Author: Korir Issa

The Co-operative Bank of Kenya reported its highest-ever profit, closing the 2024 financial year with KSh 34.8 billion, a 7.5% increase from the KSh 32.4 billion recorded in 2023. After-tax, this translates to a profit of KSh 25.5 billion in 2024, compared to KSh 23.2 billion in 2023, representing a 9.8% growth. Group Managing Director and CEO, Gideon Muriuki, attributed this consistent growth to the bank’s adherence to the “Soaring Eagle” transformation agenda, emphasizing the bank’s “strategic focus on sustainable growth, resilience, and agility.” This robust performance has enhanced shareholder value, reflected in a competitive Return on Equity of 19.7%.…

The Kenyan government has partnered with RUBiS Energy Kenya to rescue the struggling National Oil Corporation (NOC), transferring the management of over 99 NOC fuel stations. This partnership is a key component of a broader restructuring plan that aims to prevent the collapse of the state-owned entity, which currently faces debts of KSh8.3 billion and a negative balance sheet. The restructuring plan, approved by the Cabinet, involves transforming NOC into a group holding company with three distinct subsidiaries: NOC Upstream Limited: focused on exploration and upstream production activities. NOC Trading Limited: Specializing in holding strategic stocks of petroleum products for import…

Tala’s MoneyMarch 2025 report reveals a shift in Kenyan financial behaviour amidst rising living costs. While 90% of Kenyans experienced economic challenges in the past six months and 32% reported financial stress, 46% remain optimistic about their financial futures. Key trends include increased borrowing for essential needs, a surge in business ownership, and a decline in reliance on full-time employment. The report reveals business ownership increased by 7 percentage points (pp) year-on-year, while full-time employment as the primary income source declined by 5 pp. This trend reflects the ongoing challenges of the rising cost of living, which has reduced the…

Access Bank, Nigeria’s largest bank by assets, is in the final stages of acquiring KCB Group’s National Bank of Kenya (NBK). KCB Group CEO Paul Russo confirmed the acquisition’s progress on Wednesday, stating that regulatory approvals are nearly finalized and NBK’s performance was included in KCB’s 2024 full-year results. “We are at advanced stages of regulatory approval from both sides. I am very confident that we are at the tail,” Russo said during the bank’s FY 2024 results announcement. The acquisition, aimed at enhancing Access Bank’s pan-African expansion and strengthening its presence in Kenya, received conditional approval from Kenya’s Competition…

Silver Box, a Middle East-based investment and technology firm, has acquired Mobius Motors Kenya for an undisclosed sum, rescuing the struggling Kenyan automotive manufacturer. This acquisition marks a turnaround for Mobius, which had ceased operations and entered liquidation in August 2024. Silver Box plans to reopen Mobius’ service center immediately and restart full-scale production of the Mobius 3 model by July 2025. Additionally, the firm intends to launch a new vehicle model by the end of 2025, aiming to expand Mobius’ market presence and introduce vehicles tailored for the African market. “Preserving and enhancing the Mobius brand was a key…

Stanbic Holdings shares surged to KSh 167.25 following a reported 12.8% increase in net profit to KSh 13.7 billion for 2024, up from KSh 12.2 billion in 2023. The profit growth was primarily attributed to a significant reduction in loan loss provisions, which fell by 51.8% to KSh 3.1 billion. This reflects a decrease in credit risk, with the gross non-performing loan (NPL) ratio standing at 9.28%, below the industry average of 16%. A final dividend of KSh 18.90 per share was declared, bringing the total dividend for 2024 to KSh 20.74, a 35% increase from KSh 15.35 in 2023.…