24 Banks in Kenya at Risk of Closure Amid Proposed Core Capital Increase
24 banks in Kenya are on the verge of a total shutdown that will affect more than 7,000 employees if the proposed increment of core capital from 1 billion to 10 billion shillings over three years is implemented. This issue was raised during a session where the Kenya Bankers Association (KBA) made submissions on the […]
NCBA Group Records Ksh 15.1 Billion Profit After Tax in Q3 2024
NCBA Group PLC has reported a profit after tax of Ksh 15.1 billion for the third quarter of 2024, a 3.0% increase year-on-year. The profit growth was driven by a 22% increase in interest income to Ksh 57.43 billion, growth in non-interest income to Ksh 21.82 billion, and an uptick in total operating income to […]
Felisters Gitau Mutugu Appointed CEO of Farmer’s Choice Limited
Farmer’s Choice Limited (FCL), East Africa’s leading meat processor, has named Felisters Gitau Mutugu as its new Chief Executive Officer (CEO). Ms. Gitau succeeds James Taylor, who led the company from the 1980s and transformed it from a small roadside butchery into a regional powerhouse in the food processing industry. Ms. Gitau brings over a […]
Farmer’s Choice Appoints Felisters Gitau as New CEO
Farmer’s Choice Limited (FCL), East Africa’s leading integrated meat processor, has announced the appointment of Ms. Felisters Gitau Mutugu as its new Chief Executive Officer, effective November 1, 2024. Ms. Gitau succeeds Mr. James Taylor, whose tenure since the 1980s transformed the company from a small roadside butchery into the region’s premier meat processor. During […]
KCB Group Records 49% Growth in Net Profit to KSh 45.8 Billion in Q3 2024
KCB Group PLC has reported a KSh 45.8 billion net profit after tax for the first nine months of 2024, a 49% increase from the KSh 30.7 billion recorded during the same period last year. This growth was fueled by a 22% surge in revenues, which rose to KSh 142.9 billion. The increase was driven […]
I&M Group Profits before Tax Rise by 24% in Q3 2024
I&M Group PLC has reported a 24% increase in Profit Before Tax for the third quarter of 2024, climbing to Ksh 14.1 billion from Ksh 11.4 billion in the same period last year. Operating revenue rose by 20%, driving an equivalent 24% rise in operating profit to KES 18.9 billion. This growth was further boosted […]
GLOBAL HOSPITALITY GIANT NOVOTEL OPENS ITS DOORS IN KENYA
Global hospitality brand Novotel, one of Accor’s flagship brands, has officially opened its doors in Kenya with the launch of Novotel Nairobi Westlands. The hotel, nestled in the bustling Westlands area, aims to provide a balanced blend of adventure, relaxation, and modern living for business travelers and families alike. Novotel Nairobi Westlands, situated just 20 […]
African Development Bank Launches the CAW Facility to Bridge Climate Finance Gap in Vulnerable Regions
The African Development Bank Group (AfDB) has unveiled the Climate Action Window (CAW) Technical Assistance Facility in a move to address the climate finance gap in Africa. The initiative, launched at COP29 in Baku, Azerbaijan, aims to bolster climate project development across 37 low-income African nations. The Climate Action Window (CAW) Technical Assistance Facility, backed […]
Absa Bank Kenya Net Profit Rises to Ksh 14.7 Billion in Q3 2024
Absa Bank Kenya PLC has reported a net profit of Ksh 14.7 billion for the third quarter ending September 30, 2024, reflecting a 20% increase compared to the same period last year. This strong performance has been attributed to the Bank’s focus on innovation, customer-centric solutions, and financial inclusion, which fueled a 16% growth in […]
KCB Secures Green Climate Fund Backing for Climate-Smart MSME Innovations
KCB Group Kenya is aiming to secure a Sh15.2 billion ($118.25 million) loan from the Green Climate Fund (GCF) to support SMEs working on climate-friendly solutions. The initiative aims to drive sustainable economic growth while addressing pressing environmental challenges. KCB bank has already obtained an initial KSh 69 million ($554,000) through the GCF’s Project Preparatory […]