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Kenya's KCB group says Q1 pretax profit up 6 pct
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researchfirst
#1 Posted : Thursday, May 26, 2016 3:57:35 PM
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Location: Nairobi
NAIROBI May 26 (Reuters) - Kenya's KCB Group,, the country's biggest bank by asset, said on Thursday first-quarter 2016 pretax profit rose 6 percent to 6.6 billion shillings ($66 million), helped by higher interest income.

The bank's net loans and advances to customers rose to 345.94 billion shillings, from 297.03 billion shillings a year earlier. That led to a 24 percent rise in net interest income to 11.45 billion shillings. ($1 = 100.6000 Kenyan shillings) (Reporting by George Obulutsa; Editing by Susan Fenton)
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mlennyma
#2 Posted : Thursday, May 26, 2016 4:38:29 PM
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researchfirst wrote:
NAIROBI May 26 (Reuters) - Kenya's KCB Group,, the country's biggest bank by asset, said on Thursday first-quarter 2016 pretax profit rose 6 percent to 6.6 billion shillings ($66 million), helped by higher interest income.

The bank's net loans and advances to customers rose to 345.94 billion shillings, from 297.03 billion shillings a year earlier. That led to a 24 percent rise in net interest income to 11.45 billion shillings. ($1 = 100.6000 Kenyan shillings) (Reporting by George Obulutsa; Editing by Susan Fenton)

struggling lion,no wonder the delay,rights issue and quiet release
"Don't let the fear of losing be greater than the excitement of winning."
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VituVingiSana
#3 Posted : Thursday, May 26, 2016 4:40:34 PM
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Joined: 1/3/2007
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Equity is KE's #1 bank in terms of profits...
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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watesh
#4 Posted : Thursday, May 26, 2016 6:07:35 PM
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This is why they delayed the results and i can guess South Sudan currency is the main cause. The accounted for 9% of their profits
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muandiwambeu
#5 Posted : Thursday, May 26, 2016 6:14:52 PM
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Joined: 8/28/2015
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mlennyma wrote:
researchfirst wrote:
NAIROBI May 26 (Reuters) - Kenya's KCB Group,, the country's biggest bank by asset, said on Thursday first-quarter 2016 pretax profit rose 6 percent to 6.6 billion shillings ($66 million), helped by higher interest income.

The bank's net loans and advances to customers rose to 345.94 billion shillings, from 297.03 billion shillings a year earlier. That led to a 24 percent rise in net interest income to 11.45 billion shillings. ($1 = 100.6000 Kenyan shillings) (Reporting by George Obulutsa; Editing by Susan Fenton)

struggling lion,no wonder the delay,rights issue and quiet release

let Simba lead the pack out of the woods has the bear bite continues, seams that all have chickened out. should Simba lead safcom outa woods to be more precise.
,Behold, a sower went forth to sow;....
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VituVingiSana
#6 Posted : Thursday, May 26, 2016 7:26:14 PM
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Joined: 1/3/2007
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Location: Nairobi
KCB (Kenya) has increased the TNPLs by 6bn (1c) but only provided for an additional 1.5bn from Dec 2015. (1d)

The NNPL Exposure is up by 3bn from Dec 2015. It was zero at Mar 2015 but now at 4.1bn. (1g).

Will KCB have to 'zero' it out by taking an additional provision on the P&L of 4.1bn in future months?

The NNPL is 11.7bn (1e) but the Discounted Value of Securities is only 7.6bn (1f) so even of KCB can recover 100% of the DVS, it will still be short 4.1bn and therefore shouldn't KCB provide for it as part of the prudential guidelines?
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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