The Nairobi Securities Exchange (NSE) posted a profit after tax of KES 736.9 million for the six months ended June 30, 2026, up 386.1 percent from KES 151.6 million in the same period last year. The bourse operator’s board approved the unaudited results on August 27, 2026.
Total income for the half rose 136.6 percent to KES 1.21 billion from KES 511.6 million, according to the results published on the exchange’s website. Profit before tax climbed 396.0 percent to KES 1.01 billion, while earnings per share increased to KES 2.82 from KES 0.58 a year earlier.
Equity Levy Income Jumps on Safaricom Block Trade
Equity transaction levy income, the largest single revenue line, grew 475.6 percent to KES 770.5 million from KES 133.9 million in H1 2025. The increase tracked a surge in equity market turnover, which rose 476 percent to KES 322 billion from KES 56 billion a year earlier.
A single transaction did much of the work. On the last trading day of June, 6.01 billion Safaricom shares changed hands in a block trade valued at KES 204.3 billion, according to the results statement. The Kenyan Wallstreet reported that weekly equity turnover jumped to KSh215 billion from KSh7 billion the week before the trade, almost entirely because of that transaction.
Excluding the Safaricom block trade, equity market turnover still increased 111 percent year on year, the exchange said, pointing to broader gains in trading activity and investor participation.
Bond transaction levy income grew 22.4 percent to KES 187.3 million from KES 153.0 million, tracking a 22 percent rise in bond market turnover to KES 1.703 trillion from KES 1.391 trillion. Data income increased 29.2 percent to KES 75.2 million from KES 58.2 million, which the exchange attributed to continued demand for its market data products.
Derivatives turnover recorded the fastest growth of any segment, rising 1,774 percent to KES 637 million from KES 34 million, a gain the exchange linked to retail investor participation, market maker activity and smaller contract sizes on its single stock futures platform.
Costs Held Flat as Income Nearly Doubled
Total operating expenses were essentially unchanged, edging down 0.1 percent to KES 309.7 million from KES 309.9 million, even as income rose more than twofold. That cost discipline pushed the ratio of expenses to income down sharply and lifted operating profit before impairments and fair value movements to KES 900.5 million from KES 201.7 million.
Annualised return on assets rose to 40.7 percent from 13.2 percent, and annualised return on equity climbed to 51.5 percent from 14.8 percent, the exchange said, citing stronger earnings capacity and more efficient use of capital.
Balance Sheet Expands, No Interim Dividend
Total assets grew 57.5 percent to KES 3.62 billion from KES 2.30 billion, and total equity rose 39.5 percent to KES 2.87 billion from KES 2.06 billion. Cash and bank balances more than tripled to KES 499.7 million at period end. Investable funds increased to KES 1.219 billion from KES 751 million a year earlier.
The exchange recorded a fair value loss of KES 76.8 million on its quoted equity investment portfolio, an unrealised mark to market adjustment. Other assets included KES 490 million in equity levy fees receivable tied to the Safaricom trade, while other liabilities included a KES 260.9 million dividend payable for 2025, KES 137.9 million in tax payable and KES 67.3 million in deferred fees from four new trading participants.
The board resolved not to declare an interim dividend for the period.
Listings Activity Picks Up
The half saw renewed listing activity after years of limited new issuance. Kenya Pipeline Company completed an initial public offering that ended a decade long drought in new listings. Family Bank joined the bourse through a listing by introduction, becoming the largest private sector listing in more than a decade; the lender separately reported a 62 percent rise in first half profit after tax to KES 3.7 billion.
The period also brought the listing of the TRIFIC USD denominated Real Estate Investment Trust, along with the KMRC Bond and the I&M Bond, widening the range of products available to investors.
Market Indices Post Double Digit Gains
All four NSE benchmark indices recorded double digit gains in the half. The NSE All Share Index rose 20.14 percent to close at 224.15, and the NSE 20 Share Index gained 19.63 percent to 3,755.44.
The NSE 10 Share Index advanced 22.61 percent and the NSE 25 Share Index gained 21.82 percent, closing at 6,208.91. The Kenyan Wallstreet estimated the rally added KSh817 billion in investor wealth over the half, led by banking stocks and Safaricom.
Economic Backdrop
The results statement pointed to a stable macroeconomic environment supporting trading activity. The International Monetary Fund is projecting 4.5 percent growth for Kenya in 2026, supported by the services and industrial sectors. The Central Bank of Kenya held its benchmark rate at 8.75 percent through the half, while commercial lending rates continued to decline, averaging 14.5 percent by mid year. The shilling remained broadly stable against the US dollar at between KES 129 and KES 130, and inflation ran between 6.5 and 6.7 percent, within the central bank’s target range.
Outlook
The exchange said it will focus the second half of 2026 on implementing a new integrated market infrastructure system intended to improve trading efficiency, strengthen risk management and support new products.
It also flagged a pipeline of additional equity and debt listings and said it is working with the national government to position the bourse as a platform for savings, investment and capital formation.
Key Figures, H1 2026 vs H1 2025
| Metric | H1 2026 | H1 2025 | Change |
|---|---|---|---|
| Total income | KES 1.21B | KES 511.6M | +136.6% |
| Equity transaction levy | KES 770.5M | KES 133.9M | +475.6% |
| Bond transaction levy | KES 187.3M | KES 153.0M | +22.4% |
| Data income | KES 75.2M | KES 58.2M | +29.2% |
| Total operating expenses | KES 309.7M | KES 309.9M | -0.1% |
| Profit before tax | KES 1.01B | KES 202.9M | +396.0% |
| Profit after tax | KES 736.9M | KES 151.6M | +386.1% |
| Total assets | KES 3.62B | KES 2.30B | +57.5% |
| Total equity | KES 2.87B | KES 2.06B | +39.5% |
| EPS | KES 2.82 | KES 0.58 | +386.2% |
| Interim dividend | Nil | Nil | — |
Source: NSE unaudited financial statements for the six months ended June 30, 2026.
