Author: Khusoko

Standard Chartered Bank Kenya on Monday reported a nearly 50 per cent growth in its net profit to KSh4.8 billion in the period ended June compared to KSh3.2 billion a year earlier. This was attributed to lower operating expenses and higher non-interest income. “Our first half of 2021 was one of recovery. Lockdowns, both locally and globally of various forms have come and been relaxed affecting economic activity,” Kariuki Ngari, StanChart’s chief executive, said in a statement. “Profit before tax recovered strongly from last year, helped by strong underlying business momentum, improved loan impairments and operating cost efficiencies.” The bank’s…

Kenya’s Court of Appeal has upheld the ruling against changes to the Constitution 2010, through the  Building Bridges Initiative (BBI). The Court of Appeal orders follows the High Court’s declaration that the entire process was “unconstitutional, null and void.” In a majority decision on Friday, six of the seven-judge bench, headed by the Court’s President Daniel Musinga maintained that the basic structure doctrine limits the amendment power as set out in articles 255 and 257 of the Constitution. “Basic structure can only be altered through the primary constituent power which must include four sequential processes namely civil education, public participation…

Kakuzi Plc on Tuesday reported a 28.6 per cent fall in net profit at KSh 194.6 million for the first six months of 2021 on slower market growth and price volatility in its key export markets. The agricultural firm had posted a KSh 272.8 Million in H1 of the previous fiscal year. The profit before tax for the half-year period ending June 2021 was KSh 276.7 million compared to KSh 204.1 million posted within the same period last year Kakuzi Board chair Nicholas Ng’ang’a in an emailed statement said the firm tried to sustain trading growth and mitigate market risks…

Shares of Safaricom, Kenya’s biggest telecoms operator hit an all-time high of Ksh 44.90, up 3 per cent on the Nairobi Securities Exchange in the intra-day trade on Tuesday. The stock of the telecom services provider surpassed its previous high of Ksh43.60 on Monday. It moved Ksh 12 Million shares during the session. During the session, a total of 23,432,900 shares in 1,445 deals, equivalent to a market value of Ksh 1,655,638,107.00, were traded. This was a 128 per cent improvement in volume, 240 per cent improvement in turnover, and 32 per cent improvement in deals. The current market capitalization…

Sidian Bank on Tuesday reported a consolidated net profit of KSh 275 million in the six months to June mainly due to a rise in interest and non-interest income. The lender had posted a net loss of KSh85.8 million in the corresponding half of last fiscal. During the period, its total interest income grew 52.38 per cent to hit KSh1.6 billion. Its loan book expanded 32.1 per cent to KSh21.5 billion. Total non-interest income grew 18.9 per cent to KSh773.8 million. On the other hand, its operating expenses reduced by3.6 per cent to KSh1.1 billion. “Looking back, I am very…

TotalEnergies Marketing Kenya Plc on Tuesday announced the appointment of Eric Fanchini as Director and the Managing Director. He replaces Olagoke Aluko who is set to become the Vice President Finance & Corporate Affairs for Marketing and Services in Africa. Prior to this appointment, he was the Managing Director at TotalEnergies Petroleum Ghana Plc. Fanchini has served for 18 years in various managerial positions for Total including a stint as the IT Manager for the company’s aviation business in Paris from 2002. Mr Fanchini has also served as the Deputy of the Vice President of TotalEnergies Marketing & Services (West…