Family Bank has reported a 15.4 percent increase in profit before tax, reaching Sh2.32 billion for the first six months of 2024. This growth is attributed to a rise in interest income, demonstrating the bank’s strong performance amid challenging economic conditions.
Diamond Trust Bank (DTB) has reported a notable 12 percent increase in net profit, reaching Sh4.9 billion for the half year ended June 2024. This growth marks a significant achievement for the bank, reflecting its robust performance and strategic expansion.
Absa Bank has announced a significant 29 percent increase in profit after tax, reaching Sh10.7 billion for the first half of 2024. This growth reflects the bank’s successful strategy in boosting revenue across its various business segments and meeting the increasing demand for soft loans, despite a challenging economic environment characterized by reduced consumer spending.
NCBA Bank has recently expanded its footprint with the grand openings of new branches in Limuru and Githunguri, marking a significant milestone in its growth strategy. These new locations are set to enhance financial accessibility for local communities, offering tailored financial solutions to support various needs.
Access Bank Plc is on the brink of a significant expansion in East Africa as it nears the acquisition of National Bank of Kenya (NBK). The Nigerian banking giant has entered the final stages of this strategic move, pending approvals from the Central Bank of Kenya and the Competitions Authority of Kenya. This acquisition is a key part of Access Bank’s five-year plan to enhance its presence in Kenya and solidify its role in the East African trade corridors.
A new cross-border payment platform focused on the Afro-Asian corridor is preparing to launch in Kenya, promising significant changes for local traders. Pyxis, a financial technology company, is finalizing a deal that will allow Kenyan traders to pay for Chinese goods through Alipay, the payment system affiliated with Alibaba. This advancement aims to simplify transactions by eliminating the need for dollar conversions, potentially boosting the use of the Chinese yuan in international trade.
NCBA Group has reported a notable 5 percent increase in net profit for the first half of 2024, reaching Sh9.8 billion, up from Sh9.4 billion in the same period last year. This growth was primarily driven by enhancements in customer experience and operational efficiency, showcasing the Group’s ability to navigate a challenging economic landscape.
Ethio Telecom, in collaboration with Visa Inc., has launched Ethiopia’s first wallet-based virtual Visa Card and introduced services aimed at improving remittances via Visa Direct and the Telebirr Remit App. This partnership marks a significant step in expanding Ethiopia’s digital banking services, providing more accessible and convenient financial tools to the population.
