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Recent Topicals

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Kenya Macroeconomic Review

Jun 30, 2024

According to the Kenya National Bureau of Statistics (KNBS) 2024 Economic Survey, the Kenyan economy recorded a 5.6% expansion in FY’2023, faster than the 4.9% growth recorded in FY’2022. The main contributor to Kenyan GDP remains to be the Agriculture, Fishing and Forestry sector which grew by 6.5% in FY’2023 compared to a contraction of 1.5% in FY’2022. All sectors in FY’2023, except Mining and Quarrying, recorded positive growths, with varying magnitudes across activities. Most sectors recorded improved growth compared to FY’2022, with Agriculture, Forestry and Fishing, Accommodation and Food Services, and Real Estate Sectors recording the highest growth improvements of 7.9% points, 6.8% points, and 2.8% points, respectively. Notably, the improved growth in the economy highlighted the economy’s resilience following multiple shocks such as supply chain...

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Sub-Saharan Africa Regional Review

Jun 30, 2024

According to the World Bank, the Sub-Saharan economy is projected to grow at a moderate rate of 3.4% in 2024, which is 0.8% higher than the 2.6% growth estimate recorded in 2023. The expected recovery is primarily driven by private consumption growth as declining inflation boosts the purchasing power of household incomes. Nevertheless, the risk of debt distress remains high with more than half of countries facing unsustainable debt burdens as the region’s public debt to GDP ratio is expected to remain high at 57.0% in 2024, albeit a decline from 60.0% in 2023. The public debt is expected to remain high due to increased debt servicing costs as a result of continued currency depreciation and increased interest rates in deve...

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Kenya Listed Insurance FY’2023 Report

Jun 23, 2024

Following the release of the FY’2023 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’2023, Industry Highlights and Challenges, Performance of The Listed Insurance Sector in FY’2023, and, Conclusion & Outlook of the Insurance Sector. Section I: Insurance Penetration in Kenya Insurance uptake in Kenya remains...

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Kenya Listed Banks Q1’2024 Report

Jun 16, 2024

Following the release of the Q1’2024 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 Q1’2024 Earnings Note KCB Group Q1’2024 Earnings Note Standard Chartered Bank Kenya Q1’2024 Earnings Note ABSA Bank Kenya Q1’2024 Earnings Note

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Kenya’s Real Estate Investment Trusts (REITs) FY’2023 Report

Jun 9, 2024

Following the release of the FY’2023 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 FY’2023 Earnings Note LapTrust Imara I-REIT FY’2023 Earnings Note Acorn I-REIT and D-REIT FY’2023 Earnings Note The report is themed “Strategies for Advancing Kenya's REIT Market,” where we discuss the background and structure of REITs in Kenya, and assess the fin...

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