Gulf African Bank records 41 per cent profit growth

Shariah-compliant lender Gulf African Bank (GAB) has recorded a 41 per cent growth in profits after tax, riding on improved operating efficiencies. Gulf African Bank reported an after-tax profit of Sh402 million up from Sh285 million a year earlier. The growth, however, saw its capital ratios fall below the new requirements, which calls for injection of additional funds in the business [...]

Chase Bank plans private offering to raise Sh2.5bn

Medium-sized lender Chase Bank is to raise an additional Sh2.5 billion through a private placement to fund its fast-paced growth, the institution’s management has disclosed. Chase Bank’s capital ratios have grown thin following rapid growth mainly from lending to small- and medium-sized enterprises. The bank expanded its loan book by Sh16 billion or 38 per cent to Sh57.2 billion from Sh41.2 billion in the previous year [...]

Longhorn to cross-list in East Africa

Publishing firm Longhorn Kenya is set to cross-list on all the regional stock exchanges in addition to rebranding. The firm will also rebrand to Longhorn Publishers from Longhorn Kenya which is similar move to other companies such as KCB Group whose rebranding was partly meant to give the lender a regional look [...]

I&M in agency banking deal with MobiKash

I&M Bank Ltd has entered into agency banking with the signing of a partnership with MobiKash that will see the lender’s customers deposit and withdraw money from the 500 mobile money transfer service agent’s network. Under the deal, MobiKash will manage all its agents while I&M Bank will play an oversight role in the partnership [...]

Kenya Airways says sacked pilots are all over 62- years- old

The 10 pilots retired by national carrier Kenya Airways are all more than 62 years old and have been in employment for decades, the airline said yesterday as it moved to diffuse a strike threat by staff. Kenya Airways said it is in talks with the Kenya Airline Pilots Association (Kalpa) which has threatened industrial action over the sackings, arguing that its members are being forced to retire early. Employees’ compensation is one of the largest expense items for KQ, besides fuel costs [...]

End of five-year tax holiday eats into Co-op Bank profit

Co-operative Bank has reported a 12 per cent drop in net profit for the financial year ended December 31, 2014 after the lender moved to a higher tax bracket following the expiry of a five-year 'taxation holiday'. This overshadowed a strong loans growth. The bank has since going public in 2009 enjoyed a lower corporation tax rate of 20 per cent that granted to encourage firms to list their shares on the stock exchange, against 30 per cent which is now effective [...]

Pan Africa Group buys 51pc stake in Gateway Insurance

Pan Africa Insurance Holdings Ltd (Pan Africa) has finalised the acquisition of a majority shareholding in Gateway Insurance Company Ltd (Gateway) after signing a deal that entitles it to a 51-per cent stake in the firm's ownership. The transaction of 31,948,950 ordinary shares priced at Sh17.56 per share will see Pan Africa pay shareholders of Gateway over Sh561 million [...]

KCB bets on technology partnership to drive up revenues

Kenya Commercial Bank (KCB) Group is relying on its partnerships with technology companies to increase its presence in the digital payments space. Already, KCB has secured a deal with telecommunications firm Safaricom Limited to create a KCB-MPesa account. The bank is exploiting the big data revolution to create new and exciting possibilities in the market place. [...]