Equity takes top banking spot with Sh17bn profit Equity Group Holdings, the parent company of Equity Bank, posted a Sh17bn profit in the year ended December 2014. The record profit enabled Equity to topple rival KCB from its long-held position as Kenya’s most profitable bank. Equity Group rode on increased lending…

New Kenyan law to ease revenue payments set for next year Kenyans will have to wait for at least a year to have a new Income Tax Act. The new Act is intended to, among other things, simplify payments to the revenue authority, remove exemptions and broaden the tax…

Bad debts to hurt lenders’ profits on tight CBK scrutiny A new report by Citigroup’s investment banking arm has indicated that the profitability of Kenyan banks will take a hit from increased provisioning for bad loans as Central Bank of Kenya (CBK) heightens its scrutiny on their books. The international…

Beyond Zero campaign raises more than six figures in charity run The First Lady Margaret Kenyatta’s Beyond Zero campaign raised Sh46mn this Sunday attracting 15,000 participants. The initiative geared at improving maternal health has already managed to buy and deliver 21 fully equipped mobile clinics to 21 counties. The…

Lower costs drive Barclays Kenya to 10pc net profit growth Barclays Bank of Kenya recorded a 10 per cent net profit growth in the year ended December, helped by lower costs. The lender had made a net profit of Sh8.3 billion in the period compared to Sh7.6 billion the year…

Treasury to raise domestic debt by 75pc next year Kenya’s domestic borrowing is projected to rise by 75 per cent to Sh208 billion in the next financial year compared to the current year, energizing the fixed-income market but also raising the spectre of even higher interest rates. The National Treasury…

TransCentury, BAT top listed firms with diversified boards The analysis of the listed companies’ boards commissioned by New Faces New Voices (Kenya) was done by research firm Think Business, as a way of  improving corporate governance in Kenya’s listed firms. TransCentury Limited  and BAT are the leading companies in board diversification among…

  Sale of five State sugar companies delayed over farmers’ petition The government plans to sell Nzoia, South Nyanza, Chemilil, Miwani and Muhoroni companies to strategic investors who will control 51 per cent of the sugar millers. Two members of Parliament, however, delayed passing of the motion, citing that the…

KCB issues caution over proposed restructuring Kenya Commercial Bank Ltd (KCB) directors have urged shareholders and customers to exercise caution when dealing with the bank’s shares. This follows a resolution last week by the bank’s top management to undertake a restructuring which will lead to the establishment of a non-operating…

Banks left with idle capital after fund raising campaigns Data from the Central Bank of Kenya shows lenders have core capital (shareholders’ funds) equivalent to 16.7 per cent of their loan book against the statutory minimum of 10.5 per cent. The headroom against regulatory requirement gives the lenders muscle to…