KCB Group Plc profit after tax surged 6% to Ksh19.2 billion for the nine months ending September 2019 on the back of significant growth in loans and non-funded income.
The net earnings increased from Ksh18 billion in a similar
period last year, driven by cost management, KCB Group CEO and MD Joshua Oigara
said on Wednesday while releasing the results.
“We had a strong quarter and the business witnessed growth
across various segments. The
international businesses have continued to improve while our digital offerings
are witnessing increased activity, giving the business impetus to continue
growing,” said Mr Oigara.
He said the bank is now focusing more on sustainable growth
Total income grew 10% from Ksh54.2 billion to Ksh59.7 billion, with non-funded income increasing 16.9% attributable largely KCB M-PESA. Loans disbursed under this platform improved from Ksh23 billion last year to Ksh 98 billion.
Net interest income expanded 7% to Kshs38.7 billion from Ksh36.3
billion primarily due to a growth in loan book and reduced cost of funds. The
loan book closed at Ksh 486.4 billion from Ksh435.3 billion, an improvement of
12%, reflecting the strong lending pipeline primarily driven by retail and
corporate banking customer segment.
The Group’s balance sheet expanded by 12% to Ksh764.3
billion from Ksh684.2 billion, with deposits up by 11% to Ksh586.7 billion
supported by continued strong growth in personal and transaction accounts.
Despite a tough operating environment in the countries KCB operates in, the international business posted improved performance. The combined after-tax profit increased 8% to Ksh1.3 billion. Other than the Ugandan business, the rest of the 4 banking subsidiaries returned a profit.
This overall growth has seen the Group maintain its market leadership position. In September, KCB Group Plc was ranked at position 717 in The Banker’s Top 1000 World Banks ranking for 2019, climbing nearly 100 places up, on the back of steady growth and strong balance sheet credentials.
The improvement from
position 809 last year has also seen the Bank emerge 21 in Africa and number 1
in Eastern Africa. KCB was Africa’s highest mover in the ranking, which tracks
the health and wealth of the global banking sector, reaffirming the Bank’s
credentials assigned by global rating agencies.
In its latest review,
rating firm S&P Global Ratings affirmed its ‘B+/B’ long and short-term
issuer credit ratings on KCB, with a stable outlook. S&P said the bank is
well placed to maintain its revenue stability in the current economic
environment, reflecting the country’s relatively well-diversified economic base
and strong private sector.
The acquisition of National Bank of Kenya (NBK) is expected to further cement KCB’s position in the domestic banking sector and strengthens its ability to access more business flows. On November 1, NBK announced profits before tax of Ksh675 million shillings for the period ended September 30, 2019, representing a 45% growth from a similar period in 2018.
After declaring that long distance relationships aren’t for her, Sherlyne Anyango might have bagged herself a new mzungu boyfriend. It’s barely days since she left the country to go to the States to ‘hustle’. According to her, it’s easier to hustle in the States with her twerking talent.
Love At First Sight?
Well, she moved on quickly! This was the reaction of most of her fans after Sherlyne went live with her new catch. Most people were surprised by how fast she possibly got a boyfriend. But she hasn’t made it clear.
While this might seem unfair to her Kenyan bae, Oga Obinna, it was a mutual agreement between them to dissolve their relationship due to the distance between them.
”I’m a single boy again now😪😱!! Now with the standards you set who will fit in🤷🏿 who will fill your shoes??But Si Ni Life… But for now Kill Them with your AWESOMENESS and SECURE THE BAG!!! Don’t let nobody tell you otherwise. Plus there will always be space for you in my Heart and Kidney🙊🙈🙏🏿.”
In line to this, Sherlyne had also declared how much she misses Obinna and wrote back to him;
”Don’t make me cry. That’s life 😞😞. I feel bad. I miss you badly.”
Well, turns out she won’t be missing him any more after getting a new catch. Obinna has not yet responded to Sherlyne’s video posted on her Insta stories. I bet he’s not happy seeing her with another man.
When it comes to buying or tailoring a new blazer, most people think it’s all about getting what fits. Even though that is one of the most vital things to focus on when selecting blazers, there are other things you need to look out for in order to have a perfect and versatile blazer.
Versatile is not just about being able to match most pieces in your closet, but something that will enhance your outfits and define your best features while at it. In case you are wondering on where to start with buying a blazer, start here:
Yes, this is the first thing you should consider before making or buying yourself a blazer. You need to check your closet and consider the most dominant colour and pieces, can they be layered with a blazer or paired together?
Once that is set, you are good to go, though the more colourful a blazer is the more fun you will have pairing it with other pieces.
When selecting the perfect blazer always be very careful not to choose a small blazer. You might confuse a small blazer for a fitting one.
It should not be too tight that your shoulders cannot move in it or you can barely button it.
Although ladies are lucky they can go with any arm length, because it can be considered fashionable, ensure that it is your size. Also, avoid going for extra-large coats that will drown you and hide your best features.
A blazer is in between a suit jacket and a hoodie. Meaning, it should be able to pass for official and casual events. Let your guide be what you are buying it for.
There are different kinds of blazers ranging from open front blazers, single breasted blazers, belted ones, the list is endless.
Always go for a blazer that resonates with your style and closet items. Also, long blazers are classier and versatile than the shorter boyfriend ones. This is in terms of versatility.
Are you looking for a linen blazer, cotton or the suit material fabric? Do you want it shiny or matte? Do you need one with metal studded elements or with embellished buttons like the army? The kind of texture you go for will determine the way you dress your blazer.
Although blazers are meant to match with all outfits, the kind of design you go for can either limit your outfit choices or broaden your matching game.
They say the longer the blazer, the double the respect. You already know what I mean by this. Longer blazers are more eye catching, trendy and versatile. It will be easier for you to pair them to a tiny skirt, pencil trouser or palazzos.
Also did I mention how well they pair with crop tops? Yes, when buying a blazer, the length is very important.
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By Milo George
Residents of Pipeline Transami area are decrying poor drainage system that has caused sewage water to overflow in their area of residence.
The residents claim that the overflowing sewage is not only putting their lives at risk but also causing air pollution.
They have called on Nairobi Metropolitan Services and Nairobi City Water and Sewage Company to come on board and expand the sewer lines before more areas are flooded with raw human wastes coming from the blocked pipes. “We want Major Badi and our leaders to resolve this menace immediately. It’s terrible many have been forced to shift their businesses because of the foul smell,” they said. Pastor Joe Ndivoh of Word Evangelistic Explosion Ministries says that they have been forced to call off the Sunday School Service to protect the children from the smelly sewage. ‘‘We now fear that if prompt action is not taken then we will have a bigger health problem than this because we fear there could be an outbreak of water-borne disease anytime,’’ Pastor Ndivoh added.
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