Housing & Finance - Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya

Kisumu to kick-start KSh5 billion affordable housing project

Sacco ReviewMay 30, 2024May 30, 202406 mins

The Anderson Affordable Housing Project in Kisumu County is now set to kick off in earnest after LAPTRUST and the County Pension Fund (CPF) in collaboration with the county government broke ground. The landmark event will see the construction of over 1,200 decent and affordable housing units. It is designed in line with both the…

Absa Bank records strong first quarter profit growth

Sacco ReviewMay 30, 202404 mins

Absa Bank Kenya has reported a profit after tax growth of 33.5 per cent up to KSh5.9 billion from KSh4.4 billion posted at a similar period last year. The bank’s diversification strategy, supported by new businesses such as bancassurance, asset management, Timiza, and stock brokerage, seems to be paying off after total revenue rose 19…

Family Bank posts KSh910.5 million profit in first quarter

Sacco ReviewMay 29, 2024May 29, 202404 mins

Family Bank has recorded a 25 per cent growth in net profit to KSh910.5 million. This is a growth from the KSh685.3 million in the first quarter of 2023. It has also reported a profit before tax increase growth of KSh1.3 billion, a growth of 24.3 per cent as compared to the same period last…

Citibank NA named top overall best bank award in Kenya 2024

Sacco ReviewMay 28, 202403 mins

Citibank NA has scooped the best bank in the country at the Think Business Banking Awards 2024 with Standard Chartered and Equity came in at position two and three. Citibank also was named the best inb corporate banking, internet banking and product innovation categories. I&M Group PLC was recognized as the best customer-centric bank, and…

Westlands ranked the most preferred commercial business area

Sacco ReviewMay 28, 2024May 28, 202403 mins

In 2023, Westlands attracted more office and real estate investors compared to other regions in the Nairobi Metropolitan Area (NMA) thus raising its rental yields. This was largely contributed by attractive business atmosphere and good road network. The average rental yields were 8.5 per cent which is 0.8 per cent higher than the average market…

Kilifi registers five new cooperative societies

Sacco ReviewMay 28, 202402 mins

Kilifi North Sub-county in Kilifi County has registered five new cooperative societies, Sacco Review has learnt. Kilifi North Sub-county cooperative officer, Julius Mwamuye told Sacco Review in Kilifi town recently that one dormant cooperative society, Kilifi Riders Sacco has been revived. He further said that two dormant cooperative societies in the sub-county have been set for…

Long-serving Family Bank Board Chairman Wilfred Kiboro retires, architect takes helm

Sacco ReviewMay 24, 202402 mins

Family Bank Board of Directors has appointed Architect Francis Gitau Mungai as the new Chairman of the board, replacing long-serving Chairman Dr Wilfred Kiboro. Francis Mungai holds a Bachelor of Architecture degree with First-Class Honours from the University of Nairobi and a Master’s Degree in Architecture from the University of California, Los Angeles (UCLA). READ…

Mi Vida Homes partners with Misitu Sacco to foster growth

Sacco ReviewMay 24, 202403 mins

Mi Vida Homes, a reputable property developer signed a partnership with Kimisitu Sacco and has allowed the members to invest in its residential projects in Garden City, Nairobi. The Garden City Project sits on a 47-acre land with a mixed-use urban development comprising residential units commercial spaces, offices, retail outlets, and recreational amenities. It offers…

I&M Bank records KSh3.3 billion profit in first quarter

Sacco ReviewMay 24, 202404 mins

I&M Group’s first quarter report of this year shows that the bank has a profit of KSh3.32 billion, an increase of 31 per cent from the KSh2.5 billion recorded last year. Interest income, which grew by 38 per cent to KSh8.8 billion, greatly influenced the profit growth. The growth in net interest income offset a 9.4…

Safaricom Investment Co-op launches 158th land project in Eldoret

Sacco ReviewMay 23, 202405 mins

Safaricom Investment Co-operative, in a move to expand its footprints across the country, has launched its 158th land project in Eldoret project. The 30- acre project dubbed ‘Adelaide Creek’ consists of quarter-acre projects priced at KSh2.5 million with amenities such as graded murram roads, a chain-like fence, and readily available electricity and water connections. SIC,…