Bloomberg News

Co-operative Bank of Kenya Hits Six-Month High: Nairobi Mover

May 15, 2012

Co-operative Bank of Kenya Ltd., the country’s fourth-biggest lender by market value, headed for the highest in six months on bets first-quarter earnings will grow.

The stock advanced 0.7 percent to 14.10 shillings by 2:48 p.m. in Nairobi, the capital. A close at that level would be the strongest since Nov. 14, according to data compiled by Bloomberg.

“They are yet to release their first-quarter numbers and a section of the market believe earnings per share could grow 10 percent to 15 percent quarter-on-quarter,” George Bodo, head of research at Nairobi-based Old Mutual Securities Ltd. said in a phone interview today.

Equity Bank Ltd. (EQBNK), Kenya’s biggest lender by market value, posted a 13 percent increase in first-quarter profit to 2.64 billion shillings ($31.7 million) as loans surged. Kenya Commercial Bank Ltd. (KNCB), the second-biggest, had a 37 percent jump in first-quarter earnings. Both lenders reported earnings on April 26.

In the full year to December, Co-operative Bank said net income increased 17 percent to 5.36 billion shillings.

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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