Author: Korir Issa

Standard Chartered Bank Kenya registered a 49 per cent jump in profits after tax to KSh 10.9 billion in the first half of 2024 from KSh 6.9 billion driven by strong growth in operating income and non-interest income. Key Financial Highlights Net Profit: Ksh10.9 billion (up 49%) Total Operating Income: Ksh26.1 billion (up 24.9%) Net Interest Income: Ksh16.5 billion (up 19.3%) Non-Interest Income: Increased by 36% Operating Expenses: Increased by 3.1% Gross Non-Performing Loans: Decreased by 42.9% Loan Loss Provision: Decreased by 23% Net Loans and Advances: Decreased by 8% Customer Deposits: Decreased by 19% “Good cost discipline has enabled us…

NCBA Group posted a net profit of Ksh9.8 billion for the first half of 2024, representing a 5% increase compared to last year. The Group’s financial performance was driven by strong growth in customer deposits, total assets, and digital loans. Profit before tax reached Ksh12.2 billion, and shareholders will receive a dividend of Ksh2.25 per share. Total assets grew to Ksh689 billion. “We are pleased to announce another set of strong financial results for the first half of 2024,” said the Group Managing Director of NCBA John Gachora. “Despite some headwinds presented by the current operating environment, our diversified business model…

I&M Group Holding’s Profit After Tax (PAT) increased by 21.1% to KShs 6.1 billion in the first half of 2024, from KShs 5.0 billion in the same period last year. This growth was driven by a 35.2% increase in Net Interest Income to KShs 16.5 billion but was partially offset by a 10.9% decrease in Non-Interest Income to KShs 6.2 billion. As a result, the group’s Total Operating Income rose to KShs 22.7 billion, from KShs 19.1 billion in H1’2023. The group also reported a 24% increase in Profit Before Tax to KES 8.7 billion. Regional businesses contributed 26% of…

Stanchart Kenya has introduced US Government Treasury notes and bonds to its Fixed Income offerings, providing clients with an opportunity to invest in one of the world’s largest and safest bond markets. “We have now added US Government Treasury notes and bonds to our Fixed Income offering, “Paul Njoki Head, Affluent Banking and Wealth Solutions Kenya and East Africa said in an email announcement. While US government bonds are generally considered a safe investment, they are not immune to market risks. Factors such as interest rate changes and economic conditions can influence their value. Key Features Minimal Investment: Start investing…

The Supreme Court of Kenya has issued a stay order, temporarily halting the Court of Appeal’s decision that declared the Finance Act 2023 unconstitutional. This move allows the government to continue implementing the Act while the legal proceedings progress. The Court of Appeal’s previous ruling, issued in July, had deemed the Finance Act 2023 “fundamentally flawed and therefore void ab initio,” leading to widespread uncertainty among employers and taxpayers. The Supreme Court’s stay order specifically targets Order No. 6 from the Court of Appeal, which had temporarily halted the implementation of the Finance Act 2023. “We find that public interest…

Over 400 entrepreneurs and business leaders across Africa converged in Naivasha on August 16th for the BNI Convention. Hosted by BNI Kenya, the event cultivated strong networking, knowledge sharing, and business growth strategies. As the world’s largest business networking organization, BNI fosters a supportive environment for professional growth through word-of-mouth marketing. Elizaphan Muraguri, BNI National Director for Kenya, emphasized the event’s role in unlocking business potential, driving innovation, and building resilient enterprises. Annastacia Kimtai, MD of KCB Kenya, highlighted the convention’s importance for African entrepreneurs and the bank’s commitment to supporting business growth through financial solutions. She emphasized the synergy…