Patrick Alushula

Africa, Kenya, Nairobi

Senior Business Reporter at Business Daily Africa

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Articles

StanChart slashes jobs by half in 10 years amid automation

5 days ago | businessdailyafrica.com | Patrick Alushula

Standard Chartered Bank Kenya last year spent Sh580.1 million on staff redundancies, marking the latest in a decade-long trend that has seen its workforce shrink by more than half to 1,001. The lender, which has been leaning further into digital banking, has been consistently downsizing even as its net profit and payroll costs continue to grow.
Jubilee busts Sh400m fictitious insurance claims on AI use

1 week ago | businessdailyafrica.com | Patrick Alushula

Jubilee Holdings foiled fictitious insurance claims worth Sh400 million in the financial year ended December 2024, highlighting the gains of enriching their digital systems with artificial intelligence (AI) capabilities. The insurer, which operates in Kenya, Uganda, Tanzania and Burundi, said it deployed a fraud detection tool that is supported by AI, which helped it identify and act on 536 suspicious cases and resulted in saving the Sh400 million.
Equity issues sack notices to 1,200 staff in a single day

1 week ago | businessdailyafrica.com | Patrick Alushula

Equity Group on Wednesday issued sacking notices to 1,200 staff in the wake of an internal investigation that revealed suspicious transactions through the employeesâ bank and M-Pesa accounts, deepening the job cuts that started mid-May. The termination notices follow investigations that kicked off on April 14, as the bank seeks to curb cases of conflict of interest among its staff.
Equity profit falls to Sh14.8bn in first quarter

1 week ago | businessdailyafrica.com | Patrick Alushula

Equity Group posted Sh14.8 billion net profit for the first quarter ended March 2025, marking a 3.86 percent decline on the back of falling non-interest income. The net earnings retreated from Sh15.39 billion posted in the preceding similar quarter and came in the period net profit from subsidiaries in Rwanda, Uganda, South Sudan and Democratic Republic of Congo posted reduced earnings.
C-section surge leaves insurers in financial pain

1 week ago | businessdailyafrica.com | Patrick Alushula

The share of deliveries through caesarean section in the country has surged to a high of 18.25 percent of all births, putting pressure on medical insurersâ€™ bottom lines, as fewer women opt for natural delivery. Recently published Kenya National Bureau of Statistics (KNBS) data shows the share of C-Sections in the total births rose for the fifth straight year to 18.25 percent at the end of last year, marking more than double the 9 percent the country had a decade ago.
DTB first quarter net profit increases 10pc to Sh3.23 billion

1 week ago | businessdailyafrica.com | Patrick Alushula

Diamond Trust Bank (DTB) Kenya net profit for three months ended March 2025 grew 9.9 percent to Sh3.23 billion on the back of increased interest income and reduced operating expenses. Results released Wednesday showed net earnings grew from Sh2.94 billion that had been posted in the preceding similar period last year. Net interest income grew by 7.98 percent to Sh7.66 billion from Sh7.09 billion in the period the loan book increased by six percent to Sh284.26 billion.
How KQ passengers lost Sh4.6bn on ticket expiry breach

1 week ago | businessdailyafrica.com | Patrick Alushula

Kenya Airways (KQ) customers lost Sh4.66 billion on failing to utilise their tickets within the allowed window of 13 months after purchase. The airline’s disclosures show the revenue from expired tickets jumped 9.4 percent from Sh4.26 billion a year earlier, the highest amount in five years. This marked the third year in a row that the expired tickets have increased amid a rise in bookings and travel. The airline sells tickets in advance and books the amount as current liabilities.
HF Group posts Sh327m net profit in first quarter to March

1 week ago | businessdailyafrica.com | Patrick Alushula

HF Group's net profit for the first three months of trading ended March 2025 rose 2.2 times to Sh327.93 million on the back of increased interest and non-interest income. The growth in net earning from Sh150.34 million came in the quarter HFâ€™s net interest income rose by 14.6 percent to Sh989.75 million from Sh677.33 million while non-interest income increased by 9.9 percent to Sh424.9 million.
Collaboration crucial for innovating, product scaling and closing Africa’s protection gap

1 week ago | afahpublishing.com | Patrick Alushula

Collaborations among insurers, reinsurers, governments and development institutions offer a crucial chance for Africa to design innovative products and scale them up in order to narrow the continent’s protection gap in the face of intricate risks.
Africa’s risk landscape demands unified financial sector response, suggests ATIDI chief risk officer

1 week ago | afahpublishing.com | Patrick Alushula

African Development Financial Institutions should join forces with their counterparts in the financial sector and do more in projecting the true risk profile of the continent and emerging opportunities, if they are to overcome the negative perception that is standing in the way of attracting investments into the continent.