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KCB Group After Tax Up 10%

BY · October 30, 2015 08:10 am

The bourse was characterized with mixed performance as observed on the indices in Thursday’s trading session. The NSE-20 share lost a marginal 0.56% to settle at 3884.13 points while the NSE-25 Share index nudged upwards by 0.91% to close at 4059.32 points at the end of today’s session. The Nairobi All Share Index (NASI) remained on the green, advancing marginally by 0.06% to close at 138.07 points.

Equity turnover made a hefty rise of 268.88% to close at KES 3.63Bn, which could have been buoyed by a large block of trade passed in the market. Shareholders’ wealth also expanded by a marginal 0.06% to close at KES 1,942.07 Billion. Market breadth, showed a slight decline as the number of stocks that advanced -10 were outweighed by the number of stocks that declined -19.

Operating in an environment of high interest rate, KCB Group Ltd (NSE: KCB) announced its Q3 15 results for the period ended 30th September 2015 recording a 10% growth in after tax profits to KES 13.73 Billion up from KES 12.58 Billion. The Group’s regional businesses contribution rose to 12% this year up from 7% in 2014 propped up by growth in regional banking subsidiaries.

This translated into Kenyan banking contributing 88% of profits, posting KES 11.9 Billion up from KES 11.3 Billion last year. The Bank has received an approval t0 open an office in Ethiopia furthering plans to enter more markets. We expect the bank’s diversified products to continue driving non funded income growth. In addition, further integration and use of the mobile banking platform will boost the Group’s bottom line growth.

Equity Market Highlights

Equity Group Holdings Ltd (NSE: EQTY) was the most actively traded stock today accounting for 90.32 % of the total market value traded activity. Safaricom Ltd (NSE:SCOM) closed in second place, accounting for 2.35% of the days traded value.

Equity Group Holdings Ltd (NSE: EQTY) capped the gainers list appreciating by 9.15% to close the day at KES 44.75. National Bank of Kenya Ltd (NSE: NBK) appreciated by 5.69%, to close at KES 15.80.

Kakuzi Ltd (NSE: KUKZ) was the top loser of the day edging down by 9.09 % to close at KES 300. Eveready E.A Ltd (NSE: EVRD) strayed behind, depreciating by 9.09% to close at KES 2.50.

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