Author: Korir Issa

Kenya’s Ruth Chepngetich shattered the women’s world record in the Bank of America Chicago Marathon, finishing at 2:09:56 on Sunday. This marks her third victory in the race and a significant improvement on her previous best time of 2:14:18. John Korir secured the men’s title in 2:02:43, the second-fastest time ever recorded in Chicago. The race featured a strong Kenyan contingent, with three Kenyan runners claiming top positions. Chepngetich’s victory was characterized by her relentless pace throughout the race. She passed the halfway mark in an incredible 1:04:16, putting her on course for a sub-2:10 finish. “I feel so great.…

The Central Bank of Kenya (CBK) has revised its 2024 economic growth forecast downward to 5.1% from 5.4%, citing a slowdown in various sectors during the second quarter. Despite this, the CBK remains optimistic about the country’s overall economic performance, highlighting the continued strength of key service sectors, agriculture, and exports. “The resilience of key service sectors, robust performance in agriculture and improved exports are expected to continue supporting growth. This outlook is subject to risks including the escalation of geopolitical tensions,” said the CBK in an emailed statement Tuesday. Kenya 2024 Growth Projections No. Organization 2024 GDP Projections 1…

Superior Homes Kenya has unveiled Kofi Ridge, a new KSh 30 billion master-planned gated community in Ruiru, Kiambu County. Situated 12 kilometres from the Thika Superhighway, accessible via Kiganjo Road, Kofi Ridge offers three-bedroom townhouses, four and five-bedroom bungalows, and five-bedroom villas. The property features a security barrier gate, internet provision, paved roads, electricity and water supply, solar street lighting, 24-hour security, and open spaces. “As a company, we have been able to successfully deliver quality and unique real estate offerings to our investors. We ensure that we give attention to detail and this is evident in every aspect of…

Diamond Trust Bank (DTB) has announced a strong financial performance for the first half of 2024, with net profit increasing by 12% to Sh4.9 billion compared to the same period last year. Key Highlights DTB’s subsidiaries in Tanzania, Uganda, and Burundi contributed significantly to the improved profitability, with pre-tax profits increasing to 35% from 23%. The Group’s total assets grew to Sh585 billion, reflecting its expansion and growth. Operating income increased by 10% to Sh20.6 billion. Net interest income improved to Sh14.2 billion, driven by better interest margins and non-interest income revenues. Operating expenses rose to Sh10.6 billion due to…

Quickmart, a Kenyan retail chain, is set to leap into the digital realm by launching its new e-commerce platform, Q-soko. This strategic move positions Quickmart to tap into the rapidly growing online shopping market in Kenya. The retail chain aims to attract a substantial customer base of around 1 million monthly shoppers through Q-Soko, offering a convenient and efficient online shopping experience. “Right now as Quickmart we are serving an average of 5 million customers every month we will be looking to serve at least 20 per cent of these on the e-commerce,” retail chain chief marketing officer Betty Wamaitha…

Standard Chartered Bank Kenya registered a 49 per cent jump in profits after tax to KSh 10.9 billion in the first half of 2024 from KSh 6.9 billion driven by strong growth in operating income and non-interest income. Key Financial Highlights Net Profit: Ksh10.9 billion (up 49%) Total Operating Income: Ksh26.1 billion (up 24.9%) Net Interest Income: Ksh16.5 billion (up 19.3%) Non-Interest Income: Increased by 36% Operating Expenses: Increased by 3.1% Gross Non-Performing Loans: Decreased by 42.9% Loan Loss Provision: Decreased by 23% Net Loans and Advances: Decreased by 8% Customer Deposits: Decreased by 19% “Good cost discipline has enabled us…