Author: David Indeje

Family Bank has received approval from Capital Markets Authority (CMA) to raise up to KSh8 billion through a multi-currency Medium Term Note. The lender says the funds raised will help to strengthen its capital base to support lending to micro, small and medium-sized enterprises and invest in technology infrastructure.  The bank targets to raise KSh4 billion in its first tranche, with the balance to be raised within the next five years in various tranches or series.  “We are positioning the bank for the second phase of growth as per our 2020– 2024 strategy, anchored on growth and stability of the…

The inflation rate measured by the Kenya National Bureau of Statistics rose to 5.87 per cent in May, compared to the 5.76 per cent recorded in April. According to the statistics body, the spike in the cost of living is greatly attributable to fuel costs. However, fuel prices have remained stable in the last two months as the prices for diesel and kerosene remained unchanged for the period mid-March to mid-June 2021, according to the monthly price releases by the Energy and Petroleum Regulatory Authority (EPRA). During the review period, the transport index marked a 0.69 per cent increase after…

KCB Group on Wednesday reported a flat 1.8 per cent growth in first-quarter net profit at KSh 6.37 billion, compared with KSh 6.26 billion in the corresponding quarter last year. The lender’s Non-interest income declined 20 per cent to KSh6.3 billion from KSh7.8 billion. “Overall performance was largely impacted by lower non-interest income due to subdued digital lending on reduced disbursements and lower customer transactions,” chief executive Joshua Oigara said in a statement.

Central Bank of Kenya (CBK) on Wednesday decided to leave the benchmark interest rate unchanged at 7 per cent maintaining that “the current accommodative monetary policy stance remains appropriate”. However, the Monetary Policy Committee (MPC)  will closely monitor the impact of the policy measures, as well as developments in the global and domestic economy, and stands ready to take additional measures as necessary to support the economy hit by the COVID-19 pandemic. “The Committee noted that inflation expectations remained well anchored within the target range, and the economy continued to operate below its potential level,” Dr. Patrick Njoroge, chairman of…

Equity Group Holdings on Wednesday announced its financial results for the quarter ended March 30, 2021. The bank posted a 64 per cent growth in net profit at Ksh 8.7bn in Q21FY21, as compared to KSh5.3 billion in the corresponding period of last year. The lender’s net interest income grew 28 per cent to KSh14.8 billion in line with 29 per cent growth in loan book to KSh487.7 billion. “Our strategy; purpose-first, inclusivity, affordability, reach, agility and quality have proven resilient and sustainable,” said Dr James Mwangi, the Equity Group CEO while releasing the first quarter of 2021 financial results. “Purpose…

The Capital Markets Authority (CMA) has granted Synesis Capital Limited to register Masaru Unit Trust Fund as a Collective Investment Scheme. The Unit Trust Funds will comprise of two sub-funds; Masaru Money Market Fund and Masaru Wealth Fund. “The Fund seeks to obtain a moderate level of growth of investor’s capital over time. To achieve this, it will seek to outperform other benchmark government securities available by investing in medium to long term interest-bearing securities and strong blue-chip companies both listed and unlisted on security exchanges,” CMA said in a statement. The fund manager for the Collective Investment Scheme is…