Author: Muindi

NCBA Group reported a 20.1% increase in earnings per share (EPS) to Ksh 5 in the first half of 2023, compared to Ksh 4.72 in the same period last year. The bank attributed the improved performance to lower provisions for bad loans, which declined by 21% to Ksh 4.4 billion, and higher net interest income, which grew by 9.7% to Ksh 26.8 billion. The bank’s total assets expanded by 9.3% to Ksh 660 billion, driven by growth in loans and advances, which increased by 10.2% to Ksh 414.7 billion. Customer deposits also rose 8.9% to Ksh 506.6 billion, while its…

KCB Group has announced a mixed performance of its financial results for the first half of 2023.  The lender witnessed an increase in the group’s loans, deposits, assets, and income, but a decrease in its profits and asset quality.  “Profit after tax was greatly impacted by aggressive provisioning on facilities in KCB Kenya, inherited legal claims in National Bank of Kenya (NBK) and staff restructuring costs incurred in KCB Kenya and NBK being an investment to right-size the organizations,” the bank said. “The Group also prudently raised its loan loss provisions on foreign currency denominated credit facilities on account of…

Diamond Trust Bank (DTB) said its first half of 2023 profit soared 10.2 per cent to 4.4 billion. The results show an increase in the Diamond Trust Bank’s assets, income, and profits compared to the same period in 2022. Total Assets: The bank’s total assets grew by 19.4% to 579.2 billion. Gross NPLs: The bank’s gross non-performing loans increased by 15% to 36.5 billion. Total Interest Income: The bank’s total interest income rose by 32.4% to 24.5 billion. Non-Interest Income: The bank’s non-interest income, which includes fees, commissions, and foreign exchange gains, surged by 42.2% to 5.5 billion. Provisions: The…

Stihl Group, a German company that manufactures agricultural and construction equipment, has opened an exclusive shop on Kijabe Street in Nairobi, Kenya. This is a part of Stihl East Africa’s strategy to increase its local market share.  The Stihl Kijabe Street shop was officially launched by Betelnut Equipment Ltd, one of the dealers of Stihl products. It will offer a wide range of machines, such as chainsaws, blowers, brush cutters, and lawn scarifiers.  In addition, it will complement the existing stores on Kijabe Street that sell plumbing materials, light fixtures, mirrors, and other interior fittings. Stihl Group established its East…

Standard Chartered Bank Kenya has removed the 1% upfront admin fee on its SC Shilingi Funds, a digital platform that allows customers to invest in money market funds through the SC Mobile app.  The move is aimed at making the platform more accessible and affordable for customers who want to save and invest for their short to medium-term goals. “We’ve removed the 1% upfront admin fee giving you the best investment experience and attractive returns of up to 10.7%* p.a*.,” said Paul Njoki, Head of Affluent Banking and Wealth Management, Kenya & East Africa. SC Shilingi Funds is a 100%…

Standard Chartered Bank Kenya has announced its financial results for the period ended 30 June 2023, showing a strong profit before-tax growth of 27 per cent. The bank’s Chief Executive Officer, Kariuki Ngari, attributed the result to strong top-line growth of 34 per cent from both businesses, Wealth Management and Financial Markets, and Retail products.  Kariuki also said the bank managed to control its operating expenses, which grew by 17 per cent, resulting in a healthy cost-income ratio of 17 per cent. However, he noted that the loan impairment charge increased by Ksh 1.9 billion, reflecting a volatile and challenging…