SBM Bank Kenya has reported a gross profit of Sh202 million in the first quarter of this year, marking a significant recovery from a Sh943 million loss during the same period last year.

• Operating revenue rose by 65 percent to Sh2.8 billion
• Bhartesh Shah, CEO of SBM Bank Kenya, emphasized the bank's commitment to becoming Kenya’s preferred payments bank
• Customer deposits surged by 37 percent to Sh76.2 billion, with total assets increasing to Sh105.7 billion

The Kenya Pipeline Company (KPC) is set to launch its initial public offering (IPO) on the Nairobi Securities Exchange by September 2025, as announced by President William Ruto.

• KPC shares will debut on the NSE, marking the first state-owned enterprise IPO in nearly two decades.
• The Cabinet is expected to approve the divestiture by the end of July 2023, allowing the proposal to move to Parliament.
• Proceeds from the IPO will be used to expand KPC's market reach and product offerings, including LPG.

The Central Bank of Kenya (CBK) has introduced a revised Risk-Based Credit Pricing Model (RBCPM), aiming to lower interest rates by changing how banks determine lending charges. This new framework, revised after extensive feedback, adopts the Interbank Rate as the benchmark for loan pricing, replacing the previously proposed Central Bank Rate (CBR).

• The new model uses the Interbank Rate compounded in arrears as the benchmark.
• The CBK received 45 responses from stakeholders, including 13 commercial banks, the International Monetary Fund (IMF), and the Kenya Bankers Association (KBA).
• Banks will have a six-month transition timeline to implement the new model, with three months for board approval and three months for full implementation.