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Safaricom record share price was overpriced by Sh250 billion, analysts say

With 22 days to go for Safaricom to announce its financial performance, the top telcos share price has hit record levels. Safaricom shares traded between Sh30.25 and Sh31 .25 on Monday and hit a 52-week record of Sh33.5 on expectations that the billions will continue to roll in. Sterling Capital …

Mauritius lender takes Chase Bank deposits at 6.65 per cent

The conclusion of the Chase Bank SBM deal after Central Bank adjusted lending rates has handed depositors a Sh150 million haircut after the rate was locked at 6.65 percent. When the deal was announced in January, depositors were set to get 7 percent interest on portions placed as term deposits …

Agha Khan fund nets over Sh200 million in Jubilee dividends

Jubilee Insurance top ten shareholders will carry home about Sh335 million in total dividends after the company posted a 15 percent rise in after-tax profits to Sh4.2 billion. Jubilee Holdings Board declared a final dividend of Sh8 for a combined interim and final dividend of Sh9 per share, for a …

A piece of state mortgage company will cost you more than Sh10 million

If you have Sh10 million you can own the newest lender in town that will be backed by the World Bank and the government. The firm, Kenya Mortgage Refinance Company, will be owned 20 percent by the government with a minimum Sh10 million share capital commitment and will have a …

Munir Ahmed

From the corner office to jail

Former National Bank of Kenya bosses may land in jail after market regulator recommended that the Director of Public Prosecutions charge them in court. Former Head of Treasury Solomon Alubala was particularly caught with his hand in the cookie jar and has been fined a whopping Sh104 million one of …

NSE turns corner as foreign investors slow down share sale

Foreign investors continued to sell off shares in the capital markets in March although at a slower pace. According to Standard Investment Bank’s monthly report, by March 18 an average of Sh1 billion moved out of the market. The exit was led by Safaricom where $44.3 million was carted abroad …

How Equity Bank beat all lenders to post double digit profit growth

Banks had warned that 2018 would be bad for them due to the much awaited IFRS9 which would require that they take their profits and put them as insurance for expected losses on failed debts over the year. But at the beginning of the year, the Central Bank of Kenya …

How big bad borrowers like Kenya Airways continue to bleed lenders

Asset financing bank NIC Bank lent Kenya Airways an additional Sh1.6 billion to increase its exposure to the struggling airline. NIC Bank boss John Gachora said the additional lending was part of a combined effort to lend the airline Sh17.65 billion ($175 million) to rescue it last year. “The money …

Courts spares CBA Mshwari refunds as case by Cofek falters

Customers will not get refunds from Commercial Bank of Africa’s Mshwari for charging up to 7.5 percent on loans. When calculated annually, the rate would be as high as 90 percent which would be astronomical as compared to the 13.5 percent currently recommended by the Central bank of Kenya. The …