CfC Stanbic triples dividend payout after 10.9pc net profit increase
CfC Stanbic Holdings has nearly tripled its dividend payout following a 10.9 per cent increase in net profit for the full-year ended 2014 driven by sharp growth in interest income. The holding company, which owns CfC Stanbic Bank and its stockbrokerage outfit SBG Securities, reported a profit after tax of Sh5.6 billion up from Sh5.1 billion a year earlier. The company said it will be paying a total dividend of Sh6.15 per share compared to the Sh2.15 paid to its shareholders last year. The holding company, which owns CfC Stanbic Bank and its stockbrokerage outfit SBG Securities, reported a profit after tax of Sh5.6 billion up from Sh5.1 billion a year earlier […]
New power plants lift KenGen’s half-year profit to Sh4.9bn
Electricity producer KenGen has recorded a five-fold growth in half-year profits after tax on the back of increased sales and a Sh1.1 billion tax credit. KenGen has reported a profit after tax of Sh4.9 billion in the six months to December compared to Sh1 billion a year earlier. Profit increase was propelled by capacity growth, improved performance and tax credit from capital allowances. The tax credit had a net impact of Sh2 billion on KenGen’s bottom line as it had a Sh800 million liability in December the previous year. The power retailer is expected to make a Sh15 billion rights issue by end of March. […]
SBG Securities earnings jump 26pc on record bourse turnover
Standard Bank Group (SBG) Securities net earnings rose 26 per cent past financial year to Sh237.8 million, setting the trend for stockbrokers expected to thrive after a year of record turnover. The investment bank reported a 30 per cent rise in brokerage commissions to Sh454.53 million on total equity trades of Sh57.1 billion. SBG has been pitted against fellow brokers Kestrel Capital and Renaissance Capital in the race to the top of the industry’s earnings table. 70 percent of it revenues came from the corporate segment with the rest arising from the retail market […]
Jamii Bora joins credit management system
Jamii Bora Bank (JBB) has begun implementing a new system to automate functions including determining how much to lend customers, sending balances and assessing risk. JBB joins 200 other banks using the credit management system that also frees staff from manual processes, allowing them more time to concentrate on customer service. The bank said the new credit management system to be implemented over the next two months by Swiss firm Sofgen will result in a faster turnaround for loan approval and lower lending risks for the lender. This decision will enable Jamii Bora Bank to improve its asset quality, minimise the bank’s compliance risk, reduce administrative costs and increase efficiency of the bank’s credit process […]
CBK retains policy rate at 8.5pc
The Central Bank of Kenya (CBK) Thursday retained the policy rate at 8.5 per cent for a record 19th month in a row. Decision made on the back of a stable inflation rate and the need to shield the economy from possible external disruptions in the face of divergent monetary policies adopted by major global economies. It cited, amongst others, the recent European Central Bank’s decision to buy government bonds through quantitative easing to stimulate growth and the ending of the Swiss franc cap against the euro […]