Rea Vipingo plans diversification into power generation Agricultural firm Rea Vipingo will invest Sh1.3 billion in power generation and expansion of vegetables production after delisting from the Nairobi Securities Exchange. Rea Vipingo is expected to use the electricity generated to power its factory, potentially reducing its operating expenses. The surplus…

UAP Holdings says capital gains tax hit profit in 2014 UAP Holdings said Monday that the introduction of the capital gains tax (CGT) caused the drop in its overall profitability in 2014. The insurance firm’s net profit for 2014 fell by eight per cent to stand at Sh1.67 billion…

Equity takes top banking spot with Sh17bn profit Equity Group Holdings, the parent company of Equity Bank, posted a Sh17bn profit in the year ended December 2014. The record profit enabled Equity to topple rival KCB from its long-held position as Kenya’s most profitable bank. Equity Group rode on increased lending…

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…

NSE inches toward seven-year high on Safaricom’s gains The Nairobi bourse shrugged off negative effects of the capital gains tax controversy to hit a seven year high on Friday with demand aided by a highly liquid money market. The NSE 20 share index closed at 5,465 points, the highest since…

We deliver a summary of important business news in Kenya to you this morning: AfDB approves US$148 million credit for Equity Bank The statement from the African Development Bank (AfDB) on Thursday said the credit is expected to further leverage Equity Bank’s capacity to deepen its lending activities to vital economic…

We deliver a summary of important business news in Kenya to you this morning:  Equity Bank secures major Tanzania Revenue Authority tax collection deal Equity Bank Group has sealed a partnership with Tanzania Revenue Authority (TRA) allowing tax payers in the country to pay all their taxes through its network.

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…

News items you should note this morning: Suppliers on the spot as KRA re-introduces withholding tax Kenya has re-introduced the withholding value added tax in a move seen as targeted at the thousands of suppliers to government that have evaded the tax since September last year. The Kenya Revenue Authority (KRA)…

American Express And Equity Bank To Launch The First American Express Cards In Kenya Today Today from 7.30 am Equity Bank Limited (EQTY) and American Express will launch the first American Express branded cards in Kenya. The venue of the launch will be at…