DIB Bank Kenya Achieves Its First-Ever Profit in Q1 2024
DIB Bank Kenya has achieved its first-ever profit since its Kenyan operations began, with a profit before tax of KES 6.3 million in Q1 2024. This is compared to a loss of KES 125 million in Q1 2023, reflecting a 105% increase year-over-year (YoY). DIB Bank Kenya, a subsidiary of Dubai Islamic Bank PJSC, attributes […]
Equity Group Q1 2024 Net Interest Income Rises To 27.8 Billion
Equity Group has reported a strong financial performance for Q1 2024, announcing a significant 28.4% increase in its net interest income. This translates to Ksh 27.8 billion, up from Ksh 21.7 billion in the same period of 2023. This positive development highlights the group’s success in generating revenue through its core banking activities. Equity Group’s […]
Diamond Trust Bank Launches Kapsabet Town Branch
Diamond Trust Bank Kenya has opened its newest branch in Kapsabet town, furthering its goal of having one in four Kenyans as DTB customers by 2031.The bank was honored to have the Governor, Nandi County, H.E. Stephen Sang together with MP Chesumei Constituency, Hon. Paul Biego, and MP Tinderet Constituency, Hon. Julius Melly, all who […]
SBM Bank Kenya Appoints New CEO
SBM Bank Kenya has appointed Mr. Bhartesh Shah as the new Chief Executive Officer, succeeding Mr. Moezz Mir, who will be stepping down after six years of service. Mr. Shah’s appointment, announced by the Board of Directors, comes with a wealth of experience garnered over more than twenty years in the financial services landscape, across […]
Stanbic Bank Records 3.9 Billion Net Profit in Q1 2024
Stanbic Bank Kenya has reported a net profit of Ksh 3.9 billion in Q1 2024, representing a 2.8% increase from the same period last year. This follows stanbic bank’s customer deposits displaying a positive trend, growing by 22.18% to Ksh 355.54 billion in Q1 2024 compared to Ksh 291.01 billion in the first quarter of […]
Safaricom Ethiopia FY 24 Service Revenue Hits KShs 5.76Bn
Safaricom Ethiopia has grown its service revenue to KShs 5.76 billion, marking a significant milestone in its first full year of operation. This was driven by strong performances in both mobile data and voice sectors. Mobile data revenue reached KShs 4.17 billion, while voice revenue reached KShs 1.03 billion. Safaricom Ethiopia has achieved impressive customer […]
Safaricom FY 24 Service Revenue Hits 329 Billion Mark
Safaricom service revenue grew by 11.7% year-on-year to KES 329.8 billion for the year ended March 31, 2024. This is despite a challenging economic environment marked by rising inflation. Peter Ndegwa, CEO of Safaricom, highlighted the company’s resilience in a challenging economic climate. “We are extremely pleased with what we have been able to achieve […]
Equity Life Assurance Claims Fourth Spot Among Kenya’s Top Life Insurers
Equity Life Assurance (ELAK) has made significant strides in the Kenyan insurance sector, securing the coveted fourth position among the country’s leading life insurers with an 8.7 % market share. This impressive feat comes on the heels of a remarkable year in 2023, marked by substantial growth in both gross written premium and market share. […]
Nasim Devji Set To Takeover Diamond Trust Bank Operations in East Africa
Diamond Trust Bank (DTB) is embarking on a strategic leadership shift to bolster its presence across East Africa. Nasim Devji, the seasoned Group Chief Executive Officer (CEO) of DTB Kenya, will now dedicate her focus on expanding DTB’s reach throughout the region. To facilitate this regional focus, DTB Kenya will recruit a new Country CEO […]
Mastercard and I&M Bank Extend Partnership for 8 Additional Years
Mastercard and I&M Bank have announced an extension of their successful partnership for an additional eight years. This announcement means continued commitment to providing Kenyans with secure, innovative, and convenient payment solutions. The existing partnership, which has spanned five years, has demonstrably benefited customers, businesses, and the Kenyan economy as a whole. By leveraging Mastercard’s […]