Equity Group Plc reported on Monday an 11% to Ksh 20.1 billion on the back of a 496% increase in loan loss provisions from 5.3 billion in 2019 to Ksh 26.6 billion in 2020. Net interest income grew by 23% to Kshs 55 billion up from Kshs 45 billion driven by a 30% growth on customer loan book and 26% growth in investment in Government securities. Non-funded income grew at 27% to reach Kshs 38 billion up from Kshs 30 billion to contribute 41% of the total income. Total operating costs grew by 67% to Kshs 71 billion up from…
Author: Khusoko
Khusoko
Khusoko provides market insights into Africa's business investment as well as global trends that impact East African businesses.
NCBA Bank Group has announced the appointment of Mr Waweru Mathenge as Group Company Secretary. His appointment, effective immediately, is based on the requisite regulatory approvals from the Central Bank of Kenya and the Capital Markets Authority. “In addition to his role as Group Company Secretary, he will be responsible for governance and legal services for the NCBA Group,” John Gachora, Group Managing Director said in a public notice dated March 26, 2021. Mr Mathenge a practising Advocate of the High Court of Kenya and practising Certified Public Secretary, has over 24 years of experience in corporate and commercial law,…
Insurers Sanlam Kenya Plc and CIC Insurance Group have both sunk into losses reporting Ksh 78 million and Ksh 296.8 million respectively in their full-year 2020 trading results. For Sanlam, the loss was a 92% decline against Kshs 550 million in 2019 primarily attributed to the Covid-19 pandemic impact on the local and international economies. Sanlam’s Gross premium income had increased by 24.4 %to Kshs 8.69 billion up from Kshs 6.99 billion posted the previous year due to growth in both the long and short-term insurance businesses. The firm’s total income he added had accelerated to Kshs 9.42 billion up…
Dafabet African Premier League Cricket Tournament has been postponed owing to restrictions imposed to stem the spread of the COVID-19 pandemic. The inaugural tournament began on 25 March and was forced to end due to the indefinite lockdown imposed on Machakos, Kiambu, Kajiado, Nakuru, and Nairobi City counties to contain the third wave of the COVID-19 Coronavirus. “In compliance with the order for Suspension of All Sporting Activities in Kenya, the tournament ceased immediately and all upcoming matches cancelled,” the organisers said in a statement. “The League will resume once the lockdown is lifted and business is back to normal.”…
Homeboyz Radio will pay Ksh 1 million as a penalty for violating the programming code, the Communications Authority said Sunday. This was a few hours after Homeboyz Radio and its parent company, Radio Africa terminated the service of Shaffie Weru, Joseph Munoru (DJ Mfalme) and Neville Muysa following a review of the comments made on the station Thursday morning and their subsequent suspension from employment. The trio during their breakfast show Thursday morning made the alleged comments about Eunice Wangari, 20, who was reportedly thrown from the 12th floor of a building by a man after refusing his sexual advances.…
President Joe Biden has invited 40 world leaders, including President Uhuru Kenyatta, to a US-hosted virtual summit on climate in April to underscore the urgency and the economic benefits of stronger climate action, the White House said. The leaders’ summit on climate will underscore the urgency – and the economic benefits – of stronger climate action, according to a statement by the White House on Friday. “It will be a key milestone on the road to the United Nations Climate Change Conference (COP26) this November in Glasgow,” White House emphasised. The two-day summit will be held from April 22 to…