We deliver a summary of important business news in Kenya to you this morning:

 Family bank reports 66% jump in pre-tax profit to KES 2 billion

Family Bank has posted a pre-tax profit of KES 2 billion in the last nine months compared to KES 1.2 billion posted over a similar period last year. This growth in profitability has been attributed to a significant jump in net interest income to KES 3.9 billion from KES 3.1 billion due to an expanded loan book, which grew by 28% to KES 36 billion. [...]

Vodafone takes home KES 1.7bn of M-Pesa revenues

Safaricom paid Vodafone the money in the form of licence fees as provided for under an agreement that the two companies signed before the launch of the mobile money platform seven years ago. The fee is payable quarterly and is capped at 25% of every quarter’s revenue with a floor of 10%, but Vodafone has been earning about 11% of M-Pesa revenues over the past three years. [...]

Firm injects KES 2.2b into Mombasa garments factory

Mombasa Apparels EPZ factory commenced operations last week. Located in Mtwapa, Kilifi County, the new factory will manufacture garments for the international market. Speaking during the official opening of the $25 million (KES 2.2b) factory, Industrialisation and Enterprise Development Cabinet Secretary Adan Mohamed, said the opening of the facility has already created 3,000 direct jobs. [...]

DTB Chalks Up More Debt for SME Sector

Diamond Trust Bank has acquired a further KES 2.24 billion ($25 million) loan from DEG, an investment arm of state-owned German Development Bank, to support its SMEs' business growth strategy, it announced last week. This comes a week after it borrowed KES 2.69 billion($30 million) from Proparco,a subsidiary of French Development Agency, for the same purpose. [...]

Nairobi water consumers to pay more after tariffs increase

The Water Services Regulatory Board (Wasreb) has allowed the Nairobi City Water and Sewerage Company (NCWSC) to increase consumer tariffs beginning January.The NCWSC, a subsidiary of the Nairobi county government commonly referred to as Nairobi Water, had sought the regulator’s approval to increase water tariffs by 104%, but was allowed 93%. [...]