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Kenya Commercial Extends Gains Ahead of Earnings: Nairobi Mover

Feb. 29 (Bloomberg) -- Kenya Commercial Bank Ltd., the East African nation’s biggest lender by assets, extended its gains into a fourth day on speculation full-year earnings will increase.

The lender rose 1.2 percent to 20.50 shillings as of 2:02 p.m. in Nairobi, the capital, its longest winning streak since Feb. 16

“KCB Bank is expected to continue trading actively with increased demand being observed on the stock” ahead of its 2011 results which will probably be released March 1, Nairobi-based Kestrel Capital East Africa Ltd. said in an e-mailed note today.

The company’s net income increased to 7.18 billion shillings ($87 million), or 2.76 shillings per share, in 2010 from 4.08 billion shillings, or 1.84 shillings a share, a year earlier. Net interest income, the money banks earn from loans, jumped 36 percent to 19.6 billion shillings.

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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