Author: David Indeje

The Co-operative Bank of Kenya Ltd has recorded a net profit of KSh KSh9.8 billion in the third quarter of 2020. This is a 10% drop from KSh10.9 billion a year earlier which was attributed to a sharp rise in loan loss provisions and a drop in non-interest income. Coop bank’s total non-performing loans in the third quarter expanded to KSh34.2 billion from KSh24.8 billion, a 37.8% increase.  “We continue to actively engage our customers to support them through this period, by re-aligning the servicing of facilities, funding and transactional needs as the situation unfolds,’’ Managing Director Gideon Muriuki said.…

Sidian Bank posted a consolidated net profit after tax of Ksh8 million as of Q3 2020 an improvement from the net loss of Ksh85 million in Q2 2020. The lender closed its Trade Finance business Ksh11.9 billion as of September 30, 2020. The profitability was driven by the increased loan book which grew by 29 percent to Ksh18.4 billion from Ksh14.3 billion in the prior period growing the interest income on loans and lending fees. Customer deposits grew by 24 percent to Ksh21.6 billion from Ksh17.5 billion in the prior period attributed to continued customer deposits mobilisation and increased customer…

Qatar Airways is celebrating fifteen years of flying direct flights from Nairobi, Kenya’s capital and Doha. The national carrier to the State of Qatar currently operates double-daily flights between Nairobi and Doha serviced by its modern fuel-efficient Boeing 787 Dreamliner, featuring 22 seats in Business Class and 232 seats in Economy Class. “Over the past 15 years, Nairobi has demonstrated its importance as a business and leisure market becoming one of our most popular destinations with global travelers,” Qatar Airways Vice President Commercial Africa, Hendrik Du Preez, said at the Jomo Kenyatta International Airport during the celebrations. “Famed for its…

KCB Group has received accreditation of the United Nations (UN) Green Climate Fund (GCF).  The accreditation was validated at the 27th board meeting of the GCF, which was held virtually this year. With accreditation, the lender will receive all Green Climate Funds amounting between $50M-$250M coming to Kenya.  “The Bank will supervise the implementation of these projects in line with its governance guidelines and policies that are in place as an implementing entity,” KCB Group said through its official Twitter feed. KCB is the first lender in Kenya and the private sector entity to receive the accreditation, cementing the sustainability…

SafeBoda, a community of entrepreneurs and motorcycle drivers Monday said that it will halt the company’s operations in Kenya. In a statement, the company says it will pause rides & send services from the 27th of November 2020 citing the difficult operating environment. “While Nairobi is seeing some economic recovery from Covid-19, Boda transportation has been hit hard. This has meant our business cannot sustainably operate in this environment and unfortunately, the timeline for a full recovery is not certain,” read part of the statement. SafeBoda launched in Nairobi in August 2018. “In Nairobi, we set out to professionalize and…

Kenya’s Ministry of Education has said all schools will reopen on January 4. According to the Education Cabinet Secretary George Magoha, the first term will end on March 19.  “In compliance with the directive, the Ministry of Education has met with all stakeholders to deliberate on the current preparedness for full resumption of learning of all learners in all basic education learning institutions on January 4,” said Magoha.  “Pre-Primary 1 & 2; Grade 1, 2 & 3; Class 5, 6 & 7; and Form 1, 2 & 3 learners will start their Term 2 on 4th January 2021 and end…