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Cooperative Bank of Kenya Gains Most in 3 Weeks: Nairobi Mover

Nov. 15 (Bloomberg) -- Co-operative Bank of Kenya Ltd., the nation’s fourth-biggest lender by market value, gained the most in three weeks after reporting that profit jumped by a third for the nine months through September.

Shares climbed 1.2 percent to 12.55 shillings by the 3 p.m. close in the capital, Nairobi, the largest advance since Oct. 24, according to data compiled by Bloomberg. About 1.41 million shares traded, 156 percent of the three-month daily average amount.

Net income advanced to 5.9 billion shillings ($68.9 million) from 4.5 billion shillings a year earlier, the lender said today in a statement e-mailed by the Nairobi Securities Exchange. Net interest income, the money lenders make from loans, surged 33 percent to 11.7 billion shillings.

“There was quite a significant increase in loan disbursement and net interest income was also good because most loans are still carrying high interest rates,” Faith Atiti, an analyst at Nairobi-based NIC Securities Ltd., said in a phone interview today. “The cost of funds eased in the third quarter because interest on deposits slowed, so margins should also be going up.”

Equity Bank Ltd., Kenya’s largest lender by market value, reported a 14 percent jump in profit to 8.3 billion shillings on Nov. 6 while Kenya Commercial Bank, the biggest by assets, said profit increased 35 percent to 8.69 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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