Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
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 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-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,…
More than 70 per cent Airbnb operators in Western Kenya tourism circuit are not paying the 2 per cent tourism levy as the law stipulates. Tourism Act, requires various entities offering accommodation services to remit levies based on income generated every month. The levy payable is two per cent of income generated per month for accommodation, and…
Kenya’s KCB Group’s pretax profit for the first quarter of this year jumped 53 per cent, assisted by higher interest income, it announced on Wednesday, May 22. The lender, which also operates in Uganda ,Tanzania, Democratic Republic of Congo, Rwanda, South Sudan, and Burundi, said pretax profit rose to KSh21.16 billion from KSh13.85 billion in the…
Nairobi Woman Representative Esther Passaris has urged the National Treasury to push the 5 per cent withholding tax on the interest income earned from the infrastructure bonds to 20 per cent. She revealed this in a statement on Thursday, May 16, 2024 seen by Sacco Review where she noted that the current proposed tax will…
Co-op Bank has released its financial report for the first quarter of this year. The report showed that the bank had a profit after tax growth of 7.7 per cent to KSh6.58 billion which is an increase of KSh470 million from KSh6.11 billion posted during last year’s first quarter. The bank also reported a profit…
The CEOs of major Kenyan banks, including Equity, KCB Group, NCBA, Diamond Trust Bank (DTB), Standard Chartered Kenya (StanChart), and Absa, received a monthly pay exceeding KSh65 million last year. In the previously mentioned list of the top six banks, KCB Group’s Chief Executive, Paul Russo, was among the highest earners, receiving a monthly gross salary of KSh14.8…
Kenya’s Equity Group announced today Monday, May 13, that its first-quarter pretax profit rose 21 per cent to KSh20.4 billion, helped by growth in interest income. Equity, which also operates in Tanzania, Uganda, Rwanda, South Sudan, Burundi and Democratic Republic of Congo, said its net interest income increased to 28 per cent, translating to KSh27.8 billion….
Chinese investor Zeyun Yang plans to put eight 34-storey blocks each accommodating 1632 families in Ngara estate which is located near Central Business District. Yang through his firm Erdemann Property said Rier Estate Housing Development will comprise a shopping complex with 60 outlets, where residents will be able to access essential purchases within the mixed-use…
