The Central Bank of Kenya (CBK) held its interest rate at 13%, citing the easing of Inflation and the appreciation of the Kenyan shilling against major global currencies. On Wednesday, the Monetary Policy Committee of the CBK noted that headline inflation eased to 5.7% as the costs of most food items, including maize flour, wheat flour, kale, spinach, and cabbages, declined. “However, the economy continues to be under inflationary pressures, with fuel prices remaining high relative to global fuel prices, despite the ongoing appreciation of the Kenyan shilling, which gained by 15.8% against the US Dollar to close the quarter at…
Author: Muindi
Muindi
Experience working on communication and marketing departments and in the broadcast industry. Interested in sustainable development and international relations issues.
The Nairobi Securities Exchange (NSE) received a significant upgrade from the FTSE Russell Index Governance Board. This move is expected to attract more foreign investment, improve market liquidity, and increase the visibility of Kenyan companies globally. What the Upgrade Means The reclassification, implemented in March 2024, simplifies the process for foreign investors to withdraw their money from Kenya. It also makes the market more attractive by reducing a previous barrier. The lifting of restrictions on Kenyan securities within the FTSE Russell Index’s equity indices will make these companies more visible to a global audience of potential investors. FTSE Russell’s market…
Finnish rally driver Kalle Rovanpera, the reigning World Rally Champion, secured first place in a Toyota Yaris with a time of 3:36:04.0 at the 2024 Safari Rally held in Naivasha, Kenya. His win marks Rovanpera’s second Safari Rally victory, having also won in 2022. Takamoto Katsuta, another Toyota Yaris driver, finished second at 3:37:41.8. Evans Elyn rounded out the top four in a third Toyota Yaris, clocking 3:40:24.2. “Winning the legendary Safari Rally feels good! Also, congrats, Taka and Aaron, for another Safari Podium!” said Rovanpera. “It’s always special to win here,” Rovanperä beamed. “Also, a legendary event for Toyota.…
Britam Holdings, a diversified financial services company, reported that net earnings for 2023 surged by 97.4%, reaching Sh3.2 billion from Sh1.6 billion. The improved performance was attributable to top-line revenue growth from insurance and investment activities, which cushioned the business from fair value losses incurred from fixed-income securities. Britam’s net revenue from insurance jumped 60.8%, reaching Sh3.7 billion from Sh2.3 billion in 2022. The company successfully reduced its operating expenses, with a notable decrease in finance costs associated with insurance contracts. “Our strong performance is primarily driven by increased insurance revenue,” said Britam’s Group Finance Director, Charles Kimani. “We’ve managed…
Diamond Trust Bank reported a 13.4% increase in net profit to Sh6.8 billion for the year ended December 2023. This growth was driven by higher income from interest and transactions. As a result, Diamond Trust Bank raised its dividend payout to a record Sh6 per share, representing a total payout of Sh1.6 billion. This reflects a payout ratio of 24.3% of net income, up from 23% in the previous year. The bank’s net interest income grew 20.4% to Sh27.5 billion; interest expenses also jumped due to rising deposit rates. DTB reduced its investment in government securities but saw interest income…
Kenya Airways delivered its first operating profit in six years posting a profit of Ksh 10.53 billion($80.38 million) for the 2023 fiscal year. KQ’s revenue surged by 53% year-over-year to Ksh 178.5 billion, significantly outpacing a 37.2% increase in operating costs. The revenue resulted in a turnaround from a loss of Ksh 5.6 billion in 2022 to an operating profit of Ksh 10.5 billion in 2023. “Kenya Airways PLC has achieved a significant milestone! For the first time in seven (7) years, KQ has recorded an operating profit of Ksh 10.5 billion for the year ending 31 December 2023… The…