KCB Group reported a 27.2% increase in revenue for the year ending December 31, 2023. However, pretax profit dropped 15% to KSh 48.5 billion ($367.42 million) due to higher loan loss provisions and other costs. This represents a decline of Sh3.3 billion from Sh40.8 billion registered in 2022. “Provisions increased by 154.7% from the downgraded facilities in Kenya and additional provisions on foreign currency facilities from the depreciating Kenya Shilling against hard currencies,” the lender said in a statement. Key Highlights Strong Revenue Growth: Revenue rose significantly, driven by interest income (up 23.9%) and non-interest income (up 33.9%). Deposit Growth: Customer deposits…
Author: Muindi
Muindi
Experience working on communication and marketing departments and in the broadcast industry. Interested in sustainable development and international relations issues.
Bolt, the on-demand mobility platform, has announced its innovative Accelerator Program to empower Kenyan drivers, couriers, and immediate family members to embark on an entrepreneurial journey. The Bolt Accelerator Program offers Bolt drivers and couriers the chance to become active participants in shaping the future of sustainable mobility in Kenya. Bolt says a dedicated €20,000 seed fund supports business plans focused on this theme. Entrants will pitch ideas aligned with Bolt’s vision of “sustainable African cities.” This vision prioritizes the well-being of citizens, environmental sustainability, and accessible mobility for all. Program Details and Benefits Application Period: March 19th to April 4th,…
Pathologists Lancet Kenya has rebranded as Cerba Lancet Kenya. This change reflects the company’s commitment to improving patient care. CEO Mwende Musunga emphasized the company’s enduring dedication to excellence. “This is a culmination of efforts on brand transformation that we began in 2023 with a key focus on evolving from a diagnostic provider to being deeply integrated into our communities,” Musunga said. “We believe that with a new look, we shall be able to reinvigorate our efforts in providing enhanced diagnostic capabilities and advancing healthcare technologies to improve patient outcomes.” Welcome to the new era of healthcare excellence!! #ANewChapter pic.twitter.com/3JWp6SH8Nn…
Absa Bank Kenya has announced a 14.8% increase in its total dividend payout to shareholders for the year ending December 31, 2023. The dividend translates to a total payout of Sh8.4 billion, reflecting the bank’s improved net profit. As a result, shareholders will receive a higher dividend per share of Sh1.55, up from Sh1.35 per share in the previous year. The bank attributed the dividend increase to its solid profit growth, reaching Sh16.4 billion in 2023. Chairman Charles Muchene emphasized the importance of sharing the bank’s success with shareholders. “Based on improved profitability, the Board has proposed a final dividend of Sh1.35 per share, bringing the total dividend in 2023…
The Champions League semi-final draw occurred on Friday, immediately following the quarter-final draw. Here’s a breakdown of the matchups, with the winners progressing to the next round: Semi-Finals Winner of Arsenal vs. Bayern Munich vs. Real Madrid vs. Manchester City Quarter-Finals (played April 9th, 10th, 16th, and 17th): Arsenal vs. Bayern Munich Real Madrid vs. Manchester City Atletico Madrid vs. Borussia Dortmund PSG vs. Barcelona Semi-Finals (played April 30th, May 1st, 7th, and 8th): The outcome of the quarter-finals will determine the specific matchups for the semi-finals. FA Cup Quarter Finals Live on Showmax Premier League (Free) Showmax Premier League…
Carbacid Investments plc, a holding company focused on carbon dioxide production through its subsidiary Carbacid (CO2) Limited, announced a 17.9% increase in net profit to Sh485.16 million for the six months ended January 2024. This growth is attributed to a 26.3% rise in sales to Sh1.08 billion, driven by expansion into new regional markets for liquid carbon dioxide in East and Southern Africa. However, the Nairobi Securities Exchange-listed firm said operating profit and expenses increased by nearly a third despite rising input costs, higher input costs, and debt servicing. “Operating cost increased by 27 per cent driven by increased costs of various inputs such as fuel, electricity and spare parts.…