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…

Stock market dip wipes out billions in pension savings A year-long bear market at the Nairobi Securities Exchange has eaten deeply into retirement savings, leaving pension funds with returns below the average rate of inflation, a newly-released industry report says. Retirement schemes returned 0.5 per cent…

KCB accuses contractor of seeking to change loan terms in Sh7bn row KCB has accused contractor Kundan Singh Construction (KSC) International of trying to trick the court into altering agreements that allowed the firm to borrow Sh7.1 billion from three banks. KCB wants the High Court…

Ex-KRA boss bets big on KQ with 1.1m share deal Michael Waweru is now the seventh-largest local individual shareholder of Kenya Airways, holding a stake valued at about Sh5.1 million at current market price. He joins billionaire investor Chris Kirubi who acquired 2.1 million shares of…

KQ hires American firm to advise on Sh60bn capital injection plan Kenya Airways (KQ) has signed up a New-York based advisory firm to restructure its balance sheet and help it seek approximately Sh60 billion in long-term capital refinancing. KQ has appointed PJT Partners as its transaction…

NSE reclaims half of market capitalisation it lost in January A rally in Safaricom, EABL, Equity and KCB stock prices at the Nairobi Securities Exchange (NSE) in the first week of February has helped the bourse claw back nearly half of the market capitalisation it lost…

Kenya’s balance of payments slips into deficit position Kenya’s balance of payments has slipped into a deficit position following a drop in financial inflows, in the absence of the Eurobond and amidst low tourist numbers, wiping out gains of a lower import bill. This means there…

Safaricom’s digital TV decoder sales double after price cut The sales of Safaricom’s Internet-enabled digital TV decoders has doubled after it slashed its pricing by 50 per cent in November. In November Safaricom cut the decoder prices to Sh4,999 from the previous Sh10,000 in a re-launch that…

Nairobi bourse plans platform for trading in carbon credits Nairobi Securities Exchange (NSE) plans to set up a carbon-tracing board for Kenyan companies with carbon credits to sell to foreign countries and manufacturers. Power generators, petrochemical firms, steel producers, car makers, electro-mechanical firms and airlines from…

Bamburi earns Sh1bn from cement supplies to rail contractor Bamburi Cement says it has earned Sh1 billion from supply of cement to the standard gauge railway (SGR) contractor, making it one of the biggest gainers from the ongoing construction of the Mombasa-Nairobi line. Bamburi is among…