Stanbic Holdings bank reported that its half-year profit rose by 34.6 per cent to Ksh 3.5 billion from Ksh 2.6 billion during a similar period last year attributed to improved operating income and lower credit impairment charge. Chief Finance Officer, Mr Abraham Ongenge said, “The bank’s profit after tax was supported by double-digit revenue growth and improved credit losses.” Net interest earnings grew by 9% to Ksh 6.9 billion on account of loan book growth and improved margins. The lender’s credit impairment charges during the period were down 15 per cent at Ksh 1.5 billion from Ksh2 billion during the…
Author: Khusoko
Khusoko
Khusoko provides market insights into Africa's business investment as well as global trends that impact East African businesses.
Absa Group has joined forces with SAP for a core finance transformation. The group has started with Absa Bank Kenya to implement the S/4 HANA, the first country to go live with SAP S/4 HANA. The S/4 HANA was launched on Amazon Web Service Hyperscaler, an African first for SAP and a Tier 1 bank in the African banking industry. “Using best of breed technology and cloud, we are transforming our Finance business with highly integrated systems, automation and consolidation of our financial data and reporting,’’ says Ebrahim Samodien, CIO Functions Technology. SAP had been chosen to assist in simplifying…
Samsung Electronics Co Ltd on Wednesday unveiled its third-gen foldable devices, the Galaxy Z Fold3 and Galaxy Z Flip3, at the Galaxy Unpacked event. The South Korean electronics maker also announced a range of smartwatches in the Galaxy Watch4 series and a pair of wireless stereo earbuds named the Galaxy Buds2. The Galaxy Z Fold3 and Galaxy Z Flip3 is Samsung’s first foldable device with support for its digital stylus pen. “With the Galaxy Z Fold3 and the Z Flip3 5G, Samsung empowers users with the flexibility and versatility needed for today’s fast-paced world,” said Charles Kimari, Head of Department,…
Parliamentary Committee on Delegated Legislation is terribly mistaken to think that it has powers to countervail IEBC gazetted Election Campaign Spending Limits. It does not. The operating law is S.18(1) of the Election Campaign Finance Act. Let the law speak: “The Commission SHALL, at least twelve months before the election, by Gazette Notice, prescribe spending limits that a candidate or party may spend…” The operating word is “SHALL.” Further, S.29 on delegated powers provides thus: “The Commission MAY make regulations for the better performance of its functions, and such regulations shall be laid before the National Assembly for approval before…
Eve Urban Air Mobility Solutions (“Eve”) signed a Memorandum of Understanding (MoU) with Kenya Airways PLC, to develop operational models for the wide-accessibility of Urban Air Mobility. Eve will support Fahari Aviation, the Unmanned aircraft systems (UAS) division of Kenya Airways that promotes safe and secure UAS usage in the region, in establishing its UAM network and collaborate on the required Urban Air Traffic Management (UATM) procedures and UAM operating environment. In addition, it will also allow Fahari Aviation to support Eve’s aircraft and product development process which will help guide the integration of UAM with Kenya Airways’ overall operations. …
Agricultural firm Kakuzi PLC, has become the first Kenyan firm to establish the Independent Human Rights Advisory Committee. The manufacturing company said that former Attorney General Githu Muigai will chair the committee. In an emailed statement, Kakuzi said that the appointment of the committee to its board makes it the first corporate organisation in Sub-Saharan Africa to constitute and establish such an independent advisory panel. Kakuzi PLC Managing Director Chris Flowers said the committee would provide independent technical advisory to the firm’s Board of Directors. He added that Kakuzi has also enacted an Operational-Level Grievance Mechanism benchmarked against the UN…