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Kenya Commercial Bank’s Shares Surge to Record: Nairobi Mover

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Jan. 11 (Bloomberg) -- Kenya Commercial Bank Ltd., East Africa’s biggest lender by assets, outlets and profit, climbed to the highest on record on bets income will keep growing this year.

The shares gained 3.2 percent, the most since Dec. 13, to 32.75 shillings by the 3 p.m. close in the capital, Nairobi. About 3.56 million shares traded, or 214 percent of the three-month daily average, according to data compiled by Bloomberg.

“It is trading below our fair value, and our fair value is 34 shillings,” Francis Mwangi, head of research at Nairobi-based Standard Investment Bank Ltd., said in a phone interview today. “We expect earnings to grow, mainly driven by focus on increasing the number of products being used by each customer and cost cutting.”

The bank on Nov. 30 promoted Chief Financial Officer Joshua Oigara to chief executive officer effective Jan. 1.

The lender’s earnings in the nine months through September surged 35 percent to 8.69 billion shillings ($100 million).

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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