Author: Muindi

I&M Group Plc reported a 25.1 per cent increase in consolidated net profit from Ksh.4.6 billion Ksh 5.7 billion as a result of strong growth in interest income and a decline in interest expenses, both of which aided to improve the firm’s net interest margin.  The group’s net interest income rose by 34 per cent from Ksh 10 billion to Ksh 14 billion on account of improved earnings from government securities and a reduction in interest expenses. Total operating expenses increased by 28 per cent to Ksh9.7 billion as a result of Increased investment in digitization. The Group’s asset base…

Kenya’s current account deficit will close the year at 5.2 per cent of gross domestic product, its central bank governor said on Tuesday. Dr Patrick Njoroge said the current account deficit was forecast to fall to 5.2 per cent of gross domestic product in 2021, from the current 5.4 per cent in the 12 months to October 2021. This is a 0.6 per cent points increase from 4.8 per cent recorded over the same period in 2020. “We are on track…” he told a news conference virtually adding that “The current account is well anchored will support stability in the…

Kenya’s Monetary Policy Committee retained its benchmark lending rate at 7.00 per cent, an accommodative stance necessary to revive growth and come out of the Covid-19 induced stress. This is the 11th time the MPC has retained the interest rates. Being the last meeting of the year, it was held against a backdrop of the global COVID-19  pandemic, the continued rollout of vaccination programmes, other measures taken by authorities around the world to contain its spread and impact, and the emerging developments regarding a new COVID-19 variant. The committee further said the country’s inflation rate is expected to remain within…

NCBA Group PLC  says it’s quarter three results ending September 30th 2021 recorded a Ksh 6.5 billion in Profit After Tax (PAT), a 159 per cent increase compared to Ksh 2.5 billion the same period in 2020. Growth in profitability was attributed to an increase in operating income to Ksh 36 billion (up Ksh 3.2 billion), driven by higher customer activity and a decline in loan impairment charges of Ksh 4.2 billion year over year. Key Summary Highlights   Asset base rose to Ksh 563 billion, 8% up year on year  Customer deposits closed at Ksh 447 billion, 11% up year…

Spotify Ad Studio is now in Kenya after being launched also in Nigeria, Ghana, Tanzania, Uganda and Jamaica.  Ad Studio is a self-serve platform that allows advertisers to connect with Spotify listeners by easily making audio ads from scratch in a budget-friendly manner. “Reaching audiences with Spotify Ad Studio is efficient and easy,” said Christopher Li, Director of Digital Planning & Products APAC at Live Nation and Spotify Ad Studio user.  “You can decide to target listeners by genre preferences, interests, and context, etc. It only takes us a few minutes to create a campaign, and the free voiceover service…

Credit Bank PLC, an SME based Bank in Kenya, has introduced a women-based product dubbed ElevateHer. This is a  transformative program designed to unlock the potential of women entrepreneurs in Kenya.  The program aims to equip women with business skills, offer them mentoring, expose them to networks, provide them with access to capital and equip them with the tools they need to succeed.  Betty Korir the CEO of Credit Bank,  affirmed that Women entrepreneurs through the ElevateHER proposition will boost their businesses, mitigate against business and household risks, have access to information both for their business and overall welfare. “….one…