Barclays Kenya Jumps Most in 3 Months on Profit: Nairobi Mover
Barclays Bank of Kenya Ltd., the nation’s third-largest lender by market value, rose the most in three months after first-quarter net income advanced 29 percent.
The stock gained 3.1 percent to 13.45 shillings by the 3 p.m. close in Nairobi, the capital, its highest level since March 23 and the biggest increase since Feb. 16.
Net income climbed to 1.97 billion shillings ($23 million) in the three months through March from 1.53 billion shillings a year earlier, the Nairobi-based bank said in an e-mailed statement yesterday. Net interest income, the amount banks earn from interest charges on loans, increased 19 percent to 4.38 billion shillings, it said. Provisions for bad loans dropped 11 percent to 314 million shillings.
Earnings were supported by year-on-year growth in net interest income and declining provisions for bad debt, Nairobi- based Kestrel Capital East Africa Ltd. said today in an e-mailed note.
For the full year through December, profit before tax will probably grow 5.8 percent to 12.7 billion shillings “on the back of improved cost-to-income ratio and growth in forex income,” according to Kestrel.
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