Cooperative Bank Group recorded a nine per cent growth in pre-tax profit for the full year ended December 31, 2013.The Group’s 12-month profit before tax (PBT) expanded to Sh10.87 billion from Sh9.98 billion, due to an increase in the inflow of revenues from banking transactions and the Group’s diversified product offerings. Its total income rose 17 per cent to Sh27.89 billion from Sh23.85 billion.
Author: Editor
How banks rob customers to pay shareholders Commercial banks are swimming in excessive profits in the face of a struggling economy and relentless public outcry over the high interest rates charged on credit. It is a classic example of robbing the majority poor to pay the minority rich, in this case banks’ shareholders.
Family Bank has more than doubled its pre-tax profit for 2013 –Sh1.78billion compared to Sh868million realized the previous year.The 108 per cent jump in profits is the best results since its conversion to a bank six years ago.
XRX Technologies a local firm specializing in technology solutions to corporate organizations has ventured deeper into the document management business with the unveiling of a new binding machine.
The number of Internet subscribers stood at 13.1 million as at December 2013 compared to 11.9 million in July-September 2013According to the second quarterly sector statistics report for the year 2013-14 released by the Communication Commission of Kenya, the 13 per cent growth could be largely driven by the numerous promotions and special offers on Internet/data by the mobile operators as a strategy towards growing their market shares.Mobile subscribers have remained the greatest contributor of internet/data subscriptions accounting for 99 per cent of total subscriptions.
The Commission has licensed three companies – Finserve Africa Limited, Zioncell Kenya Limited and Mobile Pay Limited- with Mobile Virtual Network Operator licences.
When Peter Kebati took to the podium in September last year to announce that Mumias Sugar Company had made a full-year loss of Sh1.67 billion, the managing director quickly pointed an accusing finger at illegally imported sugar, which he said was gnawing at its market share.Mr Kebati was categorical that the influx of imported sugar into the Kenya market, which retails at a lower price than locally produced sugar, was responsible for pushing Kenya’s biggest sugar miller into the red. Mumias Sugar’s sales plunged by nearly a quarter to Sh11.9 billion in 2013 compared to Sh15.5 billion a year earlier,…
The World Intellectual Property Day celebrations organized by the Centre for Intellectual Property and Information Technology Law (CIPIT) took place at Strathmore University Auditorium on 26th April 2014. The theme of the event was, “Movies – a Global Passion”. It is aimed at raising awareness of Intellectual Property to law schools in Kenya as well as nurturing and empowering law students.
The amount of money sent by Kenyans living abroad increased by eight per cent in February, from Sh8.9 billion in 2013 to Sh9.6 billion this year.
The Law Society of Kenya is concerned that the government intends to pay to ghost companies Sh125 billion on grounds that the government lost the case filed by the said firms in London and Switzerland.