Britam pulls plug on low-income individual cover
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 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
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…
Closing Bell: Flame Tree Group Top Gainer While Car & General Declines
Flame Tree Group Holdings Limited was the top gainer at the Nairobi Securities Exchange (NSE). The counter registered a gain of 6.13% to end the day at KES 8.65. This was a KES 0.50 gain in share price. Car & General (Kenya) Ltd closed the day as the worst performing…
StanChart earnings dip 28 per cent on bad loans
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…
Closing Bell: National Bank of Kenya Best Performing Share at the Exchange
National Bank Of Kenya Ltd was the top gainer at the Nairobi Securities Exchange (NSE). The counter registered a gain of 8.31% to end the day at KES 21.50. This was a KES 1.65 gain in share price. National Bank of Kenya today posted a 20 percent rise in first-quarter…
Co-op Bank sees Sh1.8bn boost after McKinsey reforms
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…
Closing Bell: Britam Top Gainer While Flame Tree Group Top Loser
British-American Investments was the top gainer at the Nairobi Securities Exchange (NSE). The counter registered a gain of 4.55% to end the day at KES 23.00. This was a KES 1.00 gain in share price. Diversified financial services firm Britam and Equity Group Holdings Ltd (EGHL) have ended their near-two…
Equity runs ahead of rivals with takeover of DRC bank
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…
Closing Bell: Pan Africa Insurance Rises To Top Gainer
Pan Africa Insurance Company Ltd was the top gainer at the Nairobi Securities Exchange (NSE). The counter registered a gain of 9.40% to end the day at KES 81.50. This was a KES 7.00 gain in share price. Higher returns in the insurance sector and growing middle class are attracting…
CIC expands reach with new branch in Kitengela
CIC expands reach with new branch in Kitengela CIC Insurance has opened a branch in Kitengela, Kajiado County, as it seeks to deepen its national reach. The insurer said the branch would increase its presence as it plans to open more units in Naivasha and Kilifi in the next few…
Barclays win over KRA saves banks hefty tax demand
Barclays win over KRA saves banks hefty tax demand Barclays Kenya has won a protracted legal battle with the Kenya Revenue Authority, which was demanding tax payments on fees remitted to Visa, Mastercard and American Express for electronic money transfer services […] NSE…
South Sudan instability hits CfC Stanbic profit
South Sudan instability hits CfC Stanbic profit CFC Stanbic Bank has reported a 28 per cent drop in profit after tax for the three months to March this year attributable to a decline in income from its South Sudan branch. CFC is in the process of converting the South Sudan…
Closing Bell: Flame Tree Group Holdings Top Gainer
Flame Tree Group Holdings Limited was the top gainer at the Nairobi Securities Exchange (NSE). The counter registered a gain of 9.66% to end the day at KES 7.95. This was a KES 0.70 gain in share price. Flame Tree Group’s improvement in share price comes shortly after they delved…
Tobacco firms seek Senate help to suspend strict rules
Tobacco firms seek Senate help to suspend strict rules British American Tobacco (BAT) and Mastermind Tobacco have picked 10 clauses they want declared unconstitutional before the rules come into effect in two weeks. Appearing on Thursday before the Senate Committee on Delegated Legislation, the two firms…
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