Author: Muindi

Cellulant, a leading pan-African payments firm, has announced adopting a product-led strategy as its anchor for increased growth across the continent. The fintech, which powers payments for over 1,500 global, regional and local businesses across various sectors, said the new strategy is informed by emerging market dynamics, investments in automation, and the recent consolidation of their product offerings. The platform enables customers to pay and get paid using any payment method of their choice, including mobile money, cards, bank accounts, QR codes and USSD. “We remain cognizant of the ever-dynamic operating environment, influenced by many factors not limited to technological…

I&M Group, a regional banking group with operations in Kenya, Tanzania, Rwanda and Mauritius, reported a marginal 2.2% increase in profit after tax (PAT) to Ksh 5 billion in the first half of 2023, compared to Ksh 4.9 billion in the same period last year. Its earnings per share (EPS) also rose slightly by 2% to Ksh 2.89, despite the dilution from a rights issue in March 2023. The bank’s performance was supported by a 22% growth in interest income to Ksh 21.3 billion, driven by higher lending and investment activities. The bank’s operating income also increased by 22.8% to…

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…