Author: Muindi

CIC Group, a leading insurance and financial services provider in Kenya, has reported strong results for the first half of 2023.  The company’s insurance revenue grew by 20% YoY to Ksh 12.9 billion, while insurance expenses increased by 17% YoY to Ksh 11.1 billion.  Asset management income also saw a modest growth of 5% YoY to Ksh 569.6 million. Finance costs increased by 11% YoY to Ksh 244.3 million.  Despite this, CIC Group’s profit after tax (PAT) saw a significant growth of 168% YoY to Ksh 705.5 million. The comparative period has been restated to reflect the adoption of IFRS…

Kenya Reinsurance Corporation (Kenya RE), a leading reinsurance company, for the period ended 30th June 2023, reported a 10.1% decrease in Gross Premiums Written to 9.9 billion KES.  Net Earned Premium decreased by 33.5% to 6.5 billion KES, while Net Claims decreased by 35.9% to 4.2 billion KES. Operating expenses (OPEX) decreased by 29.5% to 7.5 billion KES. In terms of profitability, Kenya RE reported an 8.7% increase in profit after tax (PAT) to 904 million KES. Earnings per share (EPS) were reported as 0.32 KES, compared to 0.30 KES in 2022. The Group’s Managing Director, Dr Hillary Maina Wachinga said they were pleased with the performance, which reflected the business’s resilience and adaptability in an ever-evolving…

Cellulant, a leading pan-African payments firm, has announced adopting a product-led strategy as its anchor for increased growth across the continent. The fintech, which powers payments for over 1,500 global, regional and local businesses across various sectors, said the new strategy is informed by emerging market dynamics, investments in automation, and the recent consolidation of their product offerings. The platform enables customers to pay and get paid using any payment method of their choice, including mobile money, cards, bank accounts, QR codes and USSD. “We remain cognizant of the ever-dynamic operating environment, influenced by many factors not limited to technological…

I&M Group, a regional banking group with operations in Kenya, Tanzania, Rwanda and Mauritius, reported a marginal 2.2% increase in profit after tax (PAT) to Ksh 5 billion in the first half of 2023, compared to Ksh 4.9 billion in the same period last year. Its earnings per share (EPS) also rose slightly by 2% to Ksh 2.89, despite the dilution from a rights issue in March 2023. The bank’s performance was supported by a 22% growth in interest income to Ksh 21.3 billion, driven by higher lending and investment activities. The bank’s operating income also increased by 22.8% to…

NCBA Group reported a 20.1% increase in earnings per share (EPS) to Ksh 5 in the first half of 2023, compared to Ksh 4.72 in the same period last year. The bank attributed the improved performance to lower provisions for bad loans, which declined by 21% to Ksh 4.4 billion, and higher net interest income, which grew by 9.7% to Ksh 26.8 billion. The bank’s total assets expanded by 9.3% to Ksh 660 billion, driven by growth in loans and advances, which increased by 10.2% to Ksh 414.7 billion. Customer deposits also rose 8.9% to Ksh 506.6 billion, while its…

KCB Group has announced a mixed performance of its financial results for the first half of 2023.  The lender witnessed an increase in the group’s loans, deposits, assets, and income, but a decrease in its profits and asset quality.  “Profit after tax was greatly impacted by aggressive provisioning on facilities in KCB Kenya, inherited legal claims in National Bank of Kenya (NBK) and staff restructuring costs incurred in KCB Kenya and NBK being an investment to right-size the organizations,” the bank said. “The Group also prudently raised its loan loss provisions on foreign currency denominated credit facilities on account of…