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Recent Topicals

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Real Estate Investment Trusts (REITs) Progress in Kenya

Dec 18, 2022

Kenya's Real Estate sector contribution to GDP has grown exponentially in recent years, expanding at a CAGR of 6.2% over the past five years. Some of the factors that have driven the upward performance of the Real Estate sector include; i) Rapid population growth and urbanization, ii) rapid expansion drive by both local and international retailers which boosts the performance of the retail sector, iii) reopening and expansion of the hospitality sector on the back of economic recovery, coupled  with the improved investor confidence in the sector, iv) high investor appetite for Mixed Use Developments (MUDs) owing to their convenience, and, v) efforts to improve infrastructure across the country which further opening up various locations for investment.  Despite this, the sector’s performance has been weighed down by a couple of challenges over the recent years such as the onset of the COVID-...

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Kenya Listed Banks Q3’2022 Report

Dec 11, 2022

Following the release of the Q3’2022 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 Q3’2022 Earnings Note; KCB Group Q3’2022 Earnings Note; Standard Chartered Bank Kenya Q3’2022 Earnings Note; ABSA Bank Kenya Q3’2022 Earnings Note;

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Nairobi Metropolitan Area (NMA) Serviced Apartments Report 2022

Nov 27, 2022

In 2021, we published the Nairobi Metropolitan Area Serviced Apartments Report 2021, which highlighted that serviced apartment’s average rental yield grew by 1.5% points to 5.5%, from the 4.0% recorded in 2020. This was attributed to an increase in monthly charges per SQM by 0.7% to Kshs 2,549, from Kshs 2,533 recorded in 2020, coupled with an increase in occupancy levels by 13.5% to 61.5%, from 48.0% recorded in 2020. The improvement in performance was attributable to increased demand for hospitality facilities and services as a result of the reopening of the economy, the return of international flights, and the improved rent collection amounts by serviced apartments that had previously been issuing discounts to attract and maintain clients. This y...

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Kenya’s Credit Reference Bureau Framework

Nov 20, 2022

Last week, in our Cytonn weekly #45/2022, we took a look at Kenya’s Private Sector Credit growth, in which we highlighted that, currently at 26.1% of GDP, Kenya’s Private Sector Credit continues to lag behind other economies. In 2020, Kenya’s Private Sector Credit growth at 32.1% of the GDP was outperformed when compared to advanced economies such as the United States of America and Japan at 216.0% and 192.8%, respectively, as well as Sub-Saharan economies such as South Africa and Mauritius at 112.0% and 95.9%, respectively. The graph below shows the comparison of Kenya’s domestic credit extended to the private sector as a % of Gross Domestic Product (GDP) in 2020 against other select economies; Source: World Bank We recommended that, there is need to streamline t...

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The Private Sector Credit Growth

Nov 13, 2022

In Kenya, like every other country in the world, adequate credit to the private sector plays an important role in economic growth by ensuring that there is efficient allocation of resources for investment. Subsequently, for an economy to function well, there should exist alternative sources to provide private sector credit, and the government through its regulatory and legislative arms should provide an enabling environment for businesses to grow and providers of capital to compete. In Kenya, the main provider of capital to businesses is the Banking sector, estimated to provide 99.0%, while alternative sources provide a combined 1.0%. Private sector credit from the banking sector currently stands at Kshs 3.3 tn, equivalent to approximately 26.1% of the GDP. This continues to lag behind other advanced economies such as USA and Japan where the Private sector credit to GDP ratio stood at 216.0% and 192.8% respectively in 2020. Closer to home, in economie...

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