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Recent Topicals

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Market Post Interest Rate Cap

Dec 15, 2019

This week, we revisit the interest rate cap topic following the Presidential assent of the Finance Bill, 2019 into law, which repealed Section 33B of the Banking Act that provided for the capping of bank interest rates. We, therefore, revisit the issue of the interest rate cap, focusing on: Background of the Interest Rate Cap Legislation - What Led to its Enactment? A Recap on our Analysis on the Subject, A Review of the Effects It Has Had So Far in Kenya, Recent Developments, Our Expectations Going Forward, and Conclusion. Section I:  Background of the Interest Rate Cap Legislation - What Led to Its Enactment?  The enactment of the Banking (Amendment) Act 2015 in September 2016, that capped lending rates at 4.0% above the Central Bank Rate (CBR), and deposit rates at 70.0% of the CBR, came against a backdrop of low trust in...

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Kenya Listed Banks Q3’2019 Report

Dec 8, 2019

Following the release of the Q3’2019 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, and our expectations of the banking sector for the rest of the year. The report is themed “Higher Net Interest Margins and Consolidation to Drive Growth in the Post Rate Cap Era” as we assess the key factors that influenced the performance of the banking sector in the third quarter of 2019, the key trends, the challenges banks faced, and areas that will be crucial for growth and stability of the banking sector going forward. As such, we shall address the following: Key Themes That Shaped the Banking Sector Performance in Q3’2019, Summary of The Performance of the Listed Banking Sector in Q3’2019, The Focus Areas...

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Nairobi Metropolitan Area Serviced Apartments Report 2019

Nov 24, 2019

In 2018, we published the Nairobi Metropolitan Area Serviced Apartments Report, 2018, which highlighted that serviced apartments within the Nairobi Metropolitan Area(NMA) recorded average rental yield and occupancy rates of 7.4% and 79.9%, respectively, supported by an improved political environment following the conclusion of the prolonged elections which spilled over from 2017 to early 2018, and increased marketing efforts of Kenya as a travel destination by the Kenyan Government. This year, we update our report findings on serviced apartments in NMA by focusing on: Overview of the Kenyan Hospitality Sector, Introduction to Serviced Apartments, Supply and Distribution of Serviced Apartments In the Nairobi Metropolitan Area, Performance of Serviced Apartments in the Nairobi Metropolitan Area,

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Cytonn Note on the Monetary Policy Committee (MPC) Meeting for November 2019

Nov 20, 2019

The Monetary Policy Committee (MPC) is set to meet on Monday, 25th November 2019, to review the outcome of its previous policy decisions and recent economic developments, and to make a decision on the direction of the Central Bank Rate (CBR). In their previous meeting held on 23rd September 2019, the MPC maintained the CBR at 9.0%, citing that the economy was operating close to its potential and inflation expectations remained anchored within the target range. The Committee also noted the prospective tightening of fiscal policy which would provide scope for accommodative monetary policy in the near term, thus the prevailing monetary policy stance remained appropriate. This was in line with our expectations as per our MPC Note, informed by the country’s macroeconomic fundamentals, which had remained stable as well as sustained optimism on the economic growth prospects, as evidenced by:

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Kenya Listed Insurance H1’2019 Report

Nov 17, 2019

Following the release of the H1’2019 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: Key Themes that Shaped the Insurance Sector in H1’2019, Industry Highlights and Challenges, Performance of The Listed Insurance Sector in H1’2019, and, Conclusion & Outlook of the Insurance Sector. Section I:  Key Themes that Shaped the Insurance Sector in H1’2019 The Kenyan economy expanded by 5.6% in H1’2019, lower...

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