Author: Muindi

The Central Bank of Kenya (CBK) is likely to retain the base lending rate at seven percent, analysts say. The Monetary Policy Committee of the CBK meets Wednesday to take stock of the developments in the pandemic-hit economy since its last meeting in June and chart a way forward, against the backdrop of stable inflation and exchange rate. In June, the headline and core inflation eased sharply to 4.59 percent and 1.6 percent respectively in June reflecting reduced demand and food price pressures. In the previous MPC meeting held on June 25, the regulator maintained the Central Bank Rate (CBR)…

Equity Group has been named Africa’s best bank in this year’s Euromoney Awards for Excellence and for the second time the continent’s Best Digital Bank. According to Euromoney, the regional lender managed a rare feat for banks in the continent, to become a domestic champion and substantial regional player in East Africa.  This year, Euromoney introduced The Excellence in Leadership award category that recognized the efforts made by banks in responding to the COVID-19 pandemic for its employees, clients, own business, societies and economies.  Equity was recognized for its proactive involvement in initiatives that have benefited the community in which…

CIC Asset Managers’ market share rose to 39.01 percent from the 35.1 percent it held in March last year according to the Capital Markets Authority (CMA) latest data. Assets under CIC Unit Trust surged to KSh29.78 billion in comparison with KSh22.39 billion held in a similar period last year making it the largest overall Unit Trust Fund Manager with an Assets Under Management (AUM). “CIC Unit Trust scheme managed the highest assets under management of Sh29.78 billion which represents 39.01 percent of the total assets under management,” the CMA said in its June 2020 statistical bulletin.  In the report, Britam’s…

TPS Eastern Africa (Serena) says it registered a Net loss of KSh 640.9 Million for the half-year period ended 30th June 2020. In the six months ended 30th June 2020, its revenue fell to KSh 1.1 Billion from KSh 2.7 Billion at the end of the first half of 2019.  The listed hospitality chain which operates upscale hotels and resorts in East Africa, Southern Africa, and South Asia suffered an exchange loss on its foreign currency loans of KSh 149.5 Million from a loss of KSh 18.4 Million. Subsidiary companies include TPS (Kenya) Limited which owns Nairobi Serena Hotel, Amboseli…

East African Cables Plc has published its audited financial results for the year ended December 31, 2019, posting KSh630.9 million in net earnings. In 2018, the Group and Company recorded a loss of KShs 568.38 million and KShs 399.70 million respectively compared to a loss of KShs 663 million and KShs 454 million recorded in 2017. The improved financial performance has been attributed to the completion of a debt restructuring process that strengthened its balance sheet. The debt restructuring exercise which commenced end of 2017 came to conclusion in H1 of 2019 that resulted in huge savings on interest expense…

Radisson Hotel Group has increased investments in Africa with six additional hotels. The six hotels will be in Mali, Nigeria, South Africa (2), Ethiopia, and Ghana. This brings its cumulative total of 32 countries in Africa with a total of over 100 hotels. The Africa Report says the group aims to have 150 hotels within five years in its African portfolio. “We aim to further accelerate our presence across the continent through conversions, especially as liquidity remains a critical challenge,” said Ramsay Rankoussi, Radisson’s vice president for development in Africa and Turkey. “We have revisited our brand architecture to enable…