Bloomberg News

Barclays Kenya Advances Most in Almost Two Weeks in Nairobi

January 31, 2012

(Updates with analyst comment in third paragraph.)

Jan. 31 (Bloomberg) -- Barclays Bank of Kenya Ltd., the nation’s biggest lender by market value, rose the most in almost two weeks on speculation its fourth-quarter earnings increased.

The stock advanced as much as 1.2 percent, the most since Jan. 18, to 12.50 shillings. It was unchanged at 12.35 shillings by the close in Nairobi.

“There are some recoveries of loans that the bank has made which could improve its earnings, we project earnings per share of at least 1.55 shillings compared to 1.12 shillings” in the previous quarter,” Vimal Parmar, head of research at Kestrel Capital East Africa Ltd. said in a phone interview today.

Barclays’ nine-month profit through to September climbed 11 percent as operating costs dropped. Net income climbed to 6.11 billion shillings ($72.7 million) in the period through September from 5.49 billion shillings a year earlier, the Nairobi-based lender said in November. Operating expenses fell 16 percent to 10.7 billion shillings, it said.

--Editors: Stephen Kirkland, Linda Shen

To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net


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