Congo Watch: Kenya Commercial Bank plans to increase the number of outlets in Rwanda to seven from one

Friday, August 07, 2009

Kenya Commercial Bank plans to increase the number of outlets in Rwanda to seven from one

Kenya Commercial Bank Ltd. (KNCB KN), the East African nation’s biggest lender by assets and outlets, climbed 3.6 percent, the most in six weeks, to 21.75 shillings.

The lender said July 30 first-half net income declined two percent to 2.41 billion shillings as expansion costs rose.

“Demand is coming from high net-worth individuals and institutional investors,” Snehal Shah, head of research at Nairobi-based Kestrel Capital East Africa Ltd. said in a phone interview. “They are discounting these results and looking ahead at future growth.”

The lender, which has 156 outlets in Kenya and 26 in four neighboring nations, plans to increase the number of outlets in Southern Sudan to nine from five and seven in Rwanda from one currently, it said July 30.

Source: Bloomberg, Friday 07 August 2009: Kenyan Stocks Climb: Kenya Commercial Bank, Standard Chartered

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