NAIROBI (Reuters) – Asia-focused Standard Chartered Plc (STAN.L: Quote, Profile, Research, Stock Buzz) said it aims to double its branches in Africa to ride a consumer boom which has several years to run in the fast-growing continent.
The consumer business in Africa made up $131 million of the bank’s total pretax profit of $6.78 billion in 2011 but earnings rose 27 percent from the previous year on the back of growth in segments like personal loans.
NAIROBI (Reuters) – Kenya’s TransCentury (TCL.NR: Quote, Profile, Research, Stock Buzz) expects net profit for the first half of this year to surpass full year profit for 2011 after it tripled capacity at its electric cable and transformer plants, its chief executive said on Monday.
Founded just over 10 years ago as an investment club, the firm has grown into a specialist infrastructure company with interests in power, transport and engineering thanks to rapidly growing demand for energy and infrastructure in the region.
NAIROBI (Reuters) – African nations joining the elite club of oil and gas producers should invest in education and roads while supporting traditional sectors to avoid the “oil curse” trap, the head of the African Development Bank said.
Ghana, Kenya, Mozambique, Tanzania and Uganda have all discovered oil and gas in recent years, thrusting them into a crossroads between following the likes of diamond-rich Botswana into prosperity or the likes of Nigeria into over-dependence on oil.
NAIROBI (Reuters) – Kenya Airways will spend $3.6 billion over the next five years on new planes and routes, mainly to connect travellers between Africa and Asia, its chief executive said.
Titus Naikuni said trade between Africa and China and India had soared in recent years, growing at an annual rate of about 200 percent, creating huge opportunities in the travel market.
NAIROBI, March 20 (Reuters) – Kenya’s central bank chief
marched out of a hotel last month, barely pausing for questions
as the markets buzzed with rumours a parliamentary committee was
set to call for his removal over a year’s-worth of market chaos.
Sure enough, that day the committee investigating how the
local currency lurched from one record low to another, sending
inflation through the roof, recommended Njuguna Ndung’u step
aside pending an investigation.
NAIROBI, March 19 (Reuters) – National Bank of Kenya
is planning to pay its first dividend in more than a
decade, as the government attempts to sell a controlling stake
In previous years, NBK had to use profits to pay off old
debts dating back to when the bank was plundered by the
political elite who took on loans and failed to repay. Now the
debt has been paid off, the bank is able to make payouts to
NAIROBI, March 13 (Reuters) – Standard Chartered Bank
of Kenya reversed loss-making positions in its trading
book during the second-half of last year to secure a 7 percent
increase in pretax profit to 8.3 billion shillings ($100.67
million), it said on Tuesday.
The bank, controlled by Standard Chartered Plc, had
reported a fall in profit for the first half of the year after
yields on government securities shot upwards, leading to
unrealised losses in the trading book.
NAIROBI, March 12 (Reuters) – Kenya’s economy is
likely to grow 5 percent in 2012 while its monetary policy will
help cut inflation to below 10 percent and eventually pave the
way for interest rate cuts, the International Monetary Fund said
East Africa’s biggest economy has forecast growth of 5
percent or more this year as long as rains vital to the key
farming sector do not fail. Kenya estimates its economy expanded
4.5 percent last year.
NAIROBI, March 8 (Reuters) – Kenyan lender Equity Bank
may raise more capital next year to support its
fast-growing business, its chief executive said on Thursday
after unveiling a 42 percent rise in pretax profits last year.
With operations in five east African countries and a knack
for rolling out innovative banking services, mainly targeted at
the lower end of the market, Equity has become one of the most
traded firms on the Nairobi stock exchange since listing in
NAIROBI, Feb 21 (Reuters) – Kenya’s Pan Africa
Insurance Holdings posted a 17 percent decline in
pretax profit for 2011 to 552 million shillings ($6.6 million,
hit by lower valuations of its bonds and equities portfolios, it
said on Tuesday.
Controlled by South African insurer Sanlam, Pan
Africa commands around 23 percent of the life cover business in
the east African nation of 40 million people.