Kenya’s biggest bank group KCB on Thursday reported a rise in consolidated net profit at Ksh 15.3 billion for the first six months to June 30. The lender had posted a net profit of Ksh 7.6 billion in the corresponding previous fiscal year. Revenues increased by 14 per cent to KSh 51.2 billion on account of higher interest income driven by an increase in earning assets and lower cost of funding. “We saw a strong first half of the year for the business with improved economic activity. The resilient and diversified nature of our business has helped us navigate the…
Author: David Indeje
David Indeje
David Indeje is the community engagement editor at Khusoko, a leading digital platform for East African business news. He oversees editorial content, drives audience engagement, and amplifies diverse voices. Indeje also consults on digital strategy for brands in agriculture, governance, technology, and health, while exploring AI’s impact on journalism. In addition, he serves as a communications officer at KICTANet, advancing digital inclusion and policy dialogue.
The Co-operative Bank of Kenya on Wednesday posted a net profit of KSh7.4 billion for the first six months of the year ended June 2021 from KSh 7.2 billion in the same period last year. This was boosted by growth in interest and non-interest income, however, its high bad loan provisions doubled in the period. According to the lenders’ un-audited results of the Group and the Bank for the Period ended 30 June 2021, its net interest income grew by 18 per cent to KSh18.8 billion. Its loan loss provision doubled to KSh 25.5 Billion at the end of H1,…
TotalEnergies Marketing Kenya Plc, a multinational oil and gas company, says its profit for the first half of the year surged 17 per cent to KSh1.7 billion from KSh1.1 billion at the end of the first half of 2020. The company attributed the growth to its diversified revenue segments and prudent management of fixed costs. Net sales jumped by 10 per cent to KSh34.5 billion at the end of June 2021, from KSh31.5 billion in June 2020. Its operating expenses remained the same at KSh3.13 billion compared to KSh3.14 billion reported in the same period last fiscal year. In the…
Equity Group Tuesday reported a profit of KSh17.9 billion for the half-year ended June 31, a 98.4 per cent increase over KSh9.02 billion registered for the corresponding period of last fiscal. The lender’s deposits registered a 51 per cent growth to Ksh820.3 billion up from Kshs 543.9 billion, while long term borrowed funds grew by 78 per cent to Ksh102.3 billion up from Kshs.57.6 billion. Net Loans and advances grew by 29 per cent to Kshs.504.8 billion up from Kshs.391.6 billion Investment in Government securities grew by 46 per cent to Ksh 315.5 billion up from Ksh 216.4 billion resulting…
Kenya’s Ministry of Health says insurance against Covid-19 vaccine side effects is “unethical”. In addition, the government warned that to profiteer from the Covid-19 pandemic is ‘criminal and punishable by law’ in accordance with the Public Health Act. “The Ministry of Health wishes to state that insurance against side effects is not only unnecessary but unethical. No company should claim to provide insurance services against vaccine side effects or side effects of any medicine,” the ministry said. It added that “An advertisement of such services is misleading to the public and creates unnecessary anxiety among people who are already at…
Where do you buy your electronics? How well does your electronic provider care for you? Do they display all the rights you are entitled to as their customer? After buying an electronic, do you ever ask whether it has a warranty? Do you ever find time to go through the terms and conditions provided and how the warranty for the product is administered when you need it? In most cases, Kenyans don’t read. They don’t even read a receipt after purchasing something such as a TV set. Scarier is the fact that some don’t even ask whether whatever electronic they…