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Recent Topicals

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The Kenyan National Social Security Fund (NSSF)

Sep 22, 2024

National Social Security schemes are created by governments to form the first pillar of social security. In Africa, Kenya was the second country after Ghana to form a national security scheme, The National Social Security Fund (NSSF), done in 1965 through an Act of Parliament (Cap 258). It is a provident fund, which provides benefits to retiring members as a lump sum rather than through periodic payments. In recent years, discussions around the growth and reform of the NSSF have gained momentum, with key considerations on how to increase coverage, especially for the informal sector, and improve service delivery. The fund has also faced a number of challenges in recent years, with concerns about mismanagement, corruption, and inefficiencies often overshadowing the fund’s broader mission and leading to a decline in public confidence. Most recently, the fund was in the news for yet to be quantified losses associated with questionable bond trading. As such, we saw it fit to cover...

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Kenya Listed Banks H1’2024 Report

Sep 15, 2024

Following the release of the H1’2024 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 H1’2024 Earnings Note KCB Group H1’2024 Earnings Note Standard Chartered Bank Kenya H1’2024 Earnings Note ABSA Bank Kenya H1’2024 Ea...

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Retirement Benefits Schemes Q2’2024 Performance Report

Sep 8, 2024

According to the ACTSERV Q2’2024 Retirement Benefits Schemes Investments Performance Survey, segregated retirement benefits schemes recorded a 6.6% return in Q2’2024, up from the 0.1% recorded in Q2’2023. The increase was largely supported by the performance of fixed income investments made by the schemes which recorded an 8.0% gain, 7.3% points above from the 0.7% return recorded in Q2’2023, on the back of declining interest rates across the yield curve, occasioned by easing inflation, decreased government domestic borrowing appetite and the relatively stable exchange rate. This week, we shall focus on understanding Retirement Benefits Schemes and look into the quarterly performance and current state of retirement benefits schemes in Kenya with a key focus on Q2’2024. In our previous

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Q2’2024 Unit Trust Funds Performance Note

Sep 7, 2024

Unit Trust Funds (UTFs) are a form of Collective Investment Scheme that pools capital from multiple investors to invest in a diversified portfolio of assets, managed by a Fund Manager, with the goal of generating returns for the investors. Expert fund managers oversee these funds, allocating the pooled capital into a variety of securities such as equities, bonds, and other approved financial instruments. The objective is to achieve returns that match the fund’s specific goals. Following the release of the Capital Markets Authority (CMA) Quarterly CIS Report – Q2’2024, we examine the performance of Unit Trust Funds for the period ended 30th June 2024. These funds have seen consistent growth in total Assets Under Management (AUM) and are one of the preferred investment choices in Kenya. Additionally, we will delve into the performance of Money Market Funds, which are a sub-set...

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Kenya’s Real Estate Investment Trusts (REITs) H1’2024 Report

Aug 25, 2024

Following the release of the H1’2024 results by all four authorized Real Estate Investment Trusts (REITs) in Kenya, the Cytonn Real Estate Research Team undertook an analysis of the financial performance of the REITs and identified the key factors that shaped the performance of the sector. For the earnings notes of the various REITs, click the links below: ILAM Fahari I-REIT H1’2024 Earnings Note LapTrust Imara I-REIT H1’2024 Earnings Note Acorn I-REIT and D-REIT H1’2024 Earnings Note The in the report we will assess the financial performance of the current REITs in the market during H1&r...

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