Author: David Indeje

Barclays Bank of Kenya (NSE:BBK) managing director Jeremy Awori has revealed that on the question of mergers and acquisitions being witnessed in the financial sector, the bank is contemplating acquisitions in the fintech space. “Our 10-year ambition of taking back the banking industry is on course. Our interest will be an acquisition in the fintech space,” said Awori when the bank announced a 7.1% y/y growth in Earnings per Share (EPS) to Ksh 1.37 for its Financial Year 2018 results. He said they were clear on their growth strategy that aims at “ Being profitable and has positive returns to their…

Barclays Bank Kenya has posted a 7% Profit After Tax (PAT) growth driven by a balance and market share perspective through its non-funded income according to its Chief Finance Officer. Its pre-tax profit in 2018 rose to Ksh 10.65 billion from Ksh 10.36 billion a year earlier and its profit after tax rose to Ksh 7.416 billion from Ksh 6.926 billion in 2017 Non-funded income rose 15% to 9.7 billion and net interest income increased 1%  to Ksh 21.99 billion shillings. “The business delivered a strong performance in 2018. The board is pleased.” Charles Muchene, Chair Board of Directors. Barclays…

Ethiopian Airlines Boeing 737 with 149 passengers and eight crew on board crashed en route from Addis Ababa to Nairobi on Sunday. No survivors were found at the scene. A spokesperson said 32 Kenyans and 17 Ethiopians were among the 157. “The group CEO who is at the accident scene right now regrets to confirm there are no survivors. He expresses his profound sympathy and condolences to the families and loved ones of passengers and crew who lost their lives in this tragic accident,” Ethiopian airlines said in a statement. Ealier, the Ethiopian Airlines confirmed the crash and said the…

The National Treasury has extended the sale of the Ksh 250 million mobile-based infrastructure M-Akiba bond by two days following increased demand by investors. “The Central Depository and Settlement Corporation (CDSC) and the Nairobi Securities Exchange Plc have received approval from the issuer, The National Treasury and the regulator Capital Markets Authority to extend the bond sale period for two days,” the Treasury said in a statement. The extension will not affect its value date for the bond which is 11 March 2019 “Those who purchased will not lose out on their interest,” Treasury reiterated. The bond will start trading…

Treasury bills subscription eased slightly in Thursday’s weekly auction with an overall performance of 90.9% compared to 78.2% the previous week. “The under subscription is partly attributable to the relatively tight liquidity in the money market during the week,” said Cytonn Investments due to the tax payments with Pay as You Earn (PAYE) due on the ninth of every month. Central Bank of Kenya (CBK) weekly data collaborates on the increased iquidity in the money market increased during the week resulting into “Commercial banks’ excess reserves stood at KSh 14.6 billion in relation to the 5.25 percent cash reserves requirement…

Kenya’s ultra high net worth individuals (UHNWIs) are moving their allocations into luxury homes, according to the latest Knight Frank Wealth Report, released on Wednesday. In Africa, Kenya leads the way, with 24% forecast growth by the end of 2023. This fits with more upbeat economic forecasts for Kenyan GDP in the coming years, yet risks remain to this economic outlook as the government looks to narrow its fiscal deficit. The number of ultra-wealthy people in the country is set to reach 155 in 2023, making up 6% of the total UHNWI population in Africa. – Knight Frank. This signals bargain-hunting as…