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

Equity Bank's nine-month pre-tax profit jumps 25 %

Equity Bank Group announced yesterday that its pre-tax profits rose by a quarter in the first nine months of the year, largely due to growth in non-interest income and falling provisions for bad debts. Its profit rose 25% to KES 15.82 billion ($177.16 million). Non-interest income, jumped 23% to KES 12.958 billion. Provisions for non-performing loans dropped 62% to KES 900 million. [...]

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Equity Bank Distributes Nearly 200,000 Thin Sims

The bank’s group Chief Executive Officer, Dr. James Mwangi has said the bank is currently distributing an average of 6700 sim cards to its customers every day.(Video) [...]

Britam seeks to recover KES 3.9 billion from ex-employees

Suit papers filed by Nairobi lawyer Fred Ngatia say the four former British-American Asset Managers (BAAM)  executives, namely Edwin Dande (chief executive), Elizabeth Nkukuu (portfolio manager), Shiv Arora (investment analyst) and Patricia Wanjama (head of legal) defrauded the company of the money earlier this year. Britam accuses them of fraudulently transferring KES 3.9 billion to bank accounts held by Acorn Group.[...]

KES 104 billion bad loans blamed on high bank rates

The latest survey by the Central Bank of Kenya (CBK) shows the prevailing high interest-rate environment has pushed up the level of non-performing loans (NPLs) in the banking industry to new highs with six (6) out of 10 sectors facing difficulties in loan repayments. [...]

Youths spend big on electronic gadgets

Kenya’s youths are spending their money on technological gadgets while giving little or nothing at all to social courses such as alms in church, a new survey on Africa’s spending habits shows. The survey by Barclays Bank (BBK) and South African based Columinate, found that 63% of Kenyan youths choose to invest any extra income in electronic devices (at 38%), while the church or mosque get  1%. [...]

Banks Q3 profits match last year’s full-year earnings

Banks have posted a 13% rise in profit to nearly equal 2013 full-year pre-tax earnings in the nine months ended September 30. Data from Central Bank of Kenya shows the lenders recorded profits before tax of KES 104.5 billion in the three quarters compared to KES 92.5 billion in a similar period last year. The full-year profit last year stood at KES 107.9 billion. [...]

Kambi in row with Cotu over ouster of institute’s board

Labour secretary Kazungu Kambi has yet again started a battle with employers and workers’ representatives after disbanding the entire board of the National Industrial Training Authority (Nita). Yesterday, both FKE and Cotu officials criticised the move arguing that it had no basis in law. The employers’ lobby said it had written to Attorney General Githu Muigai asking him not to publish a gazette notice dissolving Nita. [...]