Co-op Bank jumps ahead of StanChart in NSE stock value Cooperative Bank’s market value has jumped ahead of Standard Chartered to become the third-largest listed lender, for the first time putting indigenous banker in the top-three spots.Cooperative Bank is now valued at Sh105 billion—behind leaders KCB and Equity—with its share…

Scangroup Limited (SCAN) was the top gainer at the Nairobi Securities Exchange (NSE). The counter registered a gain of 6% to close the day at KES 39.75. This was a KES 2.25 gain in share price. British American Tobacco Kenya was the worst performing share registering a drop of 8.28%…

Shilling’s decline could scale down ballooning imports The recent weakening of the shilling against the dollar could help address Kenya’s uncompetitive production of goods and reduce imports, economists at CfC Stanbic say. The shilling is still relatively strong in real exchange rate compared to the currencies…

Standard Group Limited (SGL) was the top gainer at the Nairobi Securities Exchange. The counter had a gain of 9.77% to the close the day at KES 36.50. This was a KES 3.25 gain in share price. CFC Stanbic Holdings Limited (CFC) closed the day as the top loser registering…

Britam pulls plug on low-income individual cover Britam is pulling the plug on an increasingly popular low-end cover for individuals launched with Safaricom in January last year. Individuals who bought the Linda Jamii covers will still continue to get the services until expiry but no new…

Equity to cede 2.3pc stake in Congolese bank acquisition bid Equity on Tuesday last week announced that three institutional investors — German firm ProCredit, Belgian development finance institution BIO and Dutch fund DOEN — that respectively own 61 per cent, six per cent and 12 per…

Inflation eases to 6.87pc on rising food supply The Kenya National Bureau of Statistics (KNBS) data shows that inflation fell from an eight-month high of 7.08 per cent last month, helped by increased supply of food items due to the onset of heavy rains. May’s Inflation reduced to 6.87 per…

StanChart earnings dip 28 per cent on bad loans Standard Chartered Bank Kenya recorded a 28 per cent drop in net profit in the first quarter ended March, as bad debts took a toll on its earnings. StanChart reported a net profit of Sh1.8 billion in the three months compared…

Co-op Bank sees Sh1.8bn boost after McKinsey reforms The Co-operative Bank estimates that it will get a Sh1.8 billion profit boost from cost savings and operating efficiencies resulting from last year’s restructuring that led to 160 staff layoffs. Co-op Bank says the restructuring process which it completed in December at…

Equity runs ahead of rivals with takeover of DRC bank Equity Group has announced plans to acquire a 79 per cent stake in a Democratic Republic of Congo bank, ProCredit Bank, for $60 million (Sh5.8 billion), marking the Kenyan lender’s entry into central Africa. The acquisition is partly being financed…