Browsing: Stanbic Bank Kenya

• Kenya’s input prices and output charges rise at much softer rates.
• New orders decrease slightly, survey shows.
• Declines in output and employment ease.

Kenya’s private sector business conditions showed a strong move towards stability in December 2023, as revealed by the latest Purchasing Managers’ Index findings, even though businesses remained less optimistic about the future into 2024.

According to the Stanbic Bank Kenya PMI compiled by S&P Global, rises in input costs and output prices were the softest since April of the previous year, having slowed markedly from record highs in October.

Kenya’s private sector experiences uptick in client spending

Consequently, many companies experienced a recovery in new work amid improved client spending, offsetting the impact of cost-of-living pressures. As a result, new orders, output, and employment all declined to lesser degrees.

The headline figure derived from the survey is the PMI. Readings above 50.0 signal an improvement in …

• Output and new orders increase slightly.
• Employment growth quickens amid improved outlook.
• Inflationary pressures remain at historic highs.

Business conditions in Kenya improved for the first time since January, the latest Purchasing Managers’ Index (PMI) indicates. August Stanbic Bank Kenya PMI pointed to a slight improvement in the health of the private sector for the first time in seven months, as output and new orders returned to expansion territory amid greater political stability.

Job creation accelerated and purchasing activity picked up, whilst firms grew more confident about their output prospects. That said, the improvement in business conditions was only mild, and continued to be weighed down by elevated price pressures.

Indeed, input prices continued to rise at an historically strong pace, leading to the fastest increase in selling charges since June 2022.

PMI readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 …

• In Kenya, political protests accelerated the downturn, leading to a sharp dip in output that was the fastest since August last year.
• Forex woes and reports of rising fuel prices and taxes equally pushed up business costs in July.
• In Uganda, data shows output and new orders are edging up steadily on a monthly basis in the past one year.

Kenya’s private sector activity suffered a further drop in demand at the start of the third quarter of the year, latest statistics show, as customers continued to limit spending amid steep inflation. Kenya’s poor data came even as neighbouring Uganda recorded improvements in the health of the its private sector activity. Uganda is experiencing a stronger demand environment despite facing challenges in the macro environment.

In Kenya, political protests accelerated the downturn, according to surveyed firms. This resulted in a sharp contraction in output that was the fastest since August …

• High inflation due to rising fuel and food costs hurt business confidence in April.
• Stanbic Bank’s Purchasing Manager Index (PMI) shows output and new orders declined sharply.
• Downturn was led by manufacturing and services, contrasting with expansions in agriculture, construction, wholesale and retail.

Kenya’s business confidence dipped to the lowest levels on record in April, the latest PMI survey shows. During the period, high inflation and political unrest led to a sharp fall in customer demand ruffling business confidence.

Activity levels and input purchases also fell sharply, but employment numbers continued to rise, the Purchasing Managers’ Index indicates. On a positive note, input cost pressures showed further signs of having peaked, dropping to their lowest recorded in 2023 so far, though remaining steep.

The headline figure derived from the survey by Stanbic Bank Kenya is the PMI. Readings above 50 signal an improvement in business conditions on the previous month, …

• Stanbic Holdings Plc has announced a $91 million after-tax profit for its financial year ended 31 December 2022, a 26 percent increase compared to the previous year. 
• The lender posted a 28 percent revenue growth to close at $320 million in the period under review.
• Shareholders at the Nairobi Securities Exchange (NSE) listed firm will enjoy $49.8 million in dividends.

Stanbic Holdings Plc has announced a $91 million after-tax profit for its financial year ended 31 December 2022 a 26 percent increase compared to the previous year.

Stanbic Kenya and South Sudan’s Chief Executive, Joshua Oigara said the firm’s strategic plan formulated and adopted three years ago continues to facilitate growth and organizational resilience. He noted that the strategic plan founded on digital innovations for service delivery, enhanced consumer experience and increased operating efficiencies had translated to an accelerated balance sheet growth.

“Despite the uncertain and challenging operating environment last …

• A survey by Stanbic Bank shows Kenyan businesses registered a drop in activity in May 2022 for the third consecutive month
• The PMI posted below the 50.0 mark for the second consecutive month in May, falling to 48.2 from 49.5 in April
• There were back-to-back declines in new orders across the Kenyan economy for the first time since the initial wave of the COVID-19 pandemic

Kenyan businesses registered a drop in activity in May 2022 for the third consecutive month, a new survey by Stanbic Bank has shown.

Stanbic’s latest Purchasing Managers’ Index (PMI) survey indicates that the latest downturn was the quickest seen since April 2021.

According to panellists of the survey, a price-led slump in demand and rising input costs were the main factors behind the fall in activity. The Stanbic Bank Kenya PMI covers sectors, including agriculture, mining, manufacturing, construction, wholesale, retail and services.

“For the first …

• CMC Motors Group has partnered with Stanbic Bank to introduce ‘Ford Finance’ to enable clients to access competitive and flexible financing solutions for Ford vehicles in Kenya
• The partnership will see the Ford Motor Company, CMC Motors Group Limited, Stanbic Bank Kenya and Standard Bank of South Africa partner to enable clients within Kenya to afford new Ford units
• CMC Motors Group CEO Alan Crossan said the initiative comes when the economy is steadily recovering from the harsh effects of the Covid-19 pandemic

Kenya’s CMC Motors Group has partnered with Stanbic Bank to launch ‘Ford Finance’ to enable clients to access competitive and flexible financing solutions for Ford vehicles in Kenya.

The partnership will see the Ford Motor Company, CMC Motors Group Limited, Stanbic Bank Kenya and Standard Bank of South Africa come together to enable clients within Kenya to afford new Ford units.

Speaking at the Partnership launch, CMC …

The index signalled a solid decline in operating conditions, albeit one that was slower than those seen in April 2021 and during the second quarter of 2020.

“Economic activity started 2022 on a subdued note as evidenced by the Stanbic PMI reading that fell to the lowest level in nine months. The reading was below 50 which indicated a deterioration in business conditions from December,” Kuria Kamau, Fixed Income and Currency Strategist at Stanbic Bank commented.

While export demand grew marginally, domestic demand fell significantly as client spending was negatively affected by rising inflation and a resurgence in Covid-19 due to the Omicron variant, he noted.…

• Organic Diaries Limited, Tropical Lush Limited, Meditrust Healthcare Services and Organic Fields are some of the winners of the KSh 33 million grant fund
• The grant funds are being issued under the Accelerate Program which aims to position Kenyan businesses for success while addressing the skills gap in the country 
• So far, the program has managed to reach over 850 small businesses, providing them with both financial and non-financial support

Kenya’s Stanbic Bank has unveiled the 7 recipients of a new KSh 33 million grant fund.

Through its Accelerate Programme, the bank signed Stanbic Foundation and United States African Development Foundation (USADF) to hand over the funding to the businesses.

The Fund’s recipients, who were selected out of over 500 applicants across the country, include Organic Diaries Limited, Tropical Lush Limited and Meditrust Healthcare Services.

Others are Organic Fields, Tarakwo Diaries Company Limited and Tovuti Group who won KSh 5 …