The Kenyan Wall Street

Absa Bank Kenya’s net earnings have risen by 28% to Kshs. 20.9 billion, as the lender navigates shifts in borrower trends, and a rise in non-performing loans whose impact has been tempered by the strong shilling. Customer deposits increased to KSh 367 billion, while total revenue grew by 14% to KSh 62.3 billion, supported by strong funded income of KSh 46.2 billion and an 11% increase in non-funded income to KSh. 16.1 billion. The lender loaned out KSh 309bn and reported a 12.3% in gross non-performing loans to KSh 42.5 billion compared to previous year’s KSh 35.3 billion. https://lnkd.in/dVh4pM_W

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Kenyans cut down on online visibility in the last three months of 2024, with the number of personal websites registered under the me.ke subdomain declining by 24.6% during that period. A personal website allows individuals to create a professional online presence and can act as a digital calling card, helping them stand out in a competitive job market or online community. According to sector statistics by the Communications Authority of Kenya (CA) Personal Websites and E-mail (me.ke) dropped to 3, 426 by the end of last year from 4,590 in the previous quarter. https://lnkd.in/gUjxzQfR

The Co-operative Bank of Kenya (Co-op) has reported a 9.8% increase in profit to KSh 25.5 billion in 2024 from KSh 23.2 billion in 2023. The bank’s performance was underpinned by a surge in interest income, which reached KSh 86.2 billion, a 24.8% increase from the previous year, and government securities which generated KSh 26.9 billion, up from 23.1 billion. Net loans and advances stood at KSh 373.7 billion, slightly down from KSh 374.2 billion in 2023, while customer deposits grew from KSh 451.6 billion in 2023 to KSh 506.1 billion. Non-performing loans (NPLs) rose to KSh 71.1 billion from KSh 66.9 billion, reflecting increased borrower distress amid elevated inflation and a challenging business environment. https://lnkd.in/gVzE8fbb

The National Transport and Safety Authority (NTSA) has suspended the operating license of Super Metro Limited, a prominent player in Nairobi’s public transportation sector, citing multiple safety violations. According to an NTSA, a comprehensive audit of Super Metro revealed significant violations of industry regulations—noting that out of the company’s 523 vehicles, 15 lacked valid inspection certificates, and 8 had expired Road Service Licences. Additionally, 171 Super Metro vehicles failed to produce speed limiter records, while 109 exceeded the legal speed limit of 80 kilometers per hour. NTSA also highlighted the questionable qualifications of the company’s drivers, with 64 out of 109 drivers flagged for speed violations failing retests on 10th March. https://lnkd.in/gZdsr4c8

Money. It’s something we all think about sometimes more than we’d like to admit. For many Kenyans, financial struggles aren’t just numbers on a bank statement. They’re the sleepless nights, the missed meals, the stress of an unpaid school fee, and the constant worry of making ends meet. The weight of financial pressure isn’t just economic it’s deeply emotional, affecting mental health in ways that many suffer in silence. But why are so many Kenyans feeling this strain, and how can we begin to address the mental health impact of financial instability? Read Sylvia Jemutai's insights here: https://lnkd.in/g7zrFpiN

Kenya shut down a meth lab in Namanga in September last year—based on US intelligence—uncovering the first confirmed large-scale operation by Mexican Cartel de Jalisco Nueva Generación (CJNG) in East Africa. The bust, near the Tanzania-Kenya border, signals a shift in the region’s role from a transit hub to a manufacturing base for international drug syndicates. A CJNG operative, Israel Alvarado Vera, attempting to escape from Kenya was arrested in October, raising concerns that Mexican drug cartels are embedding themselves deeper into the African narcotics trade. Others arrested during the bust include Betty Mukami Micheni and two Nigerian nationals Egwu Ogba Mba and Ojukwu Awu. https://lnkd.in/gVAEek5g

The Auditor-General has queried the accuracy of the expenditure of millions of shillings in the Africa Climate Summit hosted in Nairobi two years ago, after the event’s management used donor funds to pay taxes and did not issue a refund after underutilising its budget. The audit indicates that the event’s management used KSh 37 million to pay VAT and other levies for various goods and services it procured for the summit. The report also questions the failure of the summit’s managers to reimburse donors KSh 109 million balance after it underutilised the US$2.5 million it received to plan the summit. The inaugural Africa Climate Summit, championed by President William Ruto, aimed to address the increasing exposure to climate change and its associated costs, both globally and particularly in Africa.  Fred Obura https://lnkd.in/g3WNgEsp

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How did we get here? And More importantly what's next? In this episode of 'Only The Highlights' Maina Chege dives deep into a critical issue: The State of Kenya’s National Debt. Our latest research reveals a staggering reality, every Kenyan would need to contribute over KES 205,000 to pay off the national debt. To unpack this complex topic, we analyzed data from the Central Bank of Kenya, the National Treasury, KRA, KNBS, the National Census, the US Federal Reserve Bank, and The World Bank. The findings? Kenya’s debt has skyrocketed over the last 14 years, raising urgent questions. Tune in to this special report for a comprehensive breakdown of the numbers, the implications, and the path forward. https://lnkd.in/eni3zV4T