Author: Muindi

NCBA Group PLC announced a 14 per cent increase in its net profit for the third quarter of 2023, driven by strong growth in customer deposits, digital lending, and lower loan loss provisions. The group posted a profit after tax of KES 14.6 billion for the period ending September 30th, 2023, compared to KES 12.8 billion in the same period last year.  The lender’s profit before tax was KES 18.6 billion, a 2 per cent increase from KES 18.2 billion in Q3 2022. The group’s operating income rose by 2 per cent to KES 46.7 billion, from KES 45.9 billion in Q3 2022, despite the challenging economic environment caused…

Family Bank Kenya has announced the appointment of Nancy Njau as its new Chief Executive Officer, effective January 1, 2024.  She succeeds Rebecca Mbithi, who has resigned to pursue personal interests after serving the bank for five years. Njau has been with Family Bank since 2002 when she joined as a graduate clerk.  She has risen through the ranks, holding various positions such as Branch Manager, Regional Manager, Head of Retail Banking, and Chief Commercial Officer. She has been instrumental in driving the bank’s growth, innovation, and customer service. Nancy Njau holds a Bachelor of Commerce degree from the University…

StanChart Kenya has recorded a 12.5% increase in earnings per share (EPS) to KES 25.44 for the third quarter of 2023, up from KES 22.61 in the same period last year. Standard Chartered Kenya also maintained its interim dividend per share (DPS) at KES 6, reflecting its confidence in its future prospects. “We have delivered a solid set of results for the nine months ended September 30, 2023, with profit before tax increasing 11% year on year. Strong top-line growth of 20 per cent mitigated the growth in operating costs of 20 per cent attributed to inflationary pressure and investment spend on our digital…

The World Bank announced on Monday that it plans to provide $12 billion in support for Kenya in the next three years. The World Bank said in a statement that it is committed to helping the East African nation achieve its goal of becoming an upper-middle-income country by 2030. The World Bank is Kenya’s strongest partner and the main source of development finance. Kenya receives about $2 billion in concessional financing annually. The World Bank has committed $8.3 billion from IDA and IBRD, with $4.4 billion ready to disburse. IFC has invested $1.2 billion. MIGA has provided $424 million in…

Former OpenAI CEO Sam Altman has joined Microsoft to lead a new advanced AI research team. This was revealed by Satya Nadella. “We remain committed to our partnership with OpenAI and have confidence in our product roadmap, our ability to continue to innovate with everything we announced at Microsoft Ignite, and in continuing to support our customers and partners. We look forward to getting to know Emmett Shear and OAI’s new leadership team and working with them. And we’re extremely excited to share the news that Sam Altman and Greg Brockman, together with colleagues, will be joining Microsoft to lead a…

The International Monetary Fund (IMF) has reached a staff-level agreement with Kenya to expand its financing to the country by $938 million (Sh142.6 billion) to support its economic reform programs. If approved, Kenya will have access to a total of $3.88 billion, which would bring its total funding under the existing Extended Fund Facility and Extended Credit Facility arrangements to $4.43 billion, the IMF said. “The agreement is subject to IMF management approval and consideration by the Executive Board, which is expected in January 2024. Upon completion of the sixth reviews by the IMF Executive Board, Kenya would have immediate…