Operating revenue fell 7.1 per cent to Sh14.7, the second consecutive annual decline and the first back-to-back drop in at least two decades.
Net interest income fell 7.9 per cent to Sh10.4 billion, while non-interest income slipped 5.2 per cent to Sh4.3 billion
Loan interest income bore the sharpest compression, dropping 13.2 per cent to Sh9.97 billion, as the Central Bank of Kenya’s rate-cutting cycle fed through to variable-rate asset yields.
Foreign exchange trading income fell 17.9per cent to Sh1.26 billion, retreating from elevated levels recorded during the shilling depreciation cycle of 2023 and 2024.
One offsetting bright spot was subsidiary income, which grew 25 per cent year-on-year, pointing to early traction in the bank’s revenue diversification agenda outside the core Kenya balance sheet.
Meanwhile, Express Kenya has filed a cautionary notice for a proposed rights issue of up to 50,000,000 new ordinary shares at par value Sh5, on a one-for-one basis.
At par, the issue would raise to Sh250 million, though the actual issue price and final proceeds will be confirmed in an information memorandum pending CMA approval and could exceed that figure depending on the pricing set by the board.
The company is navigating one of the most prolonged financial distress episodes on the Nairobi Securities Exchange, having not posted a full-year profit since 2013.
The transaction, resolved by the board on May 28, requires approval from shareholders, the Capital Markets Authority, and the NSE.
Express Kenya’s revenue fell 19 per cent to Sh21.27 million in the year ended December 31, 2025, a five-year low, while the net loss widened to Sh125 million
Accumulated losses stand at Sh666 million and the company ended the year with Sh1.32 million in cash.
In June 2025, Express Kenya unveiled Project Nexus, a Sh13 billion mixed-use development on its Industrial Area land targeting residential, commercial, and medical facilities along the Mombasa Road corridor.
The rights issue proceeds, combined with the Sh300 million land sale completed in quarter one of 2026, would together total at least Sh550 million at par, enough to cover Phase 1 construction costs in full and make a meaningful dent in non-current borrowings of Sh429.3 million.
The Nairobi Securities Exchange recorded mixed results in the last week of May, with the NASI and NSE 25 share price indices decreasing by 0.01 per cent and 0.39 per cent, respectively, while NSE 20 rose by 0.17 per cent.
Market capitalisation, total shares traded and equity turnover also decreased by 0.01 per cent, 7.3 per cent and 8.89 per cent, respectively.
Bond turnover in the domestic secondary market increased by 26.1 per cent during the week ending May 28.
In the money market, the Treasury bill auction of May 28 received bids totalling.
Sh16.6 billion against an advertised amount of Sh24 billion, representing a performance of 69.2 per cent.
This is despite the interest rate on the 91-day, 182-day and 364-day Treasury bills increasing marginally.
