National Bank of Kenya (NBK) has issued a profit warning, citing ‘increased loan impairment charges beyond initial projections’ and the cost of restructuring. The listed banker now joins Kenya Power, Kenya Re, Unga Group, Crown Paints, UAP, Britam, Sameer Africa, Bamburi Cement, Mumias Sugar and Sanlam in the list of firms that have issued warnings due to a difficulty in the operating environment. “NBK earnings for the period ended December 31 will be at least 25% lower due to… increased loan impairment charges beyond initial projections due to a revision of the valuation and values recoverable from the non-performing loan portfolio,”…
Author: Khusoko
Khusoko
Khusoko provides market insights into Africa's business investment as well as global trends that impact East African businesses.
A Euronext Amsterdam listing is expected to attract incremental tech investor capital which is well-aligned to our growth ambitions. Naspers, a multinational internet and media group headquartered in South Africa has announced its intention to list on Euronext Amsterdam with a secondary, inward listing on the Johannesburg Stock Exchange in South Africa. The firm also owns a large stake in Tencent, said it would rehouse its holding in the Chinese internet company and other international investments in a separate European listing. Bob van Dijk, Naspers Chief Executive Officer, said listing a new, global consumer internet group on Euronext Amsterdam ‘is…
The Capital Markets Authority Markets Authority (CMA Kenya) Board has approved guidelines for setting up a regulatory sandbox for the fintech startups in Kenya. This hub will help the companies build innovative products at a lower cost. “We welcome fintech firms and innovators to apply for admission to the Regulatory Sandbox. Where they are successful, they will have a 12-month period to deploy and conduct live-tests of their innovative products, solutions and services”, CMA Chief Executive Mr. Paul Muthaura said. The Sandbox is expected to also accelerate CMA’s understanding of emerging technologies, support adoption of an evidence-based approach to regulation…
Telecommunications firm Safaricom has said it will fund Denis Muthii’s dream to study Mechanical engineering at an Institution of his choice in appreciation for him being their 30th million customer. The 19-year old from Kimunye in Kirinyaga County will also receive a mechanic toolkit, a year’s worth of All in One bundle at Ksh 10,000 per month, Ksh 10,000 worth of airtime per month for a year, and a Samsung Note 9 among other gifts. “We are deeply humbled and honored that Denis and more than 30 million customers have chosen Safaricom as their preferred service provider. The trust that…
A magnitude 4.8 earthquake that struck in Kenya caused fault lines along the Naivasha – Mai Mahiu Road, at Fay Amario, about 8km from Naivasha, Mai Mahiu bound. The Sunday evening light Earthquake was said to be of magnitude 4.8 on the Richter scale in South Eastern Kenya at 7:21pm. The depth was 9.54km, with its epicenter in Wundanyi, Taita-Taveta County, according to the Kenya Meteorological Department. “There is no damage expected for a minor earthquake of magnitude between 4-4.9 on the Richter scale. Residents at the Coast are urged not to panic as the epicentre was not from the…
The key Kenyan equity market indices closed higher despite NSE (Nairobi Securities Exchange) 20 share index NSE 20 likely attributable to a dip in BAT’s price (-5.2% w/w). During the week, NASI and NSE 25 gained by 1.2% and 1.0%, respectively, while NSE 20 declined by 0.3%, taking their YTD performance to gains of 13.9%, 1.9% and 12.0% for NASI, NSE 20 and NSE 25, respectively. EABL was the top five traded highest gainer (+2.9%), owing to buying interest from the foreign desk while Kenya Re-Insurance recorded the highest loss in its share price (-13.7%), among the top movers in…