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Banks eat old giants’ lunch in stockbrokers profit race
Nairobi Securities Exchange (NSE) on the trading floor of the Exchange building. The Nairobi Securities Exchange (NSE) incubator programme, Ibuka has struggled to revive listings on the bourse more than five years since launching in December 2018. FILE PHOTO | NMG
Bank-owned stockbrokers and investment banks have edged their standalone rivals in the profit race, riding on alternative revenue streams enabled by their parent companies at a time when the traditional income from trading commissions has shrunk.
Half-year financial results published by the market intermediaries show that SBG Securities, which is owned by Stanbic Bank Kenya, NCBA Capital, Equity Investment Bank (EIB) and KCB Investment Bank sit at the top of the profits table, beating former market leaders such as Dyer & Blair Investment Bank, Kestrel Capital and Renaissance Capital (Rencap).
