Browsing: banking sector in Kenya

Kenya’s banking industry contributed 27 percent of all corporate taxes paid in the country in 2020 and 2019.

According to a report by Kenya Bankers Association, the contribution were adversely impacted by the COVID-19 pandemic that caused a 12 percent overall decline in their total tax contribution during the period.

The report was compiled by audit firm PricewaterhouseCoopers (PwC) on behalf of the Kenya Bankers Association.

It attributes the decline to reductions in corporate taxes and Pay As You Earn (PAYE) collections.

“This decline is partly attributable to reduced tax rates, specifically reduction of corporate tax rate from 30 percent to 25 percent, reduction of the top PAYE rate from 30 percent to 25 percent and the reduction of Value Added Tax rate from 16 percent to 14 percent. The aim of these measures was to provide relief to taxpayers against adverse economic effects of the COVID-19 pandemic,’’ the report …

UBA Kenya has defied coronavirus effects and made 199 per cent pretax profit increase in Quarter 3.

United Bank for Africa, Kenya has announced its third quarter 2020 financial results, registering a 199 percent  jump in Profit Before Tax (PBT) to stand at Sh348 Million ($3.132 million), compared to Sh116 Million ($$1.044 million) reported in September last year.

The performance growth was largely driven by efficient management of the balance sheet as well as cost optimization, amid challenging business operating environment.

According to a statement from the financial institution, the bank’s asset base also grew by 37 percent mainly due to additional investments in Fixed Income securities.

According to Kenya National Bureau of Statistics (KNBS), Kenya’s economy slowed down during the first quarter of 2020 compared to the corresponding quarter in 2019.

The loan book and deposits increased slightly by 10 percent and 25 percent respectively due to financial support …