Author: David Indeje

Stanbic Bank Kenya reported a Profit After Tax (PAT) of KES 4 billion for the first quarter of 2024, reflecting a 2.8% increase from the same period in 2023.  While overall profitability remained steady, the bank’s net interest income (NII) rose significantly by 19.6%, driven by higher interest earned from loans and advances, as well as deposits with banking institutions.  However, it witnessed a 34% decline in Non-funded income (NFI) primarily due to a sharp drop in Foreign Exchange (FX) trading income and a slight dip in loan-related fees and commissions.  ”In the first quarter of 2024, we continued to enhance our…

East Africa is currently grappling with widespread internet outages following disruptions to critical undersea cables. The issues began on Sunday and have significantly impacted internet connectivity in Kenya, Tanzania, Rwanda, and Uganda. Its me again. Internet to East Africa is severely impaired. All sub sea capacity between East Africa and South Africa is down. EASSy Cable – Fault confirmed Seacom Cable – Observing Fault that occurred at same time. 3 cable cuts in Red Sea (Seacom, EIG, AAE1) remain unrepaired. — Ben Roberts 🇬🇧🇰🇪 (@benliquidkenya) May 12, 2024 The root cause of the problem lies in damage sustained by two…

Equity Group Holdings reported solid financial results for the first quarter of 2024, with a record profit after tax of KES 16 billion.  This was driven by increased net interest income and cost control measures. “We have been able to turn the tide from declining profit before tax 13% in December we are now at 21% and profit after from a decline of 5% we are up to 25% being able to give a reasonable return on assets,” Dr James Mwangi, Equity Group Managing Director and CEO said. “KES 16 billion for a quarter profit after tax is the highest…

Human Mobile Devices (HMD), the Finnish company that designs and manufactures Nokia phones, has relaunched the iconic Nokia 3210. This phone, a symbol of the late 90s and early 2000s, focuses on helping users disconnect from their smartphones and embrace a digital detox. The relaunch comes amid a growing market for feature phones, also known as ‘dumbphones’. HMD’s Nokia 2660 flip phone sales doubled in 2023, reflecting a consumer desire for simpler devices. This trend is particularly strong among young adults (16-24), increasingly concerned about excessive smartphone use. “The Nokia 3210, a cultural icon, is back at the pinnacle of…

Safaricom, Kenya’s biggest telecoms operator, reported “outstanding” financial results for the full year ending March 31st, 2024, the company said on Thursday. Despite significant startup costs in Ethiopia, Safaricom’s EBIT (earnings before interest and tax) excluding Ethiopia reached KShs 139.9 billion, exceeding market expectations and the company’s guidance range (KES129billion-132billion). This represents a 3.5% year-on-year growth at the group level. The Group’s revenue grew by 13.4% to KShs 335.3 billion. M-PESA contributed a significant 42.4% of revenue (KES 140 billion), while the GSM business contributed 52.7% (KES173.9 Billion). Safaricom Kenya’s net income increased by 13.7% to KES 84.74 billion. Group net income, excluding minority interest, also showed a…

Africa is on the cusp of a demographic boom. According to the United Nations, sub-Saharan Africa is projected to experience explosive population growth, accounting for over half of the world’s increase between 2022 and 2050.  This surge presents a unique opportunity: a massive pool of young talent ready to reshape the continent’s economic landscape. However, the gravity of the situation cannot be understated; Africa’s youthful population, brimming with potential, is grappling with a significant challenge: unemployment.  Surveys conducted by Afrobarometer, a pan-African research network, reveal that addressing unemployment is the top policy priority for young Africans aged 18 to 35.  Afrobarometer…