Stanbic Holdings bank reported Friday that its Q3 profits declined by 29.4% to Ksh 3.6 billion from Ksh 5.1 billion. The lender said this was largely contributed by lower operating income which dropped to Ksh 16.1 billion from Ksh 18.4 billion last year and higher loan loss provisions which hit Ksh 2.9 billion from Ksh 1.7 billion in 2019.
Author: Khusoko
Khusoko
Khusoko provides market insights into Africa's business investment as well as global trends that impact East African businesses.
African ICT students emerged among the world’s best at the Huawei ICT Competition Global Final, taking top prizes at an online awards ceremony held last weekend. Two teams from Nigeria won grand prizes, while teams from Kenya, Uganda, Tanzania, and Mauritius earned the highest level of achievement for the first time in what is seen as one of the biggest ICT events globally. Despite being the newest contestants of the Huawei ICT Competition since 2017, African students have made stunning progress this year. In 2019, only five African teams made it to the global final and reaped only one-third prize,…
Diamond Trust Bank Kenya reported a 28 percent decline in its net profit after tax to Kshs 4.3 billion in the third quarter ended on 30th September. The drop was largely driven by a 232 percent increase in loan loss provisions which moved to KSh2.9 billion from KSh870 million in the third quarter of 2019. The lender’s loan book expanded to KSh205.6 billion, a 7% increase from KSh192 billion in the same period in 2019. Customer deposits grew by 1.8% to KSh288 billion. Total assets increased by 3% to KSh394.0 billion from KSh382.5 billion in September 2019 while total liabilities…
Equity Group has appointed career auditor, Samuel Onyango to its Kenyan subsidiary, Equity Bank Kenya Limited (EBKL) as a non-Executive Director. Onyango is currently a director at Jadala Investments, a non-Executive Director at BAT Kenya Limited, and a member of its Audit and Risk Committee since July 2019. Onyango brings extensive leadership experience in a wide range of professional services as a Certified Auditor, Company Secretary, Arbitrator, and Mediator, including his contribution to the development of the accounting profession in East, Central, and Southern Africa in the course of his career. “We are thrilled to welcome Samuel as a new…
The need to support economic conditions remains paramount for both fiscal and monetary authorities. In the second quarter of this year, the economy contracted by 5.70% compared to an expansion of 5.30% in a comparable period a year before. Though economic activity in the latter half of this year is expected to be comparably better than the first, that is following the lifting of domestic restrictions on movement and, perhaps, to a lesser extent better external demand, the recovery is likely to be uneven. Moreover, the recent resurgence of COVID-19 infections as well as the uncertainty around a re-introduction of…
The Kenya Revenue Authority (KRA) tax collection for October was Ksh 108.7 billion, down 14.7 percent over the same period of the last fiscal year. This from Ksh 125.98 billion at the same time last year as the effects of the COVID-19 pandemic continues to affect revenue collection. According to the National Treasury and Planning Statement f Actual Revenues and Ne Exchequer issues as at 30 October 2020, ordinary revenues to include non-tax income reached Ksh 115.7 billion after Ksh 7 billion in grossed non-tax income compared to Ksh 129.6 billion collected last October. In terms of spending, recurrent and…