High interest on bonds to hit bank, insurers’ earnings
High interest on bonds to hit bank, insurers’ earnings Banks and insurance companies’ earnings are expected to take a hit from unrealised losses arising from the recent hike in interest rates for Treasury bills and bonds. Interest rates of the bills have shot to 20.6 per…
Diaspora remittances rise to Sh14bn in August on weak shilling
Diaspora remittances rise to Sh14bn in August on weak shilling Kenyans working in the diaspora sent home Sh14 billion in August as they sought to take advantage of the weak shilling. Diaspora remittances increased by 3.2 per cent to Sh14 billion compared to Sh12.9 billion sent…
KRA to miss capital gains tax target by Sh6.8 billion
KRA to miss capital gains tax target by Sh6.8 billion The government is set to miss nearly all of the Sh7 billion it expected from charging capital gains tax (CGT) on stocks and property this financial year, official statistics show. The taxman is expected to collect a paltry Sh200 million…
Equity to refund Dyer & Blair over Sh20m paid out to fraudster
Equity to refund Dyer& Blair over Sh20m paid out to fraudster Equity Bank has lost a protracted court battle with Dyer and Blair Investment Bank after the court directed it to refund over Sh20 million that was fraudulently transferred from one of its client’s account […] Banks struggle to meet…
Banks left with idle capital after fund raising campaigns
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…
Monday’s Morning Brief – Nov 17
President Uhuru Kenyatta to open investment forum Kenya is set to host its first two-day investment conference in Nairobi this week as the State intensifies its efforts to woo foreign investors. About 2,000 potential investors from over 100 countries are expected to attend the event at the Kenyatta International Convention…
Today’s Morning Brief- Oct 31
We deliver a summary of important business news in Kenya to you this morning: Equity Bank’s nine-month pre-tax profit jumps 25 % Equity Bank Group announced yesterday that its pre-tax profits rose by a quarter in the first nine months of the year, largely due to growth in non-interest income and…
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