Kenyan Banks to release 2010 report cards

Posted on February 21, 2011

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NIC Bank MD Mr James Wachira, the bank posted a 69% PBT as at end of Sept 2010

Kenyan banks are set to release their performance results for the 2010 financial year beginning tomorrow.

The banks will be doing this to comply with regulatory requirements that expects them to give an account of what they did during the last 12 months.

A majority of the banks have their financial year ending December 31st, with quarterly release of the financials during the year.

While 2010 has been viewed as a good year for the banks, 2011 presents numerous challenges to them. Already about two banks have indicated that they will sacking employees this year. Read it here

The banks are also being faced with challenges of fraud from within and without that threatens to dent the positive image of the industry

Barclays Bank of Kenya will be the first to get to the scoreboard on Tuesday at an investor briefing at the Intercontinental Hotel at 7.30am. The bank’s results would be released on the backdrop of a six per cent slow down in profits for the first 9 months of 2010.

Interest too will be placed on their wage bill having indicated earlier in the year that it will be letting go of about 200 mid level managers this year. Read it here

On Thursday, NIC Bank will be holding an investor briefing at Serena Hotel from 7.15am to give account of the business to shareholders. It is ridding on a robust 68.7 percent increase in its profit before tax to Sh2 billion for the third quarter ending September 30, 2010.

Other Banks among them Equity Bank, Kenya Commercial Bank, Standard Chartered Bank and Diamond Trust Bank are also expected to release their results in the next two weeks.

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