Bloomberg the Company

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Follow Us

Industry Products

Kenya Commercial Bank Climbs to Record High: Nairobi Mover

Don't Miss Out —
Follow us on:

Feb. 11 (Bloomberg) -- Kenya Commercial Bank Ltd., the country’s biggest lender by assets, rose to a record high on speculation profit increased last year.

KCB, as the lender is known, climbed 3.5 percent to close at 36.75 shillings a share in Nairobi, the highest since at least May 1997. More than 2 million securities changed hands, 123 percent of the three-month daily average. The stock has risen for six straight days, the longest streak in almost a month.

The company will announce full-year earnings later this month. Profit in the nine months through September surged 35 percent to 8.69 billion shillings ($99.3 million) as income from loans grew, it said Oct. 25.

“We expect strong earnings based on what they had done by the end of the third quarter,” Ted Macharia, a research analyst at Nairobi-based AIB Capital, said by phone. Profit after tax will be about 13 billion shillings, he said.

KCB’s earnings per share in the fourth quarter are estimated to climb to 1.3 shillings from 1.11 shillings the previous quarter, George Bodo, head of Africa banking research at Ecobank Capital Ltd., said in a phone interview.

The stock has climbed 25 percent this year, compared with a gain of 19 percent for the Nairobi Securities Exchange All Share Index, according to data compiled by Bloomberg.

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

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.