Patrick Alushula

1 week ago | businessdailyafrica.com | Patrick Alushula

Equity Group Chief Executive James Mwangi has received the ancient honour of the Freedom of the City of London in recognition of his contribution to financial inclusivity and equitable economic development. The award is given to individuals who have demonstrated exceptional service to society—often in areas like leadership, community service, innovation, and inclusion. Mr Mwangi has been recognised for his role in revolutionising Kenya’s banking sector.

1 week ago | businessdailyafrica.com | Patrick Alushula

The Central Bank of Kenya (CBK) has ended a decade-long moratorium on the licensing of new commercial banks in the country, citing an improved legal and regulatory environment. The regulator said that the moratorium, which started on November 17, 2015, following the collapse of two banks in quick succession, will be lifted with effect from July 1, 2025.

1 week ago | businessdailyafrica.com | Patrick Alushula

CIC Insurance Group has raised the valuation of a 200-acre parcel of land it owns in Kiambu County by Sh1 billion to Sh5.06 billion amid its delayed sale that has forced it to reschedule payment of a shareholder loan. The insurer disclosed in its latest annual report that it booked a Sh1 billion fair value gain in the financial year ended December 2024, after an independent valuer increased the valuation from Sh4.06 billion.

1 week ago | nation.africa | Patrick Alushula

SBM Bank Kenya has posted a Sh12.39 million net profit in the first quarter of trading ended March 2025, marking the first time in a year for the lender to return a profit. The latest profit is an improvement from the preceding similar period when it returned a net loss of Sh370.5 million. The lender, a subsidiary of Mauritius’ SBM Holdings, is posting its first profit since returning a net profit of Sh129.6 million in the financial year ending December 2023.

1 week ago | businessdailyafrica.com | Patrick Alushula

SBM Bank Kenya has posted a Sh12.39 million net profit in the first quarter of trading ended March 2025, marking the first time in a year for the lender to return a profit. The latest profit is an improvement from the preceding similar period when it returned a net loss of Sh370.5 million. The lender, a subsidiary of Mauritius’ SBM Holdings, is posting the first profit since returning a net profit of Sh129.6 million in the financial year ending December 2023.