Diamond Trust Bank (DTB) has announced a profit after tax of Ksh6.7 billion for the year ended December 31, 2018. This has been supported by Net Interest Income (NII) which grew 1.8% y/y to Ksh20.0 billion, coupled with Non-interest Revenue (NIR) that grew 3.0% y/y to Ksh 5.4 billion. The Nairobi Securities Exchange (NSE) listed bank’s operating income was up 2.0% y/y to Ksh 25.5 billion. Total operating expenses grew 8.9% y/y to Ksh 11.5 billion attributed to a 5.5% y/y rise in staff costs to Ksh 4.2Bn, while Loan Loss Provisions (LLP) declined 30.7% y/y to Ksh 3.0Bn. Deposits…
Author: Khusoko
Khusoko
Khusoko provides market insights into Africa's business investment as well as global trends that impact East African businesses.
Co-operative Bank of Kenya (NSE: COOP) has reported a 9.5% y/y growth for Full Year 2018 Earnings Per Share (EPS) to Ksh 2.18 buoyed by Net Interest Income (NII) which grew 9.5% y/y to Ksh 30.8 billion. The bank posted a Profit before Tax of Kshs.18.2 Billion compared to Kshs.16.4 Billion recorded in 2017, an impressive growth of 11% against the backdrop of a challenging operating environment in the period. Profit after Tax was Kshs 12.7 Billion compared to Kshs 11.4 Billion in the previous year. Key financial highlights include Profit & Loss Total interest income improved by 7% from…
KPMG East Africa is set to strengthen its audit, tax and advisory services in the region after electing Benson Ndung’u as the Senior Partner and Chief Executive. Benson will become the firm’s chief executive effective 1 September 2019 taking over from Josphat Mwaura whose term ends after ten years at the helm. Speaking after his election, Benson said that he was humbled by the trust that the Partners have placed on him. “My commitment is to continue to take advantage of the immense opportunities in the market to achieve the strategic aspirations that we have set ourselves,” adding that, “I…
According to the Kenya Bankers Association (KBA), the umbrella body of the financial institutions regulated by the Central Bank of Kenya (CBK), “Some banks offer the service of safe deposit boxes to their customers. This is a service whereby the bank leases or rents space to a customer. The customer uses the boxes to keep items for safe keeping. ”Customers are required to fill a form where they declare that what the customer puts in the box is legal and complies with regulatory requirements. They also indemnify the bank, which means the bank is not liable for any damages or…
The Directorate of Criminal Investigations has published the names of the six people arrested in connection with $20 million fake currency at the Barclays Kenya Queensway Branch. Among those arrested include two of the bank’s staff, the directorate said late on Tuesday. “Six people were arrested today evening by … detectives in connection with fake currency amounting to slightly over $20 million (at Barclays Kenya) Queensway Branch,” the statement said. “The fake notes in $100 denominations were recovered from the bank’s safe room.” https://twitter.com/DCI_Kenya/status/1108099038040203273 They are Dr. Erick Adede -Owner of the Box, Ahmed Shah- Fake Investor, Elizabeth Muthoni, Irene…
The Competition Authority of Kenya (CAK) has approved the acquisition of Cemtech Company Limited by Simba Cement Company Limited. “CAK considered that Cemtech has been dormant for a decade. Its shareholders have been looking a strategic partner to finance construction of a cement plant. The proposed acquisition is therefore expected to resuscitate the dormant firm, create jobs and raise the economic profile of West Pokot County” said the CAK in a press statement. The proposed transaction involves the acquisition of 100% of the business and assets of Cemtech by Simba Cement. The assets include land, business intellectual property, business records,…