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…

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…

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…

NSE 20 share index up on blue chip gains The NSE 20 share index inched upwards on Tuesday on modest blue chip gains, halting a slide that has seen the market drop below 5000 points to a six-month low. This was mainly on the back of gains by Bamburi, Standard…

Nairobi, Johannesburg stock markets to cross-list securities The Nairobi and South African bourses are set to launch dual-listing of collective investment funds in the coming months. The listing will focus on exchange traded funds (ETFs)—modelled on unit trusts—at beginning based on the most liquid stocks, principally on the FTSE…

Foreign investors flee NSE for bullish Nigerian exchange Investors are exiting the Nairobi Securities Exchange (NSE) for the higher yielding Nigerian bourse, piling more pressure on the weak Kenyan shilling. The indicative NSE 20 share index has been on a downward trend while the Nigerian 30 share index has…

Crown Paints bonus issue stirs market Crown Paints led the gainers at the stock market last week on the back of a bonus share issue announcement. The stock rose 35.3 per cent to Sh138 even after disappointing full-year 2014 results which saw net profit drop by a massive 91 per…

James Ndegwa to stay at NIC Bank amid conflict of interest fears Newly appointed Capital Markets Authority (CMA) chairman James Ndegwa Thursday said he will not resign as chairman of listed NIC Bank to avert conflict of interest as demanded by critics. NIC Bank owns stock market intermediaries, including…

NSE ranked second-best exchange in Africa despite foreign investor outflow The Nairobi Securities Exchange (NSE) is the second-best performer this year amongst Africa’s large bourses despite recent foreign investor outflows. NSE has slowed down as dollar returns fall with the weakening of the shilling but its performance amongst six second-tier…

KCB mobile phone-based service hits over one million accounts KCB Group’s mobile phone-based lending services has hit more than one million accounts a month after it was launched, underlining the high potential of mobile banking. The platform dubbed KCB-M-PESA signed its one millionth customer this week and its deposits grossed…