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Standard Chartered Posts Remarkable Performance in Q1 of 2016

BY Soko Directory Team · May 26, 2016 08:05 am

Equities

The market continued an upward trajectory from the previous day, with an uptick in indices and improvement in trading levels displayed by the value of transactions. The NSE-20 Share Index extended by 0.95% to close at 3912.33 points whilst the NSE-25 Share Index, edged up marginally by 0.081% to perch at 4212.46 points. The Nairobi All Share Index (NASI) and market capitalization also rose, closing the day’s trading at 146.27 points and KES 2,061.67 billion, respectively. Equity turnover also extended, appreciating by 55.07% to close at KES 847.55 million.

Standard Chartered posted remarkable performance in the first quarter of 2016, posting an after tax profit of KES 2.6 billion relative to KES 1.8 billion recorded in the same period last year. The 44.4% rise in net profit was attributed by an increase in interest income which grew from KES 6.4 Billion, despite a contraction in the lenders loan book. Furthermore, restructuring efforts implemented in 2015 also supported an improvement in income, bringing the lender at the top of the banking league in the first quarter. To add to the positive news, customer deposits extended by KES 12.5 billion to KES 184.5 billion. However, the lender recorded a rise in gross non-performing loans to KES 15.4 billion from KES 8.3 billion in the period, but the loan loss provision remained almost flat at KES 728 million. Meanwhile, the bank’s core capital increased by Sh1 billion to Sh34.2 billion.

Equity Market Highlights

Equity Bank Holdings Ltd (NSE: EQTY) was the most actively traded stock today accounting for 43.04% of the total market value traded activity. Kenya Commercial Bank Ltd (NSE: KCB) also registered robust levels of activity, accounting for 15.92% of the total market turnover.

CFC Stanbic of Kenya Holdings Ltd (NSE: CFC) capped the gainers list, advancing by 8.19% to close the day at KES 92.50. Longhorn Publishers Ltd (NSE: LKL) surged by 7.69% following Centum’s investment in its rights issue, to close the day as the second best performer at KES 5.60.

Mumias Sugar Company Limited (NSE: MSC) emerged as the top loser of the day, slumping by 7.14% to close at KES 1.30. Trans-Century Ltd similarly lost 3.92% to close at KES 4.90.

Article by Genghis Research.

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system. Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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