NBK net income more than doubles The National Bank of Kenya has announced a more than double growth in net earnings for the nine months to September to Sh2.3 billion from Sh1 billion the same period last year. The group’s total interest income of rose to Sh9.75 billion…

Equity gains Sh30bn in a month as small banks lose deposits Equity Bank management says it has grown its deposit base by Sh30 billion in the last month riding on shift of deposits from small banks. Small banks have suffered loss of deposits since last month…

Insurance sector sinks into losses in first half of year The insurance sector posted underwriting loss in general business in the six months to June following a spike in claims in the motor and medical classes. The insurance sector recorded a loss of Sh104 million in…

Uchumi sub-tenants get order halting eviction Sub-tenants in Uchumi Supermarkets have secured a court order delaying their eviction by 14 days from the September 15 deadline given by the retailer. Eighteen speciality shop owners claimed they had not been given adequate notice when they pleaded with…

Investors demand higher interest for Treasury bills Investors are demanding higher interest rates for the six-month and one-year government Treasury bills as the market continues with its risk-averse approach to longer-dated fixed-income investment over uncertainties in the interest rate environment. Auction results from last week’s…

Co-op Bank branches to issue car insurance stickers Co-operative Bank of Kenya through its Co-op Consultancy Agency will issue motor vehicle insurance stickers in all its branches. The bank says the product, launched in 2013, will be available in a maximum of 10 minutes on order.The certificates are normally printed…

KRA stopped from closing Keroche as excise tax licence renewal dispute rages Keroche Breweries has obtained court orders temporarily stopping the Kenya Revenue Authority (KRA) from shutting down its business following its refusal to renew it excise tax licence for the current financial year.The taxman had…

KCB to set aside Sh1bn for Kenyan start-ups KCB has pledged Sh1 billion to fund start-ups following calls for financial institutions to match the government’s allocation to several entrepreneur seed funds. Chief executive Joshua Oigara made the announcement when he moderated an entrepreneurship panel discussion at…

Banks seek to knock out class action suit at Supreme Court Commercial banks have launched a fresh assault in their protracted battle against a potentially devastating class action suit in which hundreds of their clients are seeking compensation for interest rates charged on loans without the…

Mumias Sugar closed for maintenance work Mumias Sugar Company has temporarily suspended operations for urgent maintenance work.Outgoing managing director Coutts Otolo Thursday said the month-long break will enable them fix equipment which had contributed to the company’s poor performance due to inconsistency in maintenance…[…] PwC  roots for SMEs role…