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Barclays Kenya Slides Most in 8 Weeks on Profit: Nairobi Mover

May 31 (Bloomberg) -- Barclays Bank Kenya Ltd., the nation’s third-biggest lender by market value, dropped the most in eight weeks after it said first-quarter profit slid.

The Nairobi-based bank fell 3.2 percent, the most since April 4, to 17.95 shillings by the 3 p.m. close in Nairobi, the capital. The number of shares traded was 31 percent of the stock’s three-month average volume, according to data compiled by Bloomberg.

Net income in the three months through March declined to 1.66 billion shillings ($19.5 million), compared with 1.97 billion shillings a year earlier, the company said yesterday. Net interest income, the money banks earn from loans, rose to 4.52 billion shillings, from 4.38 billion shillings a year ago. Profit slipped after the bank incurred a one-off 658 million shillings reorganization charge.

Equity Bank Ltd., the biggest Kenyan lender by market value, said May 6 first-quarter profit jumped 22 percent to 3.21 billion shillings. On May 8, Kenya Commercial Bank Ltd., the second-largest lender, reported a 25 percent growth in profit to 3.03 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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