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Recent Topicals

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Review of Kenya’s Public Debt 2025

Jul 20, 2025

Kenya is one of the fastest growing economies in Sub-Saharan Africa, having registered a growth rate of 4.9% in the first quarter of 2025. Despite being one of the fastest growing economies in Sub-Saharan Africa with a projected economic growth rate of 4.8%, above the region’s expected average of 3.7% in 2025, Kenya is grappling with a high debt burden, facing elevated risk of debt distress and significant challenges in managing its public debt, which has increased rapidly in recent years. As per the latest data from the Central Bank of Kenya (CBK), the total public debt stood at Kshs 11.5 tn as of May 2025, compared to Kshs 10.4 tn recorded in May 2024, equivalent to an 10.3% increase. Notably, external debt increased marginally by 3.9% during the period to Kshs 5.3 tn in May 2025 from the Kshs...

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Kenya Listed Insurance FY’2024 Report

Jul 13, 2025

Following the release of the FY’2024 results by Kenyan insurance firms, the Cytonn Financial Services Research Team undertook an analysis on the financial performance of the listed insurance companies and the key factors that drove the performance of the sector. In this report, we assess the main trends in the sector, and areas that will be crucial for growth and stability going forward, seeking to give a view on which insurance firms are the most attractive and stable for investment. As a result, we shall address the following: Insurance Penetration in Kenya, Key Themes that Shaped the Insurance Sector in FY’2024, Interest rates Industry Highlights and Challenges, Performance of The Listed Insurance Sector in FY’2024, and, Conclusion & Outlook of the Insurance Sector. Section I: Insurance Penetration in Kenya Insurance...

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Kenya’s FY’2025/2026 Budget Review

Jun 29, 2025

On 12 June 2025, the National Treasury presented Kenya’s FY’2025/2026 National Budget to the National Assembly highlighting that the total budget estimates for FY’2024/25 increased by 7.1% to Kshs 4.3 tn from the Kshs 4.0 tn in FY’2024/2025 while the total revenue inclusive of grants increased by 8.0% to Kshs 3.4 tn from the Kshs 3.1 tn in FY’2024/2025. The increase is mainly due to an 6.7% increase in ordinary revenue to Kshs 2.8 tn for FY’2025/2026, from the Kshs 2.6 tn in FY’2024/25. The FY’2024/2025 budget focuses mainly on providing solutions to the heightened concerns on the high cost of living, the measures put in place to stimulate sustainable economic recovery as well as undertaking a growth-friendly fiscal consolidation to preserve the country’s debt sustainability. Notably, the government project...

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A Review of the Affordable Housing Program

Jun 22, 2025

Introduction It has been three years since the Kenya Kwanza government assumed office, and one of its key pillars under the Bottom-Up Economic Transformation Agenda (BETA) is providing affordable housing to Kenyans. This housing program builds on initiatives from the previous administration under the Jubilee government's Big Four Agenda, launched in 2017 with the ambitious goal of delivering 1,000,000 housing units by 2022. The continued emphasis on housing by both the current and previous regimes underscores its importance, as outlined in Article 43(1)(b) of the Kenyan Constitution, which states that "every individual has the right to accessible and adequate housing, as well...

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Kenya Listed Banks Q1’2025 Report

Jun 15, 2025

Following the release of the Q1’2025 results by Kenyan listed banks, the Cytonn Financial Services Research Team undertook an analysis on the financial performance of the listed banks and identified the key factors that shaped the performance of the sector. For the earnings notes of the various banks, click the links below: Equity Group Q1’2025 Earnings Note KCB Group Q1’2025 Earnings Note Standard Chartered Bank Kenya Q1’2025 Earnings Note ABSA Bank Kenya Q1’2025 Earnings Note

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