Browsing: KCB GRoup

CEO changes in 2022. www.theexchange.africa

Why does this happen? Is it governance? Is it the CEO? Is it the CEO’s relationship with the Board of Directors? Or is it something else?

High CEO turnover may boil down to an individual problem, but before pointing too many fingers, organizations may want to turn inward and seek any possible problems occurring in the history of the role as well.

Now, let us look at Kenya’s top four CEO changes in 2022.…

  • Kenya Commercial Bank (KCB) has approved an $82.5 million total dividends pay-out for the 2021 financial year
  • This comes after the company recorded a 74% rise in its profit after tax to hit $292.8 million for the full year ending December 2021
  • The lender’s shareholders approved a final dividend of KSh 2.00 ($0.017) per share as recommended by the board

Kenya Commercial Bank (KCB) has approved a KSh 9.64 billion ($82.5 million) total dividends pay-out for the 2021 financial year, months after recording a 74% rise in its profit after tax to hit KSh 34.2 billion ($292.8 million) for the full year ending December 2021.

The lender’s shareholders approved a final dividend of KSh 2.00 per share as recommended by the board. According to the company, the dividend shall be paid on or before July 7, 2022, net of withholding tax to the shareholders who were on the register of …

  • Global Finance has named KCB 2022’s best bank in sustainable finance in Kenya 
  • KCB was recognised for its efforts in creating a more sustainable business enterprise through deliberate socio-economic interventions
  • The group has set a target of transitioning 25% of its total loan portfolio to green investments by 2025 as part of its Net Zero ambition

Global Finance has named Kenya Commercial Bank (KCB) the Best Bank in Sustainable Finance in Kenya 2022.

The bank was awarded owing to its efforts in creating a more sustainable business enterprise through deliberate socio-economic interventions.

The award announced by Global Finance recognises global, regional and local leadership in Sustainable Finance – funding for initiatives designed to mitigate the negative impacts of climate change, build resilience and help build a more sustainable future for humanity.

The award comes when there are calls for institutions to embrace sustainable practices through adopting the UN Sustainable Development …

  • KCB Group has reported a 54.6 per cent rise in net profit for the quarter ending in March 2022 to hit KSh 9.9 billion
  • The rise from KSh 6.4 billion in a similar period last year was boosted by growth in total income and a reduction in loan loss provision
  • The bank’s outgoing CEO Joshua Oigara said the business showed sustained resilience backed by its proactive approach toward driving income growth and managing liquidity

Kenya Commercial Bank (KCB Group) has reported a 54.6 per cent rise in net profit for the quarter ending in March 2022 to hit KSh 9.9 billion.

According to the company, the rise from KSh 6.4 billion in a similar period last year was boosted by growth in total income and a reduction in loan loss provision.

During the period, revenues increased by 26 per cent to KSh 29.0 billion on account of an increase in …

  • Kenya Commercial Bank (KCB) Group has committed to building on the successes of Joshua Oigara who has left the group after nine and a half years 
  • The group’s Chairperson Andrew Kairu Oigara for his service to the Group since joining in 2011 and said he had led the Group through its fastest growth in a decade
  • The revealed that the group’s growth ambition is to become the undisputed regional lender

Kenya Commercial Bank (KCB) Group has said it is committed to becoming the undisputed regional lender amid the exit of its long-serving CEO Joshua Oigara.

The group’s chairperson Andrew Kairu commended Oigara for his service to the Group since joining in 2011 and said he had led the Group through its fastest growth in a decade.

“He has left a solid legacy for the Group across Africa and beyond that is dotted by the transformation of millions of lives, enhanced …

  • Livestock farmers in Kenya’s arid and semi-arid lands (ASALs) will receive training and financing from KCB Foundation
  • The partnership will train and equip farmers from ASALs with climate-smart agricultural practices to mitigate the dire impacts of climate change
  • The two-year partnership will mobilise KSh 100 million in financing for the farmers through strategic partners to grow the funding to KSh 500 million
  • Kenya is currently facing a drought that has left more than 2.5 million people on the brink of starvation and poverty. Pastoralists and farmers now have less and less time to recover

Livestock farmers in Kenya’s arid and semi-arid lands (ASALs) will receive training and financing from KCB Foundation following a partnership with the United States Agency for International Development’s Kenya Investment Mechanism.

The partnership will train and equip farmers from ASALs with climate-smart agricultural practices to mitigate the dire impacts of climate change. The two-year partnership will …

  • KCB Group Plc has recorded a historic 74 per cent rise in profit after tax for the full year ending December 2021, to hit KSh 34.2 billion compared to KSh 19.6 billion a year earlier
  • The bank attributed the performance to increased income, cost management and lower credit provisions which saw the Group post higher returns to shareholders
  • Provisions for the period reduced by 52% to close at KSh 13.0 billion from KSh 27.2 billion a similar period in 2020

KCB Group Plc has recorded a historic 74 per cent rise in profit after tax for the full year ending December 2021, riding on an economic recovery across its key markets.

During the period under review, net profit grew to KSh 34.2 billion compared to KSh 19.6 billion a year earlier, on
the back of increased income, cost management and lower credit provisions which saw the Group post higher returns …

While others are still trying to wrap their heads around blockchains and the safety of cryptos, Africa is embracing this digital currency with both hands. So much that in Kenya, you can even buy your groceries and I mean vegetables with cryptocurrencies.

That’s right, and this is not only in urban centres like the bustling capital of Nairobi, no, no, no, but it is also in the villages, upcountry. Peasants on the Coastal towns are trading in cryptos, buying and selling. Here we are not talking of mining cryptos only but rather using the digital currency for normal day to day trade, like Is said to buy supplies.

The way it works is, the cryptocurrency, a famous one in Kenya is coined Sarafu, which has now become an accepted medium of transfer such that one can use Sarafu to trade for goods and services.

Sarafu and others like it are …

Commercial banks in Kenya have been on the limelight with accusations of abetting money laundering and being involved in national corruption scandals. Such was the case several banks which in 2018, CBK accused them of participating in payments for the National Youth Services (NYS) scandal.,

In this case, the director of public prosecution announced that he was considering prosecuting 20 senior officials in five banks, which they believe aided the laundering of at least Ksh1 billion ($10 million) looted from the National Youth Service (NYS) between January 2016 and April 2018.

These commercial banks have however developed mechanisms to conform to anti-money laundering laws developed in Kenya.

The law requires all financial institutions including banks, insurance companies, and SACCOs to file with the Financial Reporting Centre daily reports on transactions above Sh1 million and those deemed suspect. This is under the Proceeds of Crime and Anti-Money Laundering Act (POCAMLA).

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