Author: David Indeje

Kenya Airways on Friday said that its losses during the first half of the current fiscal has widened to Ksh 21.07 Billion, as against losses of Ksh 8.05 Billion it had incurred during the same period last year. Its total revenues fell to Ksh 30.21 billion while passenger numbers dropped to 1.1 million, and passenger revenues declined to Ksh 20.23 billion. READ Kenya Airways Estimates Revenue Loss of  $500M by December Kenya Airways Projects KSh40Bn Lose in Revenue in 2020 Kenya Airways Chief Executive Forecasts 76pct Travel Market Lose by December “During the first half of 2020, operations were severely…

Absa Bank Kenya on Thursday posted an 85 percent fall in net profit at KSh588.9 million for the half-year ended June compared to KSh3.8 billion a year earlier due to a rise in provision and contingencies. The lender said it realised the half-year Normalised profit after tax of Ksh 1.2 billion excluding an exceptional item of Ksh 1.7 billion which it incurred as part of the just-concluded separation and brand transition to Absa. It said it has restructured loans worth KSh57 billion, representing 28 percent of its loan book. READ Barclays Spend KSh910 million in Re-brand to ABSA,  Posts 14pct…

Diamond Trust Bank Kenya on Thursday reported a 36 percent decline in its profit after tax to Kshs 2.6 billion for the first half of the year compared to Ksh 4.1 billion. This was attributed to a decline in total interest income and an increase in operating expenses due to increased loan loss provisioning. Loan provisions surged 249.2 percent year on year to KSh1.9 billion. Non-Interest Revenue grew 5.9 percent and 1.2 percent growth in Net Interest Income. READ Diamond Trust Bank Kenya Receives KSh500 million Covid-19 SME Support Loan from IFC Diamond Trust Bank Q1 Profit Jumps But Non-Performing…

Kenya President Uhuru Kenyatta says the country’s economy has fared well in spite of some sectors having been hard hit due to Covid-19. According to the Head of State, the majority of Kenyans have exercised a reasonable level of civic responsibility in observing COVID Protocols. “I must admit that we have done better than we expected. For instance, even under COVID, the economy has grown by 4.6 percent compared to 5.5 percent last year,” said Kenyatta in his eleventh presidential address on COVID-19 pandemic. “The current economic indicators, without doubt, are lower- but definitely far better than we ever anticipated.”…

Telkom Kenya says it will restructure its service delivery units to be headed by a managing director and chief officer to strategic direction. According to the telco, this will help it to grow its market share currently dominated by Safaricom. Telkom Kenya, is 60 percent owned by UK private equity firm Helios Investment Partners, while the balance 40 percent is owned by the Kenyan government. “Given our vast infrastructure asset base, terrestrial fiber, and our 4G network, we are confident in this new direction, one that has also been strengthened by the accelerated digital transformation, making both businesses and individuals…

Inadequate access to affordable trade finance remains a challenge for Kenyan Small Medium Enterprises (SMEs) restricting them in accessing global markets. However, Sidian Bank says it wants to be the preferred partner in realizing the entrepreneurial potential in the country by enabling entrepreneurs to create wealth through the provision of transformational financial solutions. “We are on a journey of positioning Sidian Bank as the go-to bank for Trade Financing and with this solution, we will propel the business to onboard more customers to grow their businesses through our ease to access finances through our innovative products,” says Chege Thumbi, CEO…