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NIC Bank of Kenya Declines Most in 10 Months: Nairobi Mover

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Jan. 23 (Bloomberg) -- NIC Bank Ltd., the best-performing stock among Kenyan lenders last year, dropped the most in more than 15 months as some investors took profit.

Shares in the lender fell 5.6 percent to 42.25 shillings by the 3 p.m. close in the capital, Nairobi, the largest decline since March 22, 2012. About 35,900 shares traded, or 24 percent of the three-month daily average, according to data compiled by Bloomberg.

“Considering the company’s share price almost doubled last year, guys are taking the gains made,” Francis Mwangi, head of research at Nairobi-based Standard Investment Bank Ltd., said by phone today. “Our fair value is 45.39 shillings so even at the current price it is a hold recommendation on our side.”

NIC shares rallied 93 percent last year, outpacing a 39 percent surge on the Nairobi Securities Exchange All-Share Index last year. The stock has climbed 10 percent this year.

Net income in the nine months through September advanced to 2.4 billion shillings ($27 million) from 1.77 billion shillings a year earlier, NIC said on Nov. 22. Net interest income, the money banks make from loans, grew 34 percent to 3.99 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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