Author: Muindi

Britam Holdings announced a 22.6% increase in net profit for the first half of 2024, driven primarily by growth in investment income. Its net profit rose to KSh2 billion in the six months to June, up from Sh1.64 billion during a similar period last year. Net Investment Income surged by 150.0% to KSh 13.3 billion. Insurance revenue increased by 7.4% to KSh 17.8 billion. Insurance expenses increased by 14.6% to KSh 13.6 billion. Total assets grew by 12.7% to KSh 188.8 billion. Total liabilities increased by 12.8% to KSh 162.5 billion. Total Equity increased by 13.0% to KSh 26.3 billion.…

Kenya’s inflation rose marginally to 4.4 per cent in August from 4.3 per cent in July according to the statistics office on Friday. The Kenya National Bureau of Statistics (KNBS) data showed that on a month-on-month basis, inflation was flat at 0.0% from -0.2% in July. The rise was attributed to an increase in prices of commodities in the following categories; Food & Non-Alcoholic Beverages, Housing, Water, Electricity, Gas & other fuels, and Transport by 5.3%, 4.2%, and 3.9% respectively. During the period, costs for public transport increased by 25% from Mombasa to Kisumu. Food and Non-Alcoholic Beverages: Prices rose…

Old Mutual Holdings PLC has successfully turned around its financial performance, reporting a net profit of KSh 249 million for the first half of 2024. This marks a significant improvement compared to the net loss of KSh 348 million recorded in the same period last year. The conversion of shareholder loans into equity led to a substantial decrease in finance costs. A reduction in the effective tax rate from 150% to 70% positively impacted profitability. Despite the overall profit, operating profits fell by 27% due to increased claims and reinsurance expenses. However, shareholders will not receive an interim dividend this…

Don Julio 1942, a renowned premium tequila, has become a popular choice among Kenyan film enthusiasts. The brand’s commitment to supporting the Kenyan film industry was evident at the 13th Kalasha International Film and TV Awards, where it partnered with the after-party, “A Night with The Stars.” “We are proud of our commitment to supporting the film industry in Kenya. We look forward to forging further partnerships with industry stakeholders to contribute to its continued growth and development,” said Victoria Mbugua, Brand Manager for Don Julio. The Kalasha Awards is a prestigious event celebrating excellence in the Kenyan film industry. This…

NCBA Bank has solidified its presence in Kiambu County by opening new branches in Githunguri and Limuru. The Githunguri branch is located near K-Unity, while the Limuru branch can be found at Mumbi House, adjacent to Farmer’s Choice. These expansions come shortly after the bank’s significant decision to eliminate all monthly fees for retail banking accounts, effective July 1, 2024. “Our branches in Limuru and Githunguri are strategic additions to our ongoing expansion plan,” said NCBA in a statement. “We are committed to providing exceptional customer service at every touchpoint.” Susan Gatwiri, Kiambu County’s CEC for Trade, Industrialization, Tourism, and…

Absa Bank Kenya Plc posted a robust financial performance for the first half of 2024, with Profit After Tax (PAT) surging by 28.9% to Kshs 10.7 billion compared to Kshs 8.3 billion in the same period last year. The bank’s net interest income increased by 19.7% to Kshs 23.0 billion, while net non-interest income rose by 8.4% to Kshs 8.8 billion. These positive developments were offset by a modest 8.3% increase in total operating expenses, primarily driven by higher staff costs and other operating expenses.  “This commendable outcome realized amidst a challenging macro-economic environment, underscores the efficacy of the Bank’s…