BBK announced frankly disappointing looking numbers and will be the worst among the listed banks (blog on this later). However, if one adjusts for the Ksh1bn spent on new branches and increasing ATMs, the numbers look okish. Apart from bad debts in 2008, the other is issue of concern is that potentially, there will be continually higher staff costs from the additional 4,000 staff.
StanChart has pleasantly surprised with a 32% rise from 2006 driven by FX and Other commissions. Moreover, its been a great year if you are a shareholder of StanChart because adjusting for the shareprice differences, it has a superior div yield and its share price appreciation
is similar to BBK's . Even better for us NIC shareholders. NIC hit 63% rise.
Bamburi saw very strong results on 34% rise in turnover but had Ksh2m wiped of its cashflow due to clinker expenses. It paid a very good dividend for the yr though at Ksh6.
Also announcing interim and others were KPLC, EA Portland (54% down on costs from Clinker), KRe got hit by higher claims but saw 9% rise in PAT due to lower tax rate ; KPLC saw flat turnover and hence slight PAT rise (4%).
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