Duncan's Feed
Mar 25, 2014

StanChart Kenya sees growing middle-class boosting 2014 growth

NAIROBI, March 25 (Reuters) – Standard Chartered Bank of
Kenya expects east Africa’s burgeoning middle class to
drive growth in 2014 after it recorded a 16 percent rise in 2013
pretax profit, its chief executive said.

The lender, which is controlled by Standard Chartered Plc
, said its net interest income jumped by 18 percent to
16.8 billion shillings ($194.00 million), driving pretax profits
to 13.4 billion shillings ($154.73 million).

Mar 13, 2014

Kenya likely to start marketing Eurobond later this month-IMF

NAIROBI, March 13 (Reuters) – Kenya plans to begin marketing
its debut Eurobond at the end of this month, and investor
interest in the issue appears strong, the International Monetary
Fund said on Thursday.

Kenya expects to borrow up to $2 billion from international
markets to refinance an existing syndicated loan of $600 million
and to fund the construction of infrastructure projects.

Mar 6, 2014

Cash-rich African private equity still on a learning curve

NAIROBI, March 6 (Reuters) – Kenyan entrepreneur Ayisi
Makatiani scrapped his first effort to launch a private equity
fund 10 years ago because his pitch
to invest in Africa couldn’t raise enough cash to make it work.

Fast forward a decade and he is now managing partner of
Fanisi Capital, a $50 million fund that has investments across
east Africa in agri-business, healthcare, retail and education.
A second $100 million fund is on the way.

Feb 27, 2014

Kenya’s KCB eyes higher returns after 17 pct profit jump

NAIROBI, Feb 27 (Reuters) – Kenya’s biggest bank by assets,
KCB, will centralise its operations through its
information technology banking platform this year to cut costs
and increase profitability, its management said on Thursday.

The lender, which operates in six eastern African countries,
posted a 17 percent jump in its pretax profit for last year to
20.1 billion shillings ($232.37 million).

Feb 19, 2014

Kenya’s Housing Finance to borrow after sovereign bond

NAIROBI, Feb 19 (Reuters) – Kenya’s second-largest mortgage
lender, Housing Finance Ltd, will issue a medium-term
note to take advantage of potentially lower rates once the east
African nation has sold its debut Eurobond, it chief executive
said.

The company, which posted a 63 percent jump in 2013 pretax
profit to 1.48 billion shillings ($17.16 million), has already
secured regulatory approval for a seven-year, 20 billion
shilling corporate bond.

Feb 14, 2014

New beer tax curbs East African Breweries profit growth

NAIROBI, Feb 14 (Reuters) – East African Breweries Ltd
(EABL) said a duty imposed on its low-end Senator Keg
beer in Kenya had slashed sales volume of the brand, warning the
downturn in one of its top-selling products would help curb
profit growth this year.

The new tax imposed on Senator Keg, previously exempt from
excise duties, hiked its price 60 percent to 40 shillings and
cut sales 85 percent in the six months through December, forcing
EABL to come up with a response, such as the launch of new
bottled beer for the low-end of the market.

Feb 6, 2014

Barclays Kenya eyes rebound after costs hit 2013 profit

NAIROBI, Feb 6 (Reuters) – Barclays Bank of Kenya
reported a 14 percent drop in 2013 pretax profit because of
higher costs and provisions but expects a growth in lending and
deposits this year to help it meet profit goals, the chief
financial officer said.

The unit of Barclays Plc cut its dividend, a move
that contributed to a 6.4 percent fall in its share price to 16
shillings in the first hour of trading after the results.

Jan 10, 2014

Kenya says killed Shabaab commanders in air strikes

NAIROBI (Reuters) – Kenya’s military has killed more than 30 al Shabaab militants and commanders, a spokesman said, in its first major air strikes in Somalia since the retaliation for the Islamists’ attack on a Nairobi shopping mall.

Kenyan fighter jets hit a camp at Garbarahey in the Gedo region on Thursday evening, where the militants, who profess links to al Qaeda, were holding a meeting, the military said.

Dec 11, 2013

Kenyan shilling edges up, profit-taking hits shares

NAIROBI, Dec 11 (Reuters) – The Kenyan shilling inched
higher on Wednesday as banks cut long dollar positions and
importer appetite for the greenback waned. Profit-taking caused
shares to drop.

At the 1300 GMT close of trade, leading commercial banks
posted the shilling at 86.45/65 against the dollar, up slightly
from Tuesday’s close of 86.70/86.80.

Dec 5, 2013

Intrepid bankers reap rewards in Africa’s newest state

JUBA/NAIROBI, Dec 5 (Reuters) – Kenya Commercial Bank
started small in Africa’s newest nation, South Sudan -
very small.

Executive Martin Oduor-Otieno, sleeping in a tent at night,
found a shop he could rent in Juba that was just big enough to
fit a partition and grill, the basic requirement to open KBC’s
first branch.