Author: David Indeje

Diamond Trust Bank Kenya on Thursday reported a 36 percent decline in its profit after tax to Kshs 2.6 billion for the first half of the year compared to Ksh 4.1 billion. This was attributed to a decline in total interest income and an increase in operating expenses due to increased loan loss provisioning. Loan provisions surged 249.2 percent year on year to KSh1.9 billion. Non-Interest Revenue grew 5.9 percent and 1.2 percent growth in Net Interest Income. READ Diamond Trust Bank Kenya Receives KSh500 million Covid-19 SME Support Loan from IFC Diamond Trust Bank Q1 Profit Jumps But Non-Performing…

Kenya President Uhuru Kenyatta says the country’s economy has fared well in spite of some sectors having been hard hit due to Covid-19. According to the Head of State, the majority of Kenyans have exercised a reasonable level of civic responsibility in observing COVID Protocols. “I must admit that we have done better than we expected. For instance, even under COVID, the economy has grown by 4.6 percent compared to 5.5 percent last year,” said Kenyatta in his eleventh presidential address on COVID-19 pandemic. “The current economic indicators, without doubt, are lower- but definitely far better than we ever anticipated.”…

Telkom Kenya says it will restructure its service delivery units to be headed by a managing director and chief officer to strategic direction. According to the telco, this will help it to grow its market share currently dominated by Safaricom. Telkom Kenya, is 60 percent owned by UK private equity firm Helios Investment Partners, while the balance 40 percent is owned by the Kenyan government. “Given our vast infrastructure asset base, terrestrial fiber, and our 4G network, we are confident in this new direction, one that has also been strengthened by the accelerated digital transformation, making both businesses and individuals…

Inadequate access to affordable trade finance remains a challenge for Kenyan Small Medium Enterprises (SMEs) restricting them in accessing global markets. However, Sidian Bank says it wants to be the preferred partner in realizing the entrepreneurial potential in the country by enabling entrepreneurs to create wealth through the provision of transformational financial solutions. “We are on a journey of positioning Sidian Bank as the go-to bank for Trade Financing and with this solution, we will propel the business to onboard more customers to grow their businesses through our ease to access finances through our innovative products,” says Chege Thumbi, CEO…

After issuing a Force Majeure, Tullow and its partners have withdrawn it paving way for the resumption of oil exploration for blocks 10BB and 13  in the South Lokichar basin scheme in Kenya. “The lifting of Force Majeure notices has been facilitated by the improvement in COVID-19 pandemic restrictions worldwide and the resumption of local and international flights, allowing the restart of the various workstreams under the Project,” said Africa Oil Corp, Tullow’s operating partner in a statement. In May, they declared Force Majeure on its main licences in Kenya citing the effect of restrictions caused by Covid-19 on Tullow’s…

Equity Group says it will be using 0763 000 000, as the single line of contact from Equity to customers to reduce the risk of financial fraud across its business platforms. The lender said moving forward, customers will be contacted using the number under Equitel’s main prefix ‘0763’. Group Managing Director and chief executive Dr James Mwangi said the rollout of the universal number is part of the bank’s recent rebranding, where the company now presents itself as One Equity, a unified brand one-stop-shop offering integrated financial services provider under one roof. “The number embodies this goal by unifying all…