Banks listed on the Nairobi Securities Exchange (Kenya's financial market) posted a strong stock market performance for the 30 days ending August 31, 2020.
The Co-operative Bank, Equity Group, ABSA, and Kenya Commercial Bank posted an increase of 13.3%, 12.6%, 10.6%, and 7.6%, respectively. Overall, bank stocks pulled the Nairobi Stock Exchange upward over the period under review.
This result, a sign of positive sentiment among investors, contrasts, however, with the mixed performances in the first half of 2020. For 9 of the 10 banks listed on the Kenyan market, the overall net profit was 30.2 billion shillings ($279.45 million), down 25% compared to the same period in 2019.
This situation is mainly due to the increase in credit risk provisions, which now amount to KSh38.7 billion. This amount is 228% higher than that in 2019 and far exceeded the forecasts of analysts who only envisaged 24 billion shillings of provisions over the period.
On September 4, several banks listed in Kenya ended the session with declining shares. The decline was significant for Kenya Commercial Bank and Equity Group. They failed to meet investors’ expectations over the first six months of 2020.
Idriss Linge
Telecel Ghana to boost network investment by 150% in 2026 Expansion targets capacity, reliabi...
Namibia and Russia agreed to expand cooperation across energy, mining, and agriculture. Both coun...
Four years after Russia’s 2022 invasion of Ukraine, the fertilizer market is facing a new shock as m...
Cameroon signs MoUs for $1.5 billion waste-to-energy projects Plans target waste treat...
Côte d’Ivoire raises 110bn CFA francs, meeting full target Investor demand hits 291bn CFA fra...
Sonatrach to begin drilling at Kafra block in Niger Operations target oil potential across 23,737 sq km area Project revives 2018 discovery with...
Rockefeller, GEAPP commit over $100 million to Mission 300 initiative Funds support electrification planning, coordination, and investment...
Deal covers counterterrorism, conflict prevention, and cybersecurity cooperation EU delivers military equipment under €50 million support...
Project upgrades 77 km road to boost trade, regional connectivity Initiative aims to create jobs and support economic growth Cameroon and...
AI forces newsrooms to balance automation with credibility and trust Agentic AI boosts efficiency but risks scaling disinformation...
Kumbi Saleh is regarded as one of the earliest major political and commercial capitals of West Africa. Located in present-day Mauritania, near the border...