Absa Bank Kenya reported a KSh14.6 billion net profit for the year ended December 31, 2022. This was a 34 per cent growth compared to the KSh10.6 billion posted in 2021. The improved performance was attributed to sustained double-digit growth across all business segments as the Bank accelerated lending to Small and Medium Sized Enterprises(SMEs). Customer loans grew by 21 per cent to KSh284 billion, while customer deposits rose by 13 per cent to KSh304 billion. Total revenues rose 25 per cent to KSh45.9 billion, driven by a 28 per cent growth in net interest income to KSh32.3 billion. “We…
Author: Muindi
Muindi
Experience working on communication and marketing departments and in the broadcast industry. Interested in sustainable development and international relations issues.
The World Bank’s Development Policy Operations (DPO) facility is set to provide additional resources to Kenya, amounting to $1 billion (Ksh 129 billion) in the 2022–23 fiscal year. The loan awaits the approval of the World Bank’s board, with its disbursement expected before the end of the current fiscal year. In 2021, Kenya received a KSh80.9 billion ($750 million) loan from the lender to support its budget and help the economy recover from the effects of the Covid-19 pandemic. The loan attracts an average interest rate of 3.1% and has a 30-year repayment period preceded by a grace period of…
The financial sector has undergone significant transformations due to rapid technological advancements. Banking, in particular, has been revolutionized by technology. Gone are the days when people had to dress up and visit physical bank branches to conduct transactions. Nowadays, you can make deposits and withdrawals, pay for goods and bills, and even apply for loans from your device. Kenya’s financial sector’s rapid adoption of technology has also been accompanied by a rapidly evolving threat targeting customers and financial services providers. The biggest threat is digital fraud. sim swaps Some tools fraudsters use today to gain illegal access to customers’ bank…
The Competition Authority of Kenya has ordered Carrefour Kenya to stop deducting rebates from the invoices for Pwani Oil items. A supplier rebate is money given back to customers to incentivise qualifying purchases. Suppliers offer them to win business or secure further sales. On the other hand, buyer power is the ability of a buyer to obtain terms of supply more favourable than a supplier’s ordinary contractual terms. “The Competition Authority issues a cease and desist order against Majid Al Futtaim Hypermarkets Limited directing it to, with immediate effect, cease and desist from charging rebates on Pwani Oil Products Limited…
Safaricom Plc grew its fixed internet market share to 46.1 per cent for the second quarter of the year that ended December 31, 2022, statistics by the Communications Authority show. The number of data subscriptions in the telecom increased from 22,148 to 372,872, making it the leading data provider. Safaricom attributed the growth to investments in fixed internet connectivity across the country. Safaricom is followed by Wananchi Group (Kenya) Limited, with 251,340 subscribers (31.1 per cent ), and Poa Internet Kenya Ltd., with 120,168 subscribers (14.9 per cent), Liquid Telecommunications Kenya, 17,837 (2.2 per cent); Mawingu Networks Ltd., 14,951 (1.8 per…
Stanbic Holdings Plc has declared a dividend of KSh12.6 per ordinary share of KSh5 after posting a 25.6 per cent increase in its after-tax profit for the fiscal year to December 2022. The dividend payment amounting to KSh4.98 billion is a 40 per cent increase from the KSh3.56 billion the bank paid its shareholders in the previous financial year. “Subject to shareholders’ approval, the final dividend will be payable to the members of the company registered on the share register of the company on the closure date, May 19, 2023,” said Stanbic. During the period, customer deposits increased by 12…