Author: Korir Issa

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…

Marini Naturals founder Michelle Ntalami has embarked on a transformative journey of faith.  In a recent social media post, she shared how a profound encounter with God nine months ago led to a powerful spiritual awakening. Despite her success as a businesswoman, Ntalami reveals the emotional burdens she carried. “Life was beautiful,” she writes, “However, behind the success lay a heart that was deeply wounded.” Ntalami describes a pivotal moment of surrender where she questioned God’s presence. Soon after, she recounts an overwhelming experience – a voice calling her name, visions, and a sense of divine communication.  This encounter, she says,…

Tech giants Microsoft Corp. and Dubai-based AI firm G42 are investing $1 billion in a new data centre in Olkaria, southwest Kenya.   This project aims to boost cloud computing services across East Africa. What it Means East Africa is getting a state-of-the-art data centre powered by geothermal energy. This translates to faster and more reliable access to cloud services like Microsoft Azure for businesses and individuals in the region. Secondly, the data centre is expected to energize the overall digital landscape in East Africa, fostering innovation and growth. Third, the project reflects a broader trend by major tech companies like Microsoft, Amazon, and Alphabet to meet the growing demand for cloud and…