Family Bank Kenya Tuesday reported a 22 per cent increase in net profit to KSh1.16 billion from KSh949.84 million a year earlier for the full-year to December 2020 on account of increased interest earnings. Net interest income grew by 28.4 per cent, a Ksh 1.4 Billion growth to Ksh 6.4 Billion compared to Ksh 5 Billion in a similar period in 2019. The Bank’s operating expenses increased by 20.2% to Ksh 7.6 Billion from Ksh 6.3 Billion mainly driven by loan loss provisions which increased by more than 2.5 times from Ksh 734 Million in 2019 to Ksh 1.62 Billion…
Author: Muindi
Muindi
Experience working on communication and marketing departments and in the broadcast industry. Interested in sustainable development and international relations issues.
Limuru Tea Company’s financial year ended 31st December 2020 results were broadly in line with their expectations posting a pre-tax loss of Ksh 7.9 million compared to a pre-tax profit of Ksh 3 million in 2019. “The decrease in the profits for the period is mainly due to lower tea market prices that were realised in 2020 in the midst of rising cost of production and the impact of the Covid-19 pandemic,” the company said. The listed firm which is an outgrower to Unilever Tea Kenya Limited, says its revenues increased by 6 per cent to Ksh 97 million in…
QuickMart, a Kenyan homegrown supermarket on Friday strengthened its footprint in the North Rift of Kenya replacing cash strapped Tuskys at Eldo Centre Mall in Eldoret. The outlet becomes its 40th branch in the country and it’s the first in Uasin Gishu County. Located along the busy Uganda road, QuickMart Eldo Centre covers 60,000 square feet and will carry a full range of retail products and services from foodstuffs, electronics, and household goods. https://twitter.com/QuickmartKenya/status/1375377579780280321?s=20 The malls’ first occupant was Nakumatt Holdings supermarket which closed its doors in November 2017.
The Kenyan government has made it mandatory for international travellers to carry a negative PCR test report not older than 72 hours prior to arrival. “That all persons coming into the country must be in possession of a negative COVID-19 PCR Certificate, acquired no more than 96 hours prior to arrival into the Country; with the PCR Certificate also having been validated under the Trusted Travel platform for those travelling by air,” President Uhuru Kenyatta said Friday. The new measures are a result of a sharp rise in COVID-19 cases in the country. However, international travel will continue under existing…
MultiChoice Kenya and Azuri Technologies have announced a partnership to bring DStv content to off-grid households in Kenya. They were the first to launch a complete pay-as-you-go solar TV package in Kenya. The partnership bundles Azuri’s TV400 product, the 32” solar-powered TV and household energy solution, with the DStv HD decoder to offer customers access to entertainment, local and international news, documentaries, and educational content. “By expanding the choice of content available to even off-grid customers, we are taking another step in shrinking the gap between households with and without the grid,” Simon Bransfield-Garth, CEO of Azuri said. Azuri’s comes…
Equity Bank Tuesday signed a $100 million (Ksh 10.9 billion) loan agreement with Africa Development Bank (AfDB) to support its expansion across Eastern and Central Africa. The financing will be used to enhancing its ability to serve small and medium enterprises (SMEs as it grows. This is the lenders’ sixth tranche for Equity Group after having signed a $50 million USD (Kshs 5.5 Billion) loan facility with IFC in September; a $100 million USD (Ksh 11.0 Billion) from Proparco in October and a EUR 125 million (Kshs 16.5 Billion) loan facility with the European Investment Bank, a US $100 Million…