I&M Bank Launches “I&M Milele Rewards,” Kenya’s Best Card Loyalty Program
I&M Bank has launched I&M Milele Rewards, a loyalty program developed in collaboration with Mastercard. This new program builds upon the success of the bank’s previous card loyalty initiative, which has rewarded debit and credit cardholders over the past three years with cashback incentives for Point-of-Sale (POS) and e-commerce transactions. I&M Milele Rewards offers rewards […]
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 […]
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 […]
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 […]
Co-op Bank Net Profit Rises 4.4% to Sh19.2 Billion in Q3 2024
Co-operative Bank of Kenya has announced a 4.4% increase in its net profit for the nine months ending September 2024. The Co-op Bank after-tax profit rose to Ksh19.21 billion, up from Ksh18.39 billion in the previous year. Commenting on the results, Gideon Muriuki, Co-op Bank’s managing director, attributed the strong performance to the group’s emphasis […]
African Development Bank Seeks Increased Climate Finance for Africa at COP29
The African Development Bank (AfDB) is calling for an increase in climate finance for Africa at the 29th Conference of the Parties (COP29) in Baku, Azerbaijan, as the continent faces severe climate impacts yet receives only 3-4% of global climate funds. The COP29 summit will run until November 22, and has gathered delegates from nearly […]
Equity Bank Hits Ksh 1 Billion Mark in Pre-Tax Profits from Its Insurance Business in Q3 2024
Equity Bank has officially surpassed the Ksh 1 billion mark in pre-tax profits from its insurance business in Q3 2024, a 181% rise from Ksh 381 million in Q3 2023, just 3 years into its insurance business. This success has been attributed to increased earned premiums, effective underwriting and claims reserving, and higher earnings from […]
JPMorgan CEO Jamie Dimon Arrives in Kenya, Meets President Ruto
Jamie Dimon, Chairman and CEO of JPMorgan Chase, the largest bank in the United States, has arrived in Kenya on a key tour of Africa. Dimon’s visit comes days after JPMorgan opened a representative office in Kenya, a move in their Africa expansion efforts. He was warmly received by President William Ruto at State House, […]