I have always wondered why in this age of IT our banks require two months or more to release their financial results?

I believe that all financial institutions especially banks "reconcile" their affairs fully at the end of each busines day and for the external audit, the half-year exercise is only a limited review and not a full audit, an exercise than can be completed within a week.

So why are financial institutions in Kenya unable to release their results within 30 days of the reporting date?

Then the dividends (if you are lucky) are released a whole six months after the reporting date yet these are cash-rich enterprises!

Shareholders deserve better.

Because in times of CRISIS such as this, investors flee to safe (read USD denominated) assets and exit riskier assets such as emerging markets, commodities and EM currencies. I am actually surprised that the Kenyan market has held up very well so far.

"KCB is now ranked Kenya’s most profitable lender ahead of Equity which posted Sh6.3 billion in half-year profits and Co-operative Bank at Sh4.7 billion.

The bank’s staff costs increased seven per cent to Sh6.3 billion, attributed to a Sh750 million one-off cost in laying off 200 staff members early this year.

KCB’s volume of bad loans was up 73 per cent to Sh8.8billion, blamed on a government freeze on paying State suppliers in the run up to the March poll.

This is in line with an industry-wide trend which saw total non-performing loans increase 10 per cent as at the end of June."

IT savvyness doesn't really much influence release dates. I think its more of a business/board of directors prerogative and CMA rules. Some boards deliberately delay release when they either want to 'play' the market or heighten anxiety especially when expecting good result. There is a chance of marginal gains depending on how well they play the market. IMHO