StanChart's Net Profit Up 11.8%, Lender Dumps Bonds
StanChart Bank Kenya (SCBK) has posted a net profit of KSh 9.7 billion in Q32023. This is despite the lender halving its government bond holdings, taking a loss in process, [...]
EAC Projects 14.05M Tourist Arrivals by 2025, Urges Product Diversification
The East African Community region is projecting annual tourist arrivals to increase to 14.05 million by 2025 from the 7.2 million recorded in 2019. Speaking at a three-day Annual Tourism [...]
Industries Find it Difficult to Fill Positions-FKE Survey
These challenges inhibit business expansion (25%), lead to loss of revenue (24%) and market share (21%), among other consequences.World Bank Commits US$12B to Kenya Over Three Years
Kenya’s journey to become upper-middle-income country received a boost following World Bank commitment to finance the country withUS$12 billion in the next three years. World Bank says, over the next [...]Kenyan Banks are Grappling With IFRS, Enhancing Automation CBK Survey
A number of Kenyan banks are still grappling with how to implement several International Financial Reporting Standard (IFRS) standards, especially (IFRS) 9 on Financial Instruments, which came into effect on [...]Kenya Power Posts KSh 3.2 Billion Net Loss As Currency Depreciation Bites
Kenya Power, the state-owned listed electricity distributor, recorded a net loss of KSh 3.2 billion for the full-year period ended 30th June 2023 compared to a net profit of KSh [...]Unga Group to Hold 96th AGM Virtually on 7th Dec
Listed miller Unga Group Limited has notified shareholders that it will hold its 96th Annual General Meeting virtually on 7th December 2023. In the financial year ended 30th June 2023, [...]Co-Op Bank Posts 7.6% Growth in Net Profit to KSh 18.4Billion
Co-Op Bank of Kenya Group recorded a net profit of KSh 18.4 billion at the end of the third quarter of 2023, marking a 7.6% growth in earnings driven by [...]Labour Market: State Shifts Focus to TVETs to Address Skills Gap
The government has renewed its partnership with private sector and the international community to address skills gap resulting from modern technology in the labour market. Speakers at a three-day Technical [...]Kenya’s National Debt Rises Sharply as Shilling Falls
Kenya’s national debt has increased by KSh 382.6 billion over the past one year because of the rapidly weakening shilling which has depreciated by 23% against the dollar in that [...]Cellulant Obtains Approval to Expand Services to Egypt
Fintech company Cellulant has obtained initial approval to operate as a Payment Service Provider and Payment Facilitator in Egypt. Egypt is such a strategic market for business growth in MENA. [...]Bamburi Cement Offloads 70% Stake in its Uganda Business to Sarrai Group
Holcim has agreed to sell its Ugandan business, operated by its local subsidiary Hima Cement, to the Sarrai Group for US$120 million. 70 per cent of Hima Cement Limited is [...]
