Interest income lifts KCB net profit to Sh19.6 billion

KCB Group posted a 16.4 per cent jump in after-tax profit in the year ended December on the back of increased interest income from the mainstay lending business. The company has declared a dividend of Sh2 per share, same as for the previous period. The bank made a net profit of Sh19.6 billion in the period compared to Sh16.8 billion the year before [...]

Barclays sale leaves customers, NSE shareholders in suspense

Shareholders and customers of the NSE-listed Barclays Kenya may have to wait for between one and two years to know the new majority owners of the bank, following the London parent’s confirmation of plans to sell its stake. Chief executive Jes Staley Tuesday said the multinational will “sell down” its stake in Barclays Africa over the next two to three years due to increased regulatory and capital pressures facing global banks [...]

CMA to vet company directors in fresh war against theft, fraud

Top corporate executives and board members of Nairobi Securities Exchange-listed companies will face a new layer of vetting if a proposed set of corporate governance rules meant to rein in rogue managers and stem mounting cases of financial scandals becomes law. New rules give CMA powers to vet the appointment of chief executives, chief finance officers and directors who serve in the audit committees of public listed companies [...]

NSE investors trade cautiously with eye on company earnings

The Nairobi Securities Exchange (NSE) has been oscillating within a tight range since the beginning of the year as nervous investors trade cautiously with a keen eye on company earnings and developments in the political scene. There has been limited corporate activity in the period, meaning that there has been little to excite investors in the market and fuel a share price rally or fall [...]

Tough February for Kenyan firms as demand drops

Kenyan businessmen had a difficult time in February as demand for their products fell forcing them to scale down their intentions to hire new employees. The Standard Chartered-MNI Business Sentiment Indicator (BSI), a survey that measures business confidence, dropped to a six-month low with a score of 57 down from 63.9 in January [...]

Stanlib plans Sh1.2bn Athi River mall in Kenya investment drive

South African investment firm Stanlib is increasing its investment in Kenya’s property sector with the planned construction of a Sh1.2 billion shopping mall in Athi River town, which is just outside Nairobi. Stanlib, through its Africa Direct Property Development Fund, is set to construct a mixed development that will have the shopping mall and offices in the satellite town [...]

CfC Stanbic entangled in S.Sudan contractor’s ownership wrangles

CfC Stanbic Bank is entangled in a fight between owners of a Khartoum-based contractor over a $28 million (Sh2.8 billion) claim the company won against the South Sudan government. Bol Arech Akot-a director of Active Partners Group (APG) — wants CfC stopped from sending the massive sum to an Abu Dhabi bank account, claiming the transaction is an attempt to defraud his firm of the funds [...]

Ecobank replaces Kenyan unit CEO with Ghanaian executive

Ecobank Kenya has replaced its managing director amid staff disquiet over an alleged high number of expatriates in the local unit. Ehouman Kassi will be replaced as managing director by Ghanian Samuel Adjei beginning April 1 [...]

Telkom Kenya gets key backing by Immigration in racial bias court case

The Department of Immigration Services has defended Telkom Kenya over claims that its top managers have been showing racial bias against locals by hiring expatriates for well-paying jobs at the telco [...]