NAIROBI, Kenya, Aug 28 – Police have been deployed around the Archives, Luthuli Avenue and Railways Roundabout in Nairobi’s central business district as traders prepare to march to the Kenya Revenue Authority (KRA) offices in protest against a revised customs valuation benchmark. The heightened security comes as a section of businesses in the CBD remained closed on Friday, with traders joining a boycott over the increase in the minimum yield for consolidated cargo from Sh2.5 million to Sh3.2 million. Police officers were stationed at key entry points and along major roads as traders gathered ahead of the planned march to…
Author: NexbitKE
A practical, ingredient-level guide to choosing dishwasher pods that clean well and are eco-friendly to the planet. Why This Category Is Confusing Most pod boxes in the cleaning aisle today are slapped with “eco-friendly” labels, but the products underneath are wildly different: in ingredients, packaging and how they actually behave once they go down the drain. Two things drive most of the confusion: That’s why the best way to shop this category is to look beyond what is on the front of the box and check for three things: the ingredient list, the packaging material, and whether a legitimate…
Diamond Trust Bank (DTB) Group posted a 37 percent rise in half-year pre-tax profit to Sh9.8 billion for the six months ended June 2026, driven by higher revenue and growth in its loan and deposit portfolios. The lender’s top-line revenue increased by 21 percent, with net interest income rising 26 percent and non-interest income growing 7 percent. Operating costs rose by 6 percent, while loan provisions increased by 37 percent. DTB’s total assets grew by more than 10 percent year-on-year to Sh675 billion, while customer deposits increased 11 percent to Sh534 billion. Loans and advances rose 14 percent to Sh328…
KCB Group targets raising Sh100 billion by October 2026 as the first tranche of a five-year Sh300 billion medium-term note (MTN) programme, setting the stage for a significantly large capital mobilisation initiative if approved by regulators. MTN is a debt instrument that corporations and financial institutions use to raise capital. It usually matures in five to 10 years, providing a middle ground between short- and long-term debt. KCB is expected to list the first tranche in November, which would raise the value of issued and outstanding corporate bonds at the Nairobi Securities Exchange (NSE) to about Sh205.3 billion. The Sh300…
Sidian Bank’s net profit rose 28.9 percent to Sh1.21 billion in the first half of 2026, supported by higher earnings from loans, mortgages and government securities. Net interest income increased 123.1 percent to Sh3.64 billion in the six months to June 30, 2026, from the previous period. However, non-interest income declined 44 percent to Sh1.01 billion. Loans and advances grew 23.1 percent to Sh33.14 billion, while customer deposits increased 22.5 percent to Sh73.45 billion. The bank also recorded an improvement in asset quality, with net non-performing loans declining 24.7 percent to Sh3.07 billion. Sidian Bank posted a sharp increase in…
The Tax Appeals Tribunal has upheld a Sh389.8 million tax claim against a warehouse and transport firm, Transfleet (EPZ) Limited, after it failed to prove it objected to the demands by the Kenya Revenue Authority (KRA). The Tribunal said the company could not rely on its June 2023 objection letter without properly proving that KRA received it. The dispute originated from a KRA investigation of Transfleet’s tax affairs for 2016 to 2021. KRA’s Commissioner of Investigations and Enforcement said that in the course of the investigation, it undertook an iTax analysis of the company’s declarations for the period and wrote…
Tata Chemicals Magadi has warned that about 500 jobs are at risk as its operations remain suspended following regulatory non-compliance. The company said the prolonged closure has created uncertainty for employees, communities and business partners, with the economic impact extending beyond its operations. “As the suspension continues, its consequences extend well beyond TCML’s own operations. Approx 500 employees and their families, contractors, suppliers, transporters and local businesses all depend directly or indirectly on the economic activity the Company generates,” the company said in a statement. Tata Chemicals Magadi, which produces soda ash and other salt and industrial mineral products from…
Equity Group’s profit after tax rose 32 percent to Sh45.5 billion in the first half of 2026, up from Sh34.6 billion recorded in the same period last year. The lender said the growth was supported by growth in lending and a 17 per cent increase in net interest income to Sh69.3 billion from Sh59.3 billion. Total income grew by 25 percent to Sh124.9 billion from Sh100.2 billion, buoyed by a 36 percent rise in non-funded income to Sh55.6 billion from Sh40.9 billion. Non-funded income accounted for 44.5 percent of the Group’s total income, up from 40.8 percent in the first…
Chinese phone manufacturer Xiaomi recently announced the launch of the REDMI M100 5G smartphone with Snapdragon 4 Gen 5. The REDMI M100 is an entry-level Android smartphone with a 6.9-inch HD+ (1600×720) display, a Snapdragon 4 Gen 5 SM4850 2.4GHz octa-core CPU, 6GB/8GB RAM, 128GB/256GB storage and a 13MP main camera. The REDMI M100 features a large 120Hz refresh-rate display, 5G connectivity, and a 7900mAh battery with 45W charging. The OS is Android 16 (Xiaomi HyperOS 3); it supports water and dust resistance, features a fingerprint sensor on the side, has an earphone jack, and connects via USB Type-C.…
Pension schemes have increased their bets on quoted equities, moving billions of shillings from government securities to the Nairobi Securities Exchange (NSE) amid rising share prices and falling bond yields. Investments by pension schemes in quoted equities rose by Sh130.51 billion to Sh443.35 billion in the six months to June 2026, a 41.72 percent increase from Sh312.84 billion reported in December last year, according to data from the Retirement Benefits Authority (RBA). The increase lifted equities’ share of total pension assets to a five-year high of 14.37 percent from 11.13 percent at the end of last year. The allocation was…
Prime Bank Group has posted a 23.6 percent jump in net profit for the half-year ended June 2026 to Sh3.3 billion, mainly driven by lending to the government. The lender, which has a regional presence outside the East African Community, posted a profit after tax of Sh2.6 billion in a similar period last year. Prime Bank had a conservative lending policy, with only 36 per cent of Sh168.1 billion deposits converted into loans. The bank has Sh60.5 billion in loans and Sh148.3 billion in government securities, which make up most of its assets. Investment in Treasury bills and bonds increased…
The Kenya Electricity Generating Company (KenGen) has started the search for a new Managing Director and Chief Executive Officer ahead of the retirement of Peter Njenga upon attaining the mandatory retirement age of 60. In an advertisement published in a local daily, the power producer said the incoming CEO will report to the Board of Directors and provide strategic and visionary leadership while taking full operational responsibility for implementing and evaluating the company’s business plans. The successful candidate will also be expected to drive KenGen’s strategic objectives and ensure the effective management of its operations in line with plans approved…
Family Bank’s half-year profit after tax grew by 62 percent to Sh3.7 billion, up from Sh2.2 billion recorded in the six months to June 30, 2025. The lender attributed the growth to a 41 percent increase in net interest income to Sh9.7 billion, supported by higher interest income from loans and advances to customers. The bank also linked the performance to balance sheet expansion and cost management as it implements its 2025–2029 strategy. Total assets grew by 24 percent to Sh238.9 billion, driven by increased lending to the private sector. During the period, the bank disbursed Sh35.6 billion to retail…
Absa Group has increased its interim dividend payout by 150 percent to Sh0.5 per share despite a 10 percent decline in net profit. The lender’s half-year results for the six months ended June show that shareholders received Sh0.2 per share during a similar period last year. “For the period, the Board of Directors has approved an interim dividend of KSh0.5 per ordinary share, to be paid on or about Thursday 15 October 2026 to shareholders on record as of Friday 18 September 2026,” the bank announced. The higher dividend comes despite net profit declining by 10 percent to Sh10.5 billion…
