Browsing: National Bank of Kenya (NBK)

  • Through the partnership, NBK will offer financial solutions to buyers and sellers from Kenya while providing an avenue for them to interact and network with other traders.
  • The deal is aimed at offering e-commerce services to Kenyan traders to access goods from across the globe but mainly UAE and Asia via DUBUY.COM.
  • Trade enabler, DP World, announced the launch of its global wholesale e-commerce platform DUBUY.com in Kenya on Tuesday November 9, 2021.

Micro, Small and Medium Enterprises (MSMEs) in Kenya will now have access to global markets, mainly the United Arab Emirates (UAE) and Asia.

This follows a trade partnership deal that was on Wednesday November 10, 2021 signed between the National Bank of Kenya (NBK) and the leading global logistics provider DP World.

The deal is aimed at offering e-commerce services to Kenyan traders to access goods from across the globe but mainly UAE and Asia via DUBUY.COM.

KCB Group Plc profit after tax surged six per cent to Ksh19.2 billion ($186.1million) for the nine months ending September 2019, on the back of significant growth in the loan book and non-funded income.

The net earnings increased from Ksh18 billion ($176.3million), a similar period last year, driven by cost management initiatives across all businesses, said KCB Group CEO and Managing Director, Joshua Oigara, on Wednesday while releasing the results.

“We had a strong quarter and the business witnessed growth across various segments. We made continued strong investments in our capabilities to serve customers better,” Oigara said.

“The international businesses have continued to improve while our digital offerings are witnessing increased activity, giving the business impetus to continue growing,” Oigara added, “Going forward, we are emphasizing on driving a more sustainable growth, excellent customer experience and diversification.”

READ ALSO:KCB net profit grows 22% to Ksh24 billion

Financials

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Kenya’s banking industry has witnessed a myriad of changes in the last four years as lenders adjust to remain profitable since the capping of interest rates.

Mergers and acquisitions have become a norm in the country as the rate cap law, which came into place in September 2016, continues to weigh on banks’ earnings and loan growth.

READ:Why banks in Kenya will lend at a maximum 13%

The latest is the KCB Group PLC (KCB) take-over of National Bank of Kenya (NBK), which now sets the stage for the integration of the second tier lender into KCB.

In an announcement approved by the Capital Markets Authority (CMA) and published on Friday September 6, 2019, KCB confirmed that it had received consent to acquire NBK from shareholders holding 297,130,033 issued ordinary shares out of 338,781,200 issued ordinary shares, representing 87.7 per cent by the offer closure date on August 30, …