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9 items tagged "Finance"

Related tags: Family [+], City [+]

• May 08, 2009
• 9:36

  AGM Split

   » ‎ bankelele

  Tags:  Family Finance  

  Family Bank and KCB 2009 AGM
  
  Family Bank is 25 years old this year and is about the 21st largest bank in Kenya. It is in some circles known as Equity Blue because of some similarities with retail giant Equity Bank (it operated as family finance building society till May 2007)
  
  They held their AGM today in Nairobi; it was a straight forward meeting, very informal. Chairman is Mr. Titus Muya who’s the founder and was also the CEO till about two easy ago when he relinquished that post reluctantly.
  
  Q&A
  Joseph Kaguthi, former PC, Anti-drug tsar is a shareholder in the company and also asked some good questions (he’ll be referred to as JK)
  
  Q. When will the bank list it shares? Many shareholders bought share in the bank in anticipation of it listing soon (JK noted they said they’d so it within three years and they’d be a market for their shares and asked the board to clarify the over the counter (OTC) market as more people want to buy shares in the bank
  A. Management replied that they were ready to list last year/early this year, but that the timing was not right I.e. Nairobi stock exchange was in a down mode, see Co-Op Bank shares after IPO
  
  On Presentation of the annual report
  - JK noted they have improved presentation of the report by including report, missions, vision, values, but he asked them to now include a list of top 10 shareholders as this was a governance issue
  Q. another asked why if retained earnings were high, the bank was giving low dividend?
  A. Need retained earnings to grow. Also company can’t pay share capital or premium back to shareholders
  
  Q. loans as security - One shareholder who’s a carpenter narrated a tale of how he fell sick for many months and ran out of funds; he wanted to take a loan using his share as collateral
  A. company act doe not allow one to sue company’s shares to borrow from same company
  
  Q. why are non performing loans high
  A CEO O said their bad loans are 6% of loan book compared to banking sector average of 11%. Also they are mining those and collected 100 million from non performing loans last year
  
  Investor outlook
  - Only customers can buy shares in the bank
  - May have raise capital in a few years owing to fast growth
  - Company registered opened on may 1, and divided (Kshs 1.50) will be paid on may 30 2009
  
  KCB AGM: KICC is a very popular site for annual general meetings since Philip Kisia (now appointed the new town clerk in Nairobi) rehabilitated what was a very run-down Nairobi landmark. But with almost 170,000 shareholders it may have been the wrong place to hold their annual meeting. The lines snaked all over the courtyard and registration took a couple of hours for some people I hear
  
  Comrade Sylkwan (thank you) was at the meet and gave a brief re-cap of the Q&A sessions
  
  Q: Why there was no proxy for on the financial statements which were issued at the AGM
  A: Shareholders had already been sent to the F/S and the previous years the proxy form was used by s/holders to collect multiple gifts
  
  Q: Why foreign institutional investors own a lot of shares in KCB and what benefits it brought to the Bank
  A. KCB shares are listed at the NSE and everyone is free to buy them
  
  Q. Age of directors was not indicated on the F/S. Since there were directors seeking re-election, wanted to know if any was above 70years
  A: None of their directors was above that age and if so they would have issued a special resolution
  
  Q: why KCB shareholders could not withdraw cash at the Uganda branch
  A: the CE said that it was possible to withdraw money unless there was a technical hitch on that day
  
  Q: Triton issue?
  A. Ignored this question (continuing a no comment on Triton or any KCB customer policy)
  
  stalled building construction on Waiyaki Way, rumored to be a Triton property
  
  Q: why the bank does not provide fare to the Shareholders who travel from far
  A: It was not possible to pay shareholders fare and share dividends
  
  Q: why the CSR budget was so high even when KCB was only issuing a Kshs. 1.00 per share
  A: KCB was spending 2.2b in dividends and Kshs. 54m was a drop in the ocean. KCB also needed to establish a good relationship with the community where the business is established.
• April 02, 2009
• 1:22

  Kenya Bank Rankings 2008 Part II

   » ‎ bankelele

  Tags:  Family Finance  

  Follow up to part I and tracks change from December 2007 to 2008 in assets and profits
  
  Tier 1 (Assets over 25 billion shillings)
  1 KCB (2) 174,712-assests (Kshs. 175 billion, $2.18 billion) 5,394 million ($67million)-profits 109,845-deposits 79,343-Loans (assets up 55%, profits up40 %, overtake Barclays to be No. 1)
  2 Barclays (1) 168,786-a 8,016-p 126,408-d 108,086-L (assets up 7%, profits up 13 %)
  3 Standard Chartered (3) 99,140-a 4,709-p 76,898-d 43,299-L 8% (assets up 8%, profits down 4 %)
  4 Cooperative (4) 83,918-a 3,337-p 65,934-d 53,293-L (assets up 28%, profits up 46 %)
  5 (--) CFC Stanbic 83,166-a 1,313-p 61,529-d 44,205-L (new bank created by merger combined assets up 34%)
  6 Equity (6) 77,135-a 4,757-p 48,977-d 40,858-L (assets up 45%, profits up 101%)
  7 Commercial Bank of Africa (8) 50110-a 1694-p 41715-d 26309-L (assets up 27%, profits up 21%)
  8 Citibank Kenya (6) 47534-a 3353-p 31192-d 18154-L (assets unchanged, profits up 89%)
  9 NIC (10) 42,704-a 1,474-p 35,238-d 29,955-L (assets up 36%, profits up 41%)
  10National Bank of Kenya (7) 42,696-a 1,797-p 34,278-d 8,950-L L (assets up 3%, profits up 11%)
  11 Diamond Trust (11) 41,592-a 1,336-p 32,689-d 25,460-L (assets up 37%, profits up 44%)
  12 Investment & Mortgages (12) 36,656-a 1,620-p 28,355-d 25,887-L (assets up 25%, profits up 25%)
  
  Tier 2 (Assets of 6 – 24.9 billion)
  13Prime (15) 19,945 million-assets (~$249 million or Kshs 19.95 billion) 460 million-profits (~$5.75 million) 15,662 million-deposits 9,426 million-Loans (assets up 44%, profits up 45%)
  14Housing Finance (17) 14,330-a 196-p 10,089-d 10,419-L (assets up 38%, profits up 50%)
  15 Imperial (16) 13,432-a 673-p 10,414-d 8,276-L (assets up 15%, profit up 19%)
  16 Bank of Africa (23) 12304-a 93-p 8708-d 6856-L (assets up 61%, profit down 41%)
  17 Bank of India (18) 12049-a 609-p 10211-d 4448-L (assets up 16%, profit up28 %)
  18 Ecobank (19) 10499-a 67-p 8341-d 5126-l (assets up 11%, profit down 43%)
  19 Family Bank (20) 10,410-a 531-p 7,404-d 5,890-L (assets up 21%, profit up 99%)
  20 Baroda (14) 10361 633 15165 8938 (assets down 30% %, profit up 27%)
  21 Chase (27) 10,300-a 247-p 7147-d 5139-L (assets up 80%, profit up 37%)
  22 Fina (21) 9,865-a 82-p 8,113-d 6,190-L (assets up 22%, profit down 29 %)
  23 K-Rep (24) 8,184-a -472(p) 4,502-d 5,935-L (assets up16 %, slipped to loss maker)
  24 ABC (26) 6584-a 224-p 5365-d 3550-L (assets up 7%, profit up 21%)
  25 Habib AG Zurich (25) 6,557-a 242-p 5,373-d 2,182-L (assets up 6%, profit up 19%)
  26 Development Bank of Kenya (32) 6,520-a 171-p 2231-d 3439-L (assets up 39%, profit up 9%)
  
  Tier 3 (assets below 6 billion shillings)
  27 Giro (28) 5,938 million-assets (~$74 million, Kshs 5.93 billion) 126 million-profits (~$1.6million) 5,127 million deposits 3,411 million-Loans (assets up 6%, improved profit up 207%)
  28 Guardian (29) 5,558-a 44-p 4,586-d 3,553-L (assets up 3%, improved profit up 84%)
  29 Southern Credit (30) 5,171-a 6-p 4,106-d 2,655-L (assets down 6%, profit down 85%)
  30 (--) Gulf African 5,000-a -382(p)3,249-d 1,932-L (new Shariah bank)
  31 Consolidated (34) 4,657-a 85-p 3,279-d 2,751-L (asset up 13%, improved profits up 226%)
  32 Habib Bank (35) 4,491-a 146-p 3024-d 988-L (assets up 17%, profit up 37%)
  33 Victoria (33) 4,460-a 170-p 3,582-d 2,778-L (assets up %, profit up %)
  34 Equatorial (31) 4410-a -8(p) 3668-d 2307-l (assets down 9%, slipped to loss maker)
  35 Fidelity (38) 4,329-a 73-p 3,778-d 2,787-L (assets up 39%, profit up 62%)
  36 Credit (36) 3,637-a 79-p 2774-d 1810-L (assets up 8%, profit down 40%)
  37 Transnational (37) 3,414-a 121-p 1,891-d 1,441-L (assets up 6%, profit up 43%)
  38 Middle East (39) 3,297-a 30-p 2,021-d 1,651-L (assets up 6%, profit down 68%)
  39 (--) First Community 3,180-a -307(p) 2091-d 868-l (new Shariah bank)
  40 Paramount Universal (40) 2,646-a 51-p 2,109-d 1,268-l (assets up 12%, profit up 19%)
  41 Oriental (41) 2,289-a 68-p 1,314-d 958-L (assets up 35%)
  42 Dubai (42) 1,639-a 7-p 1,032-d 957-L (assets up 6%, profit down 50%)
  43 (43) City Finance 538 -a -3(p) 164 -d 193-L (assets down 28%, 90% financial improvement to report loss of 3m)
• October 28, 2008
• 10:20

  Bank Tales II

   » ‎ bankelele

  Tags:  Family Finance  

  Bank Tales II

• March 19, 2008
• 10:41

  Sovereign Wealth Funds: power vs principle

   » ‎ Kenya Imagine

  Tags:  Finance  

  The world's financial press has a new obsession to succeed the "sub-prime mortgage" craze of autumn 2007: "sovereign wealth funds", those state-backed investment bodies whose accumulating assets (often fuelled by the high energy prices of the 2000s) are roaming the globe in search of businesses to invest in, partner - and perhaps devour. The enormous capital assets of these funds, and their potential influence on western markets and business, make the focus (and to a degree the fear) understandable; but some at least of the reporting and discussion about these new behemoths in the western media has a bias towards misunderstanding.
  
  Read more from Fred Halliday here.

  

  

• February 12, 2008
• 3:27

  Kutwa Tuesday: Capital Chickens

   » ‎ bankelele

  Tags:  Family Finance  

  Capital rights issues come home to roost
  
  Last October this post discussed banks' needing to raise share capital to support their rapid growth over the last five years. Since that time, Diamond Trust, NIC, Housing Finance, Equity and now KCB have all gone ahead and put plans in place to increase their share capital to catch up with their asset base.
  
  KCB hopes to raise Kshs. 5 billion and hopefully this could spur some quality mid-tier banks, with foreign shareholding to step forward to the NSE listing place as well i.e K-Rep, Commercial Bank of Africa, Investment & Mortgages, Fina, Citibank and even Cooperative banks.
  
  corporate news
  
  KQ expands (From African Flyer blog) - Kenya Airways will from mid-year increase flights on routes in Africa (Ethiopia, Nigeria, Ghana), Mid-East (Dubai) and Far East (china, Hong Kong, Thailand)
  
  Another stockbroker falls: This time it's another small firm – Nyaga stockbrokers. This is not unexpected, as problems were well known for over as year and had even been discussed in a stockskenya forum. The authorities (CMA) can’t pretend to act surprised as they had in the past considered taking action against the firm whose managers repeatedly sold investors shares without their knowledge – and when caught they would blame errors, and take their time correcting the situation, only to repeat the same up to last week.
  - Though the NSE launched a 100 million rescue package, a Business Daily story mentions that as much as 820 million could be owed to clients.
  - Other blogger takes: The KCIG has some suggestions for the capital markets authority while Coldtusker is dismayed by the pattern of bailouts of Nyaga Stockbrokers and Invesco Insurance after financial shenanigans.
  
  OTC Bank shares: Are shares Family Bank available to buy on the over the counter?
  
  New branches: coming soon Gulf Africa bank at Hughes Building - Kenyatta Avenue, and a new Family Bank branch opp. Yaya Center, Kilimani
  
  Big radio opportunity: Kenya’s highest-rated radio show, Kiss FM
  Big Breakfast Show (with Carol Mutoko) is looking for a new voice to join her on the show. Send a CV with a recording to md@kissfm.co.ke
• December 18, 2007
• 9:32

  Bank Review ‘07: Part 1

   » ‎ bankelele

  Tags:  City Finance  

  the bottom 5
  
  The low end of the banking sector showed little growth in loans or deposits – bank sizes are stagnant.
  
  40. City Finance: (last year 42) Estimated assets of 650 million shillings ($9.28 million) and loss of 20 million shillings in 2007. Kenya’s smallest bank was taken over by the Baraka Fund late in the year, and is expected to be recapitalized and turned around from 2008.
  
  39. (41) Dubai: Estimated 1,480 million assets, profit of 10m shillings.
  Growth of about 3% this year, but the bank will have achieve a smaller profit than last year. Its niche branch in Eastleigh and foreign remittance product has found increased competition.
  
  38. (40) Oriental: Estimated 1,732m in assets and profit of 200 million. The perennial loss making Oriental bank (formerly BCCI and Delphis) was recapitalized and is on track for a profit this year following a payment from the Governments’ financial restructuring of Miwani Sugar company which owed the bank a significant debt.
  
  37. (39) Paramount Universal : Estimated 2,258 billion and profit of 45 million. Growth in assets, deposits, and loans flat this year but at least is profitable.
  
  36. (37) Transnational: Estimated 3.03 billion ($43 million) in assets, and 90 million ($1.3m) in profit for 2007. A quiet year for the bank which introduced a Fanikisha product for customers to save money and buy IPO shares on the NSE
  
  Bank story of the week
  
  Which way Equity?: It’s rare to see two sides of a story from the same editorial team – but it has happened on the controversial shielding of Equity Bank’s new shareholders with the Nation newspaper editorial defending the exemption granted by the Finance Minister, after the influential Business Daily editorial (sister newspaper in the Nation Media Group) had strongly opposed the same.
• September 04, 2007
• 11:33

  Kenya Bank Rankings

   » ‎ bankelele

  Tags:  Family Finance  

  June 2007 [ and change from June 2006]
  
  Tier I banks
  1. Barclays Kshs. 136.54 billion in assets ($1.95 billion) (up 21% from June 2006)
  2. Kenya Commercial 96,532 [17%]
  3. Standard Chartered 92, 743 [13%]
  4. Cooperative 58,712 [3%]
  5. CFC /Stanbic 55,534 +
  6. National Bank of Kenya 42, 142 [25%]
  7 Commercial Bank of Africa 36,217 [10%]
  8. Citibank Kenya 36,147 [8%]
  9. Equity 29,888 [116%]
  - CFC 27,926 [25%]
  - Stanbic 27, 608 [62%]
  10. NIC 27,583 [22%]
  
  Tier 2 banks
  11. Investment & Mortgages 24,494 ($349 million) [19%]
  12. Diamond Trust 24, 484 [37%]
  13. Baroda13,253 [24%]
  14. Imperial 11,039 [30%]
  15. Prime 10,773 [25%]
  16. Housing Finance 9,665 [-2%]
  17. Bank of India 9,552 [21%]
  18. EABS 9,049 [5%]
  19. Fina 7,688 [25%]
  20. Bank of Africa 7,347 [26%]
  21. Family Finance 6,698 [73%]
  22. K-Rep 6,358 [43%]
  
  Tier 3 banks
  23. Habib AG Zurich 5,393 ($77 million) [5%]
  24. Giro 5,317 [3%]
  25. ABC 5,282 [10%]
  26. Guardian 4,970 [2%]
  27. Chase 4,826 [74%]
  28. Southern Credit 4,581 [8%]
  29. Victoria 4,081 [2%]
  30. Consolidated 4,001 [28%]
  31. Development Bank of Kenya (DBK) 3,876 [35%]
  32. Equatorial 3,832 [5%]
  33. Habib Bank 3,485 [10%]
  34. Middle East 3,309 [-9%]
  35. Credit 2,963 [5%]
  36. Fidelity 2,779 [43%]
  37. Transnational 2,720 [24%]
  38. Paramount Universal 2,271 [27%]
  39. Oriental (formerly Delphis) 1,624 [17%]
  40. Dubai 1,437 [26%]
  41. City Finance 510
  -- Charterhouse 3,938
  + Merger, awaiting approval
  
  Asset growth
  industry average 24%
  Equity 116%
  Chase 74%
  Family Finance 73%
  Stanbic 62%
  K-Rep 43%
  
  Profit growth
  average 76%
  Bank of Africa 825%
  Habib bank 467%
  Giro 300%
  Paramount universal 300%
  Fidelity 222%
  EABS 200%
  Southern credit 186%
  Chase 179%
  Oriental 115%
  Equity 107%
  
  Loan grwoth
  average 19%
  Equity 785
  Family Finance 67%
  K-Rep 66%
  Diamond Trust 51%
  KCB 49%
  
  Deposit growth
  average 25%
  Equity 111%
  Stanbic 95%
  Chase 84%
  DBK 63%
  Family finance 57%
• June 04, 2007
• 22:33

  Madaraka Banking Week

   » ‎ bankelele

  Tags:  Family Finance  

  The African Development Bank sets up a regional office in Nairobi.
  
  CFC - Stanbic merger on track.
  
  Dar es Salaam community bank extending their rights issue offer by one month to June 30.
  
  A bank site was hacked (this one?)
  
  Family Bank is being sued for making a bribery allegation against a Central bank official
  
  First Community Bank to be Kenya's first Islamic Bank
  
  An blog investor perspective on the Housing Finance rights issue
  
  KCB plans to open 2 0 branches in Sudan. Also there brief panic created by a smoky generator this week atop Kencom House.
  
  CFA's wanted: Investment banking gets even more lucrative now in Kenya
• April 15, 2007
• 23:58

  Knocking on bankings' door

   » ‎ bankelele

  Tags:  Family Finance  

  Family Bank: Family Finance will be the next bank licensed in Kenya within the next month as the building society will covert into Family Bank. Some have called the fast rising institution and Equity clone with better stripes but it will fit in as the 22nd largest of Kenya’s Banks.
  
  Gulf African: Also in the running in 2007 is Gulf African Bank which is backed by a consortium of Middle East financial institutions.
  
  MEGA bank: Interesting read here on the challenges and plans of the proposed MEGA bank.
  
  mega bank # 2
  CFC's share price has stabilized after the initial confirmation of talks with Stanbic. It has since steadily risen as proper analysis of the proposal merger has been taking place.
  
  mega bank # 3
  Will criticism by the SA Central bank governor scuttle part two of the Barclays Absa deal?
  
  mega bank # 4
  Is Nakumatt a Bank? It follows in the path of Wal-Mart but has not indicated any such leanings. However an organization that takes in over 70 million shillings a day ($1 million) and doesn’t have to pay its creditors for 30 days has to be a major player in the banking and investment world.
  
  edit
  Ecobank here soon too.
  
  finally a non banking story but a major corporate headache as Ribena (remember mothers who care trust Ribena? ) may not all that it advertises itself to be!