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 from Sh1.81 billion recorded a year earlier because of taxes that are payable in future [...]

Citibank profit plunges to Sh2.4 billion

Citibank net profit for 2014 dropped 18.5 per cent to Sh2.44 billion, marking the second straight year of reduced earnings for the international lender in Kenya. Financial results released by the bank Monday show that its earnings were weighed down by higher expenses coupled with falling income [...]

Uchumi appoints Jamii Bora chief to its board

Jamii Bora Bank (JBB) chief executive Sam Kimani has been appointed to the board of Uchumi supermarkets after the lender acquired a 15.8 per cent stake in the retailer, making it the single-largest shareholder. JBB chief Sam Kimani has extensive experience in banking, having served as deputy CEO and finance director of KCB. He has also held several executive positions at the Central Bank of Kenya. His skills are expected to help the retailer in structuring its financing, including borrowings [...]

Equity Bank builds Sh20bn war chest for Africa buyouts

Equity Bank has created 400 million shares with a current market value of Sh20.9 billion, boosting its war chest for acquisition of lenders across the continent through share swaps and private placement. The bank will, at a shareholders’ meeting scheduled for Tuesday, seek approval for creation of an extra 411,419,668 shares that it sees as a key plank in its strategy of transforming into a Pan-African lender through rapid expansion across the continent [...]

Ecobank parent firm injects Sh4.3bn into loss-making Kenyan subsidiary

Ecobank Kenya has received a cash injection of Sh4.3 billion from its parent company as it seeks to dig itself out of loss making. Ecobank entered the Kenyan market in 2008 through the acquisition of East Africa Building Society. It reported profit in the first three years driven by writing back debts previously written off as it cleaned its loan book, before it was weighed down by a raise in interest rates in 2011 that saw its cost of funds shoot up [...]

I&M Bank’s earnings grow by five per cent

I&M Bank posted a five per cent rise in net profit for the year ended December, helped by increased lending. The lender’s net profit stood at Sh5.2 billion in the period compared to Sh4.9 billion the year before. The lender is the largest business unit of its parent I&M Holdings, which declared a dividend of Sh2.9 per share, up from Sh2.5 it paid on the previous year’s results. The share price has dropped 8.7 per cent over the past six months to trade at Sh125 [...]

National Bank opens China department to tap growing trade

The National Bank has effected a management shake-up and introduced a Chinese department to tap additional revenue from traders doing business with the world’s second-largest economy. The changes saw the bank’s top management expand to 15 positions from 12 last year. The bank intends to focus more on Business Banking, Islamic Banking and Micro Finance [...]

Kenya signs pact with Chinese company to build steel plant

Kenya has signed an agreement with a Chinese company to develop a steel plant entrenching the growing influence of the Asian giant in the country. Sinosteel from China will now replace Posco which was the first to sign a memorandum of understanding with the government in 2011 on construction of a steel plant [...]