The Biggest Corporate Bond on the table

Hello 👋🏽 It's Brian from The Kenyan Wall Street.

In today's newsletter, Safaricom is introducing a juicy opportunity for investors as it announces a KSh 40 billion corporate bond.

Also read the detailed Q3 financial results of KCB, NCBA, Stanbic Bank, and Diamond Trust Bank.

Kenya's Biggest Corporate Bond on the table

By Harry Njuguna

Safaricom is preparing to test the market with a KSh 40 billion corporate debt programme, the largest of its kind in Kenya, following a similar, eagerly snapped-up offering from East African Breweries Limited (EABL). The telecom giant’s move comes as its short-term borrowings swell and retained earnings signal plenty of room to handle new obligations. Investors are already circling, enticed by the possibility of green and social notes tucked into the Medium Term Note programme. The first tranche will proceed once final terms are set and regulatory clearance is secured, leaving the market waiting. In the background, the country’s appetite for high-grade private paper has never been clearer.

Read the full article here >>>>>

🏦 Banking & Finance  

KCB Q3 Profit Up 6.9% 

KCB Group continues to navigate a complex banking landscape, posting a steady profit gain even as customer deposits show their first notable decline in years.

Financial Snapshot 

🟢 Profit after tax rose 6.9% YoY to KSh 47.3Bn.

🟢 Net interest income climbed 12.4% to KSh 104.3Bn.

🟢 Total operating income reached KSh 149.4Bn.

🟢 Total assets expanded 2.6% to KSh 2.04T.

🟢 Regional operations and non-banking subsidiaries contributed 35% of PBT.

Read the full financial analysis here >>>>>

NCBA Q3 Profit Rises 8.5%

NCBA delivered a firmer third quarter despite heavier loan-loss provisioning, with profit after tax rising 8.5% to KSh 16.4Bn. Margins widened, funding costs eased, and the lender leaned even harder on its digital rails.

Financial Snapshot 

🟢 Operating income climbed 13.8%, driven by a 27% jump in net interest income.

🔴 Total operating expenses rose 15%, reflecting higher staff costs and technology outlays.

🔴 Customer deposits fell 5.3% to KSh 488Bn.

🟢 Gross NPLs dropped 6%, with coverage improving to nearly 69%.

Read the full financial analysis here »»»»»

Audit Firm in Trouble

By Harry Njuguna

Ernst & Young has been fined KSh 10 million by the Capital Markets Authority for its role in Uchumi’s troubled 2014 rights issue, after investigators found that the firm signed off on financials that misrepresented the retailer’s condition. Regulators say the disclosures in the annual report and information memorandum fell short of basic standards of accuracy. As part of the penalty, EY must subject all audit staff working on listed companies to three years of remedial training, overseen by another EY member firm. Two former engagement partners have also been referred to ICPAK for disciplinary action.

Read the story here »»»»»

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On Your Watchlist

In this exclusive interview, The Kenyan Wall Street Founder and Chairman Eric Asuma sits down with Dilip Pal, the Group Chief Finance Officer of Safaricom PLC, as he dives deep into the company's strong half-year financial results for the first half of the financial year 2026.

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