Author: Korir Issa

Ride-hailing platform Uber has refuted claims that it plans to leave the Kenyan market. This comes after a day of parliamentary discussions where Uber and Bolt’s representatives expressed concerns about proposed tax changes in the Finance Bill 2024. A spokesperson who spoke to the Kenyan Wall Street confirmed Uber’s commitment to Kenya and a desire to work with the government on industry-friendly policies. “Our relationship with various government agencies has been built on mutual respect and a shared vision for a better Kenya,” the Uber Spokesperson said. Both Uber and Bolt argue the 6% Significant Economic Presence (SEP) Tax on gross…

The Kenyan government has welcomed the opening of the  Export-Import Bank of India (India Exim Bank) East African representative office in Nairobi. Prime Cabinet Secretary and Cabinet Secretary for Foreign & Diaspora Affairs Musalia Mudavadi expressed Kenya’s appreciation for India’s choice of Nairobi, calling it a sign of confidence in Kenya’s position as a leading regional financial and economic hub. He assured the bank of a supportive business environment and emphasized the benefits for both Kenya and the East African Community (EAC). Mudavadi pointed out that Exim Bank’s presence will not only boost trade and investment between Kenya and India…

Kenya Reinsurance Corporation (Kenya RE),  announced a stellar financial performance for 2023, with profit before tax surging 53% to Ksh 7.03 billion (USD 56.2 million). This strong showing was driven by a combination of factors which include diversification, prudent underwriting and a strong asset base. Its net investment and insurance income jumped 42% to Ksh 8.19 billion (USD 65.5 million), highlighting the effectiveness of Kenya Re’s strategy to expand its business across Africa, the Middle East, and Asia. The reinsurance company improved its underwriting practices and claims management resulted in an 18% decrease in claims expenses (Ksh 18.21 billion, USD…

The European Investment Bank (EIB), through its arm EIB Global, has committed €25 million to Amethis Fund III, a pan-African private equity fund that supports the growth of medium-sized companies across the continent. Focus on Low- and Middle-Income Populations Amethis Fund III will target companies supplying essential goods and services to low- and middle-income populations in Africa. Priority sectors include: Healthcare Business services (logistics & IT) Manufacturing and distribution (agribusiness & consumer goods) Non-banking financial services Infrastructure and energy-related services Promoting Sustainability and Social Impact The fund prioritises investments that contribute to achieving the following goals: Gender Equality: Amethis Fund…

Standard Chartered Bank Kenya reported a strong increase in profits for the first quarter of 2024. Profits jumped 39.5% to KSh 5.62 billion, compared to KSh 4.03 billion in the same period in 2023. This growth is primarily driven by a 21.4% increase in total operating income. Both funded and non-funded income saw double-digit growth, rising 20.0% and 23.9% respectively. Earnings per share (EPS) also rose significantly, by 36.7%, to KSh 14.42 from KSh 10.55 in Q1 2023. Improved Credit Quality and Loan Growth While operating expenses increased by 6.0% to KSh 5.43 billion, the bank also benefited from a reduction…

I&M Group reported a remarkable 30.9% increase in net profit, reaching KES 3.32 billion during the first quarter of trading that ended in March 2024.  The growth was driven by increased interest income. Its core earnings per share increased by 35.4% year-over-year.  Key Highlights Core earnings per share jumped 35.4% to Kshs 2.20 from Kshs 1.60 in Q1’2023. Profit after tax also rose 35.4% to Kshs 3.6 billion. Total operating income grew 20.6% to Kshs 11.5 billion, primarily due to a 37.7% increase in Net Interest Income. This increase was driven by strong growth in interest from deposits and placements and loans and advances. Operating expenses…