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…
Author: Khusoko
Khusoko
Khusoko provides market insights into Africa's business investment as well as global trends that impact East African businesses.
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…
The Angaza Awards: Women to Watch in Banking & Finance program has opened the call for entries for the “2021 Top 10 Women to Watch” list that will feature women across the various industries that make up the financial services sector. The entry period for the Award runs from 1st August 2021 to 30th October 2021. The 2021 Award follows last year’s program which covered the East Africa Region and was sponsored by Equity Bank Group and Old Mutual Ltd, attracting entries from Kenya, Rwanda, South Sudan, Tanzania and Uganda and featured Dr Nancy Onyango of the International Monetary Fund (IMF) and…
Absa Group Limited (AGL), Africa’s largest diversified financial services group, has resumed shareholder payouts after a year-long hiatus due to the COVID-19 pandemic. The Group said its earnings are above pre-Covid-19 levels in the first half of 2021. “It’s particularly pleasing that our earnings are above pre-Covid-19 levels. Also, our first half normalised headline earnings per share is our highest ever,” said Absa interim group CEO Jason Quinn.
Sidian Bank and Aqua for All, through the Covid-19 WASH loans, have been providing support in bridging the service and financial gaps in the water, health and sanitation sector. The solution, a Covid-19 Response (WASH) loan facility, targets MSME’s in the water and sanitization value chain sector. The aim of the facility is to scale up innovative solutions for water service providers through short-term financing facilities in working capital, asset and project finance. According to one of the loan beneficiaries, Arahuka Distributors Limited a retailer based in Kangemi, the loan enabled him to purchase water tanks in large quantities and…
Stanbic Holdings bank reported that its half-year profit rose by 34.6 per cent to Ksh 3.5 billion from Ksh 2.6 billion during a similar period last year attributed to improved operating income and lower credit impairment charge. Chief Finance Officer, Mr Abraham Ongenge said, “The bank’s profit after tax was supported by double-digit revenue growth and improved credit losses.” Net interest earnings grew by 9% to Ksh 6.9 billion on account of loan book growth and improved margins. The lender’s credit impairment charges during the period were down 15 per cent at Ksh 1.5 billion from Ksh2 billion during the…