We research widely to deliver unique insights.

We research widely to deliver unique insights.
Recent Research

11 June, 2023 Investment Reports
Following the release of the FY’2022 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. The report themed “Sustained Growth in Earnings on the back of improved Efficiency”, where 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 s...
4 June, 2023 Investment Reports
Industry Reports During the month, the following industry reports were released and the key take-outs were as follows: Cytonn Report: Notable Industry Reports During the Month of May 2023 # Theme Report Key Take-outs 1 Real Estate Mortgage  Bank Supervision Annual Report 2022 by the Central Bank of Kenya (CBK) ·         The number of mortgage accounts increased by 4.0% to 27,786 in 2022, from 26,723 in 2021, which also represented a 10-year Compounded Annual Growth Rate (CAGR)...
28 May, 2023 Investment Reports
Real Estate development relies on several elements, primarily financing and marketing. Real Estate finance involves providing the necessary financial resources for investment projects aimed at expanding building infrastructure and services. On the other hand, Real Estate marketing serves as a connection between those responsible for the production of various Real Estate properties such as residential houses and offices and those who purchase and benefit from them. Its objective is to fulfill the needs and desires of individuals by offering properties, whether it be land or housing, at the righ...
21 May, 2023 Investment Reports
People face various financial obligations in different stages of their lives that range from medical expenses, education expenses and other miscellaneous expenses. Currently, the expenses have been worsened by the high cost of living in Kenya that has adversely impacting the financial stability and overall well-being of the people.  Despite the high cost of living, it is key to note that a lot of financial challenges are often caused by poor financial planning. Financial Planning refers to a process that help an individual to make sound decision about money that can help one to achieve fi...
14 May, 2023 Investment Reports
According to the World Bank, Kenya's urbanization rate stood at an average of 3.7% as of 2021, higher than the global average of 1.6%. Similarly, the annual population growth rate averaged 1.9% as of 2021, which is also higher than the global average of 0.9%. As a result, the demand for housing in Kenya is very high, far exceeding the available supply, with Centre for Affordable Housing Finance Africa (CAHF) estimating that there is an 80.0% annual housing deficit in Kenya. This is evidenced by the fact that only 50,000 new houses are delivered annually in the country, whereas the demand is es...
7 May, 2023 Investment Reports
Last year, we published our Nairobi Metropolitan Area (NMA) Residential Report 2022, titled ‘Improved Property Prices to Shape Market Recovery,’ in which we examined the performance of 35 residential nodes. This week, we update our analysis with the Nairobi Metropolitan Area (NMA) Residential Report 2023 titled ‘Resilient Market with Steady Growth Potential’ by highlighting the residential sector's performance in the region in terms of price appreciation, rental yields, and market uptake, based on the coverage of 35 regions within the Nairobi Metropolis. We also shall a...
30 April, 2023 Investment Reports
Unit Trust Funds (UTFs) are Collective Investment Schemes that pool funds from different investors and are managed by professional fund managers. The fund managers invest the pooled funds in a portfolio of securities such as equity stocks, bonds or any authorized financial securities, with the aim of generating returns to meet the specific objectives of the fund. Following the release of the Capital Markets Authority (CMA) Quarterly Statistical Bulletin-Q1’2023, we analyze the performance of Unit Trust Funds for the period ending 31 December 2022, whose total Assets Under Management (AUM...
23 April, 2023 Investment Reports
Following the release of the FY’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 FY’2022 Earnings Note; KCB Group FY’2022 Earnings Note; Standard Chartered Bank Kenya FY’2022 Earnings Note; ABSA Bank Kenya FY’2022 Earnings Note; NCBA Group FY’2022 Earnings Note; Co-operative Bank FY’2022 Ea...
16 April, 2023 Investment Reports
Debt sustainability has been a critical issue in the Sub-Saharan Africa region as several countries are facing high risk of debt distress. We have seen countries such as Zambia and Ghana having to restructure their debt to avoid a complete default on their loans. Similarly, concerns remain high on Kenya’s debt sustainability as a result of the continued rise in country’s debt levels with institutions such as World Bank and the International Monetary Fund (IMF) stressing on the need for Kenya to focus on fiscal consolidation. As of December 2022, total public debt stood at Kshs 9.1...
9 April, 2023 Investment Reports
The Pension industry in Kenya has been negatively impacted by the various unprecedented economic occurrences such as the slow rebound of the financial markets after the adverse effects of COVID-19 as well as uncertainties around the general elections which slowed down economic activities in the country. Additionally, the high cost of living occasioned by elevated fuel and food prices as a result of sustained supply constraints have weighed down on the adequacy of disposable income available for saving for retirement as well as the sustainability of the pension industry in Kenya. This is eviden...
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