional financial services provider, on Monday, closed at Ksh 3.76 per share on the Nairobi Securities Exchange, recording a 9.94% gain over its previous closing price of Ksh 3.42. This has been attributed to speculations that insurance group Britam Holdings mulls at selling part of its 48.2 per cent stake in HF Group. HF Group began the year with a share price of Ksh 3.32 which has since gained 13.25% on that price valuation at Ksh 646 million. Its market capitalisation stands at KSh1.34 billion. https://twitter.com/kenyanwalstreet/status/1373985534972936193?s=20 In January, it received a cash injection…

Kenya’s present overall COVID-19 case positivity rate of 22 per cent is the highest this year according to the Ministry of Health on Monday In line with sentiments from doctors, the pandemic is not close to being under control. According to the Ministry, 1130 people had tested positive for COVID-19 from a sample size of 5119, pushing the total of confirmed cases to 122,040. The ministry said cumulative tests so far conducted are 1,419,984 since the first case was reported. “754 patients have recovered from the disease bringing the total to 90,376, ” the ministry disclosed adding that unfortunately, 12…

Carbacid Investments and Aksaya Investments plan to take over BOC Kenya forKSh 1.24 billion is in troubled waters, pending the hearing of an appeal at the Capital Markets Tribunal. BOC Kenya, a leading supplier of industrial, medical, and special gases in a cautionary announcement to shareholders and the public, an appeal was filed on 2 March 2021 in respect to the take-over offer by the two. “Pending further guidance from the CMA and or CMT, we wish to inform you that no further action should be taken in relation to the activities set out in the transaction timetable provided in…