Absa bank net profit drops by 85% in the first half of 2020 due to the corona virus pandemic

KENYA – Absa Bank Kenya, a commercial bank, has announced that its net profit dropped by a record 85 percent in the half year ended June to KSh588.9 million (US$5.44m) as the lender’s raised provisions for coronavirus-related defaults. The Nairobi Securities Exchange-listed firm’s net earnings stood at KSh3.8 billion (US$35.13m) a year earlier. Absa did not declare an interim dividend, saving KSh1 billion (US$9.24m) based on its previously unbroken tradition of paying KSh0.2 per share. KCB Group and Standard Chartered Bank Kenya also skipped interim dividends as banks focus on…

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Aleph hospitality managed hotel Ramada by Wyndham re-opens in Addis Ababa

ETHIOPIA – Aleph Hospitality, Dubai-based independent hotel management company, has reopened the Ramada by Wyndham Addis, in Addis Ababa, Ethiopia took over the management of earlier this year and partially closed it due to the Coronavirus outbreak. The hotel has  re-opened with a complete set of measures to protect the safety and wellbeing of its guests featuring best in class health and hygiene protocols in line with the guidelines and regulations of the World Health Organization and local health authorities. “We’re honoured to have been awarded the management contract for…

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