Kenya’s NIC Bank Rallies to 4-Year High on Profit: Nairobi Mover

NIC Bank Ltd. (NICB), the best performing stock among Kenyan lenders this year, climbed to the highest level in more than four years after saying profit in the first nine months of the year surged 36 percent.

Shares in the Nairobi-based lender advanced 6.7 percent to 40 shillings by 11:45 a.m. in the capital. A close at that level will be the highest since April 2008. The volume of shares traded was five times the three-month daily average, according to data compiled by Bloomberg.

Net income in the nine months through September climbed to 2.4 billion shillings from 1.77 billion shillings a year earlier, the lender said yesterday. Net interest income, the money banks make from loans, grew 34 percent to 3.99 billion shillings.

“The company released good results and the stock has particularly gone up today in reaction to that,” Rufus Mwanyasi, head trader at Nairobi-based Canaan Capital Ltd., said in a phone interview.

To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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