Absa Kenya has announced a remarkable 34% increase in net profit, reaching Sh5.9 billion for the period ending 31 March 2024. This significant growth underscores the success of the bank’s strategic focus on the retail market, as initially outlined in 2023. The retail banking model, targeting high-volume, low-margin operations for the low-income segment, has proven highly effective.
The Africa Banking Corporation (ABC) has taken a significant step towards environmental sustainability by joining the European Investment Bank’s (EIB) Greening Financial Systems (GFS) initiative. This collaboration aims to enhance ABC’s climate risk management framework, aligning it with global standards, including those set by the Central Bank of Kenya.
Family Bank has reported a robust year-on-year increase in net profits to Sh910.5 million for the first quarter ended 31 March 2024, marking a nearly 25% rise from Sh685.3 million in the same period last year. This growth was driven by a substantial increase in both net interest income, which grew by 19.9% to Sh2.4 billion, and non-funded income, which rose by 29.7% to Sh1.3 billion. The bank’s strategic focus on diversifying its income streams has clearly paid off.
The Governor of the Central Bank of Kenya, Dr. Kamau Thugge, CBS, has been honored with the prestigious title of **African Banker Central Bank Governor of the Year** by the esteemed African Banker Magazine. This recognition highlights Dr. Thugge’s exceptional leadership and strategic vision during a year marked by significant global economic challenges.
Standard Chartered Bank Kenya has reported an impressive 39.4% rise in profitability for the first quarter of 2024, with net income increasing to Sh5.6 billion from Sh4 billion previously. The growth was driven by higher income from loans and transactions, reflecting the bank’s robust financial performance amid challenging economic conditions.
Payrails, a leading payment platform for global enterprises, has teamed up with inDrive, a prominent ride-hailing app, to revolutionize payment processing across the Middle East and North Africa (MENA) regions.
Mastercard and the African Development Bank Group have launched the Mobilising Access to the Digital Economy (MADE) Alliance: Africa, an ambitious initiative aimed at providing digital access to 100 million people and businesses across Africa within the next decade.
I&M Group has reported an impressive 30.9% surge in net profit, reaching Sh3.32 billion for the first quarter ended March 2024. This significant growth is attributed to a notable increase in net interest income, primarily driven by lending activities.
