KA-INVESTOR
Most listed Kenyan banks have just published their half year result ending June 30 2009. But conspicuously missing in these releases is Equity Bank’s results, which in the previous years has always been among the first to be released. So why is it taking them too long this time? Could it be that loan defaults have hit the bottom line with most banks adjusting their loan-loss provisions upwards?
Equity’s Q1 2009 results indicated a 26% YoY increase in PBT [Ksh.1,164 Bln from Ksh.918 Bln]. Nothing fundamental has occurred to warrant any speculation on dismal results for the bank in its H1 09. However if I can remember, the bank was huge on margin lending during the Safaricom IPO in April-May 08 (about Ksh.5 Bln). We all know how that IPO went.
Then there is the ‘I’m a member’ advert (if you live outside .ke you may not be aware of it, but can check it here and here). The advert is trending in Kenya (like #MichaelJackson on twitter!) and everybody seems to like it. But why now and not before?
More H1 09 Surprises:
StanChart (K) pulled a fast one when they reported a 46% rise in its PAT for H1 09, while other banks like KCB and BBK, known for impressive results, reported dismal growth of 1.8% and 7.5% respectively.
More results at Nairobist Stocks
