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Browsing: stock markets
The Kenyan stock market resumed Wednesday following the general election break with a $268 million gain, as early results revealed a close contest involving Deputy President William Ruto and former Prime Minister Raila Odinga.
The release of first quarter results (1Q21) in the banking sector has been pertinent in the bourse in this review…
KCB Group Plc reported a 22.2% y/y decrease in EPS to KES6.11. The turn in profitability was mainly due to a slight doubling in Loan Loss Provision (LLP) to KES27.5Bn. Net Interest Income (NII) recorded a solid growth of 21.0% y/y to KES67.9Bn. The balance sheet grew 9.9% y/y to KES987.8Bn, propelled by growth in both deposits (driven by precautionary instincts due to COVID-19 shock) and loan book. During the period, the company rallied from KES38.75 at the beginning of the month and closed at KES41.3 accounting for a significant investor participation in the sector.
Equity Group reported an 11.6% y/y decrease in EPS to KES5.24. The drop in profitability was as a result of a quadrupling in LLP to KES26.6Bn. Its balance sheet grew by half its previous level to KES1,015.1Bn. Equity group benefited from its digital transformation that accounted for 63% of the total transactions being generated outside the branch network. Its 66.5% acquisition of Banque Commerciale Du Congo that widened the bank’s penetration in the regional market increased its customer deposits by 53% to KES740.8Bn, boosting investor confidence in the growth of the bank across the region.
Concerns about the pandemic especially with new fast spreading mutations, heightened political activity and uncertainty around the shape of business and economic recovery continues weighing heavily on risk asset pricing in the local market.
The distribution of vaccines is off to a slow start especially in the developed countries while locally, news flow indicate vaccines will be available later this month than as previously indicated.
One of the oddest by-products of the Covid-19 pandemic is how it has affected many investors’ attitude to risk. Over…