Central Bank Retains Rate at 7% as Economy Recovers Slowly
The Central Bank of Kenya maintained the benchmark rate at 7% for the eighth consecutive time during Wednesday's Monetary Policy Committee meeting. The committee said that leading economic indicators show [...]
KCB's Gross Bad Loans Rise to KSh98 Billion in Q1 2021, the Highest Level on Record
KCB Group's gross bad debt grew in the first quarter of this year to KSh98 billion, the highest level ever recorded by the bank, from KSh66.2 billion in the first [...]Equity Group's Q1 Net Profit Rises by 63% to KSh8.6 Billion
Equity Group, East Africa's largest lender by customer numbers, has reported a KSh8.6 billion net profit at the end of the first quarter of 2021, a 63% improvement from KSh5.3 [...]NCBA's Q1 Profit Rises 74% as Deposits Surge to KSh 432.2 Billion
NCBA Bank has posted strong financial performance in the first quarter of 2021 after improved activity across all its segments. The bank's profit after tax jumped to KSh2.84 billion, a [...]Standard Chartered's Q1 Profit Jumps 19% to KSh2.39 Billion
Standard Chartered Bank Kenya has reported a 19% improvement in net profit in the first quarter of 2021. The tier-one lender posted a net profit of KSh2.39 billion at the [...]Absa Group in plans to Sell Asset Management Unit to Sanlam
Absa Group Limited, South Africa's third-largest lender, is said to be in discussion to offload part or all of its asset-management business to Africa's largest insurer, Sanlam Limited and African [...]
Stanbic Bank Kenya Records KSh 1.9 Billion Net Earnings in Q1, 2021
Stanbic Bank Kenya has registered a 26.7% increase in Net Earnings at the end of the first quarter of this year ending March 31st 2021, compared to KSh 1.5 Billion [...]Absa Kenya Group Q1 Net Earnings Climb 28% to KSh 2.4 Billion
Absa Kenya Group unaudited Net Profit for the first quarter ended March 31st 2021 rose to KSh 2.4 Billion compared to KSh 1.96 Billion in Q1, 2020, an increase of [...]Djibouti's Top Bank Acquires Kenyan Microfinance Bank
Salaam African Bank, the leading bank by branch network in Djibouti, has acquired 100% ownership in Kenya's Uwezo Microfinance Bank, giving the lender a presence in Kenya's banking industry. The [...]IFC to Loan KSh5.4 Billion to IM Bank Kenya
The International Finance Corporation has announced a plan to loan KSh5.4 billion ($50 million) to IM Bank Kenya, the biggest subsidiary of IM Holdings. The loan will be used to [...]Coop Bank's 1st Quarter Profit Dips 4% to KSh 3.46 Billion
Cooperative Bank, Kenya's fourth-largest bank by assets, has reported a 4% dip in its net profit in the first quarter of this year compared to the same period in 2020. [...]Kenya's Microfinance Institutions Embrace Technology
Microfinance is a relatively young industry in Kenya, despite launching in the mid-1990s. Kenya has 14 registered Microfinance Institutions (MFI) which provide financial and non-financial support to nearly 8.5 million [...]
