Kenya's NIC Bank posts jump in Q1 profit
Thu May 6, 2010 3:50am EDT
Stocks

National Industrial Credit Bank Ltd
NIC.NR
Kshs.38.75
+1.50+4.03%
12:00am GMT+0300
NAIROBI, May 6 (Reuters) - Kenya's NIC Bank (NIC.NR) on Thursday posted a 42.3 percent jump in group pretax profit for the quarter ended March 31 and said its total asset base grew to 52.38 billion Kenya shillings ($677.6 million).

FINANCIALS

Ranked 11th biggest bank in the east African nation by assets at the end of 2009, the group said earnings per share rose to 1.10 shillings for the quarter from 0.77 shillings.

Total non-performing loans and advances increased to 1.37 billion shillings from 1.06 billion.

Leading Kenyan banks are relatively optimistic about the prospects for this year after a tough 2009.

NIC said in December it expected an improved economic outlook at home and abroad to bolster profit growth this year after the group recorded an increase in gross profits of 3 percent in 2009.

Many banks struggled to maintain profit growth rates last year due to the effects of the global economic slowdown and a severe drought which hampered recovery from Kenya's bloody post-election crisis in 2008

Remember they gave a bonus, so add market value of the 1 for 10 bonus.

Now i await for the the stock price to do the same high jump. As one investor guru said : a stock price alwayz follows gud co. Performance .and how right he was on NIC . Lol

guru, I think qw was talking about an investment guru i.e. Buffett, who said that a stock price always follows a company's performance. But just for the record, I think you sound like a dudette

I second that suggestion bro