Interims announced this week

In order of performance vs. expectation:
TPS: PAT doubled in H1'07 compared to last year as the group consolidated its lead in the Kenyan and TZ markets. TPS has also acquired hotels in Rwanda and Burundi and is using this to sell "Destination East Africa" tour packages. Barring anymore adverse travel notices and with improved road network, TPS Serena being the only tourism related stock on the NSE allied to AKD ownership should be a must-have. Despite a bonus issue, share price is nearly back to pre-bonus levels. Has exceeded expectations.
EACables: A 45% growth in after tax earnings is good going given the continued rise in base metals. EA Cables has just completed its new factory. This will enable it be in a position to provide fibre optic cables to the new market. Its also looking at entrenching its top position in East Africa while expanding to South Sudan and Central Africa. Watch this space.
NBK: Leapfrogged Equity to announce its results first. No major surprises in terms of rise in PBT of 34%. Closer scrutiny of P&L and BS did reveal several puzzles. PBT rise was primarily due to lower loan loss provision (because of fewer loans?) and Fees and Comms. Interest income fell by 20% due to lower rates compared to last yr. The bank has a very small loan book. The real puzzle was that after repayment of 20bn npl by GoK its 33bn NPL has fallen to 5bn? The new initiative announcements are also fairly dull. If a bank is going into mortgages or rural areas similar to 5 others, it has be able to say this is what will distinguish us from say Equity in the rural area or Stanbic in mortgages. There is also the risk of over-paying to snatch customers from existing banks or getting lousy customers in the case of mortgages.