Author: Korir Issa

Diamond Trust Bank (DTB) has announced a strong financial performance for the first half of 2024, with net profit increasing by 12% to Sh4.9 billion compared to the same period last year. Key Highlights DTB’s subsidiaries in Tanzania, Uganda, and Burundi contributed significantly to the improved profitability, with pre-tax profits increasing to 35% from 23%. The Group’s total assets grew to Sh585 billion, reflecting its expansion and growth. Operating income increased by 10% to Sh20.6 billion. Net interest income improved to Sh14.2 billion, driven by better interest margins and non-interest income revenues. Operating expenses rose to Sh10.6 billion due to…

Quickmart, a Kenyan retail chain, is set to leap into the digital realm by launching its new e-commerce platform, Q-soko. This strategic move positions Quickmart to tap into the rapidly growing online shopping market in Kenya. The retail chain aims to attract a substantial customer base of around 1 million monthly shoppers through Q-Soko, offering a convenient and efficient online shopping experience. “Right now as Quickmart we are serving an average of 5 million customers every month we will be looking to serve at least 20 per cent of these on the e-commerce,” retail chain chief marketing officer Betty Wamaitha…

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…