Britam Appoints Celestine Munda as Interim Chair, Moves to Triple Employee Share Pool
Britam Holdings Plc has appointed Celestine Munda, a former Senior Partner and Country Managing Partner at Ernst and Young Kenya, as interim Chairperson of the Board with immediate effect following the passing of Chairman Kuria Muchiru on 19 March 2026. Munda, who has chaired Britam's Board Audit, Risk and Compliance Committee since joining the board in September 2022, will serve until a substantive appointment is made. At the same sitting, the board resolved to seek shareholder approval to expand its Employee Share Ownership Plan from 2% to 5% of issued share capital, lifting the maximum ESOP pool from 50.5 million to 126.2 million shares, with all acquisitions to be made via open market purchases on the NSE.
Standard Investment Bank Profit Soars 966% to KSh 1 Bn as Mansa X, Ziidi Drive Record Year
Standard Investment Bank recorded a near-tenfold increase in profit to KES 1.040 billion for the full year ended 31 December 2025, up from KES 97.50 million, driven by a 202.5% rise in financial services revenue to KES 1.553 billion. The Mansa X Special Fund KES closed the year with total assets of KES 107.708 billion, delivering a 20.74% net return to clients. The Ziidi Money Market Fund, co-managed with ALA Capital for Safaricom, reported net assets of KES 15.48 billion for the 14-month period ended December 2025. SIB also broke ground on a KES 3 billion, 32-floor headquarters in Westlands, Nairobi.
Britam Grows After-Tax Profit 10% to KSh 5.54 Bn as Claims Costs Erode Underwriting Gains
Britam Holdings Plc posted a decade-high profit before tax of KSh 7.90 billion in FY2025, up 7.8% from KSh 7.33 billion in 2024. Profit after tax rose 10.0% to KSh 5.54 billion, with EPS advancing to KSh 2.18. Insurance revenue grew 10.9% to KSh 41.65 billion, but the insurance service result fell 31.8% to KSh 3.46 billion on Medical and Motor claims pressure. Net investment income of KSh 31.87 billion cushioned the underwriting shortfall. Total assets reached KSh 243.8 billion. No dividend declared. A KSh 5.875 billion share premium reduction, pending shareholder approval, could restore the dividend pathway for the first time since 2019.
Britam Deploys Rare Balance Sheet Tool to End Dividend Drought
Britam Holdings Plc has proposed reducing its share premium account by KES 5.875 billion to eliminate accumulated losses at the parent company level and restore the legal pathway to dividends for the first time since 2019. The board resolved on 30 March 2026 to seek shareholder approval for the reduction, which requires CMA sign-off, a special resolution at the AGM, High Court confirmation, and Companies Registry registration. No cash changes hands. The transaction has no known parallel among NSE-listed operating companies. Britam last paid a dividend of KES 0.25 per share for FY2019.
CIC Insurance Posts 82% Profit Drop as Underwriting Fails
CIC Insurance Group posted a net profit of Ksh 513.8 Mn for the full year ended December 2025, down 82% from Ksh 2.86 Bn a year earlier, as the group's insurance service result swung to a loss of Ksh 176.0 Mn and a Ksh 1.0 Bn property revaluation gain that inflated 2024 earnings was absent. Insurance service expenses grew 16.4% to Ksh 28.21 Bn against premium revenue growth of 11.8% to Ksh 29.46 Bn. Net investment result fell 58.2% to Ksh 1.60 Bn. Asset management revenue was the standout, growing 40.7% to Ksh 1.78 Bn. The board maintained the dividend at Ksh 0.13 per share.
Family Bank Posts Record KSh 5.4Bn Profit Ahead of NSE Debut
Family Bank Group posted a record profit after tax of KSh 5.38 billion in the full year ended December 2025, up 55.4% from KSh 3.46 billion in 2024.
Net interest income rose 46.1% to KSh 15.63 billion as total assets crossed KSh 208.7 billion. The lender raised KSh 8 billion through an oversubscribed private placement in December 2025, lifting core capital to KSh 24.4 billion.
Family Bank is scheduled to list on the Nairobi Securities Exchange by introduction in May 2026, with Standard Investment Bank advising on the transaction.
DTB Kenya Completes Burundi Divestiture, Subsidiary Profit Collapsed 56% in Final Year
Diamond Trust Bank Kenya has completed the sale of its entire 83.67% shareholding in Diamond Trust Bank Burundi S.A. to a consortium of primarily Burundian investors, closing a 16-year regional presence that began in 2009. The transaction, completed on 31 December 2025, followed regulatory approval from the Bank of the Republic of Burundi. DTB Burundi had contributed just KSh 50.6 million to group pre-tax profit in FY2024, down 56% year-on-year, as total assets contracted from KSh 5.9 billion to KSh 4.6 billion amid Burundi's 39% inflation environment.
BBB- to Default: S&P and Fitch Rate Five African Nations
S&P Global Ratings downgraded Senegal's local currency sovereign rating four notches to CCC+ on March 27, 2026, citing gross financing needs of 26% of GDP, a suspended IMF program, and government debt estimated at 131% of GDP. In the same 48-hour window, S&P affirmed Morocco at investment-grade BBB- and Ghana at B-, while Fitch affirmed Tanzania at B+ Stable. Mozambique's selective default local currency rating was also affirmed alongside a CCC+ foreign currency rating with Negative outlook. The five actions were shaped by the Middle East war, IMF program access, and commodity exposure.
NSE Suffers Worst Week Since Covid 19 Week, Oil Shock Wipes KSh 231Bn From Market
The Nairobi Securities Exchange recorded its worst week since COVID-19, erasing KSh 231.17Bn across five consecutive losing sessions in the second largest weekly decline since 2008. The Banking Index fell 8.03%, posting its worst day since launch on Thursday. The NSE 10 lost 9.02%, also a record worst week. ABSA dropped 14.5%, KCB shed 10.5%, and Equity fell 9.8%. Brent crude closed above $106 after Iran rejected US peace talks, with Kenya facing a fuel price shock at the April 15 EPRA review. Foreign investors were net sellers at KSh 503.76M. Market cap fell to KSh 3,241Bn. YTD gains narrowed from 12.24% to 4.76%.
Kenya Re's Underwriting Engine Stalls, Investment Income Carries the Load
Kenya Reinsurance Corporation (NSE: KNRE) reported a KSh 3.92 billion profit after tax for the year ended 31 December 2025, an 11.6% decline from KSh 4.44 billion in 2024. The insurance service result collapsed 96.3% to KSh 108 million as net reinsurance contract expenses nearly doubled to KSh 1.35 billion. Net investment income surged 41.4% to KSh 6.60 billion, largely on a foreign exchange swing of KSh 1.44 billion. Operating cash flow fell 80.2% to KSh 876 million. A final dividend of KSh 0.15 per share was declared.
NSE Banking Index Posts Worst Day Since Launch as Four-Day Rout Wipes KSh 215Bn
The Nairobi Securities Exchange lost KSh 64.34Bn on Thursday March 26, extending a four-day selloff that has erased KSh 215.58Bn in market value, the third worst week since 2008. The Banking Index fell 3.91%, its worst session since launching in October 2025, with six of eleven banks dropping more than 4%. KCB traded 8.95 million shares worth an estimated KSh 595M. The selloff is being driven by the Iran war and Strait of Hormuz disruption, with Brent crude above $106 and Kenya facing a fuel price shock at the April 15 EPRA review. Market cap fell to KSh 3,257Bn. YTD gains have narrowed from 12.24% to 5.27%.
NCBA Posts Record KSh 23.4Bn profit as Nedbank Takeover Looms
NCBA Group PLC posted a record post-merger profit after tax of KSh 23.39 Bn for the full year ended 31 December 2025, up 7.0%, driven by a 27.7% surge in net interest income to KSh 44.08 Bn as funding costs collapsed. Total dividend rose 29.1% to KSh 7.10 per share, the highest since the 2019 CBA-NIC merger. Nedbank of South Africa has tabled a $855 million bid for 66% of NCBA, valued at 1.4 times book. CMA waiver secured February 2026. CBK approval expected Q3 2026, with deal closure targeted late 2026.
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