Author: Muindi

StanChart Kenya has recorded a 12.5% increase in earnings per share (EPS) to KES 25.44 for the third quarter of 2023, up from KES 22.61 in the same period last year. Standard Chartered Kenya also maintained its interim dividend per share (DPS) at KES 6, reflecting its confidence in its future prospects. “We have delivered a solid set of results for the nine months ended September 30, 2023, with profit before tax increasing 11% year on year. Strong top-line growth of 20 per cent mitigated the growth in operating costs of 20 per cent attributed to inflationary pressure and investment spend on our digital…

The World Bank announced on Monday that it plans to provide $12 billion in support for Kenya in the next three years. The World Bank said in a statement that it is committed to helping the East African nation achieve its goal of becoming an upper-middle-income country by 2030. The World Bank is Kenya’s strongest partner and the main source of development finance. Kenya receives about $2 billion in concessional financing annually. The World Bank has committed $8.3 billion from IDA and IBRD, with $4.4 billion ready to disburse. IFC has invested $1.2 billion. MIGA has provided $424 million in…

Former OpenAI CEO Sam Altman has joined Microsoft to lead a new advanced AI research team. This was revealed by Satya Nadella. “We remain committed to our partnership with OpenAI and have confidence in our product roadmap, our ability to continue to innovate with everything we announced at Microsoft Ignite, and in continuing to support our customers and partners. We look forward to getting to know Emmett Shear and OAI’s new leadership team and working with them. And we’re extremely excited to share the news that Sam Altman and Greg Brockman, together with colleagues, will be joining Microsoft to lead a…

The International Monetary Fund (IMF) has reached a staff-level agreement with Kenya to expand its financing to the country by $938 million (Sh142.6 billion) to support its economic reform programs. If approved, Kenya will have access to a total of $3.88 billion, which would bring its total funding under the existing Extended Fund Facility and Extended Credit Facility arrangements to $4.43 billion, the IMF said. “The agreement is subject to IMF management approval and consideration by the Executive Board, which is expected in January 2024. Upon completion of the sixth reviews by the IMF Executive Board, Kenya would have immediate…

P&L Consulting, a Nairobi-based C-Suite advisory firm, has officially launched its operations in Tanzania, a vibrant and growing market in East Africa. This move marks a significant milestone in the firm’s 10-year journey of providing strategic communication and advisory services to clients across various sectors. The firm’s expansion to Tanzania is driven by the country’s promising economic outlook, which is projected to reach a GDP growth rate of around 6 per cent by 2025, according to the World Bank. Tanzania’s private sector is leading the way in creating jobs, innovating, paying taxes, and promoting fair competition. The country also boasts…

Co-operative Bank of Kenya recorded a net profit of Sh18.4 billion in the nine months ended September, a 7.5 per cent increase from Sh17 billion in the same period last year. The profit growth was driven by higher interest income from loans to customers and the government, as well as lower operating costs. The bank’s total interest income rose by 12.8 per cent to Sh49.3 billion as it expanded its loan book by Sh42.9 billion to Sh378 billion and increased its investments in government securities by Sh16.2 billion to Sh138.6 billion. “The strong performance by the bank is in line with the group’s strategic focus on sustainable growth, resilience, and agility,”…