Posts tagged as: group

Age Limit – Protesters Burn Coffin in Lira

Photo: Alex Esagala/Daily Monitor

Security officers deployed at the main gate of Parliament.

By Bill Oketch

Lira — Unknown people believed to be against lifting of age limit on Thursday morning burnt a coffin in front of Lira Main market in Lira Town before fleeing the scene.

The head of security in Lira also the area Resident District Commissioner, Mr Robert Abak, confirmed the development.

“We do not know their motives but we have launched investigations into the incident to understand their motives,” the RDC told this reporter.

Eyewitnesses said the group allegedly commanded by a woman appeared very organised and smart.

“They were using two vehicles. People in the first vehicle offloaded two tyres, poured petrol on the tyres before burning them using a matchbox. Then those in the second vehicle removed the coffin and dumped on the fire, and that is how they disappeared,” said a boda boda who preferred anonymity because of the sensitivity of the issue before hand.

Another boda boda operator said when the group arrived, they started blowing a whistle. “We did not know what was happening. They were using vehicles and motorcycles,” he said.

When the police and the Lira Resident District Commissioner arrived at the scene, they only found ashes at the scene, an army officer said.

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Sierra Leone: Chinese Ark Peace Arrives to Offer Free Medical

The Chinese Naval medical Ship, Ark Peace, yesterday arrived the shores of Sierra Leone hoping to deliver free medical service to 200 people within five days, from Thursday, September 21 to Monday, September 25.

The Chinese naval military ship, which has aboard six hundred and eighty-one naval officers, according to Task Group Commander Guan Bailin, would depart the shores of Freetown on September 26, 2017.

At snap ceremony held in the conference room of the ship, Rear Admiral Guan Bailin reflected on the significance of diplomatic relations between China and Sierra Leone, stating that their mission to offer free medical service to Sierra Leone was geared towards enhancing co-operation between the two countries.

He disclosed that Ark Peace was commissioned in 2008 and had sailed to thirty-one countries, providing free medical service to people, adding that “this is the first time the ship has visited West Africa.”

The naval commander recounted China’s contributions to the development of Sierra Leone and co-operation between the two countries since the establishment of diplomatic relations in 1971, including medical assistance China provided to Sierra Leone during the Ebola in 2014, among others.

Vice President Victor Bockarie Foh welcomed the team and reflected on the origin of diplomatic relationship between the two countries, which he said was championed by late President Siaka Stevens and Chairman Moa of China.

“China has made its presence in Sierra Leone in terms of development. We are grateful for all the contributions China has made to Sierra Leone since we established diplomatic relationship in 1971,” he said.

“We have made to climb the ladder with the help of China in a win-win situation. The contribution of China in the sector is so profound and we are very much grateful for that. I believe your medicine would help the people because we need assistant.”

Vice President Bockarie Foh praised the Chinese military and thanked the Government and People of China for their thinking in providing free medical service to Sierra Leoneans.

The ceremony climaxed with a tour of the facility by the Vice President, Chinese Ambassador to Sierra Leone, Wu Peng, the media and other dignitaries from various institutions.

Sierra Leone

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Liberia: Three Banks to Testify in Representative Candidate’s Case

By Abednego Davis

Three banking institutions where prosecution alleged Montserrado County District#4 representative candidate Cecelia Siaway Teah allegedly withdrew US$72,500 from the accounts of Basilia Resource Group (BRG) for her personal use are expected to appear before Criminal Court ‘C’ today to provide information about Mrs. Teah’s financial transactions at their institutions.

Defendant Teah allegedly helped to establish the company along with her partner Sunday A. Popoola, who is residing in the United States of America (USA), to engage in the diamond business in Liberia.

The appearance of the banks (United Bank for Africa, UBA; Liberia Bank for Development and Investment, LBDI; and International Bank Liberia Limited, IBLL) resulted from prosecution’s persistent demands that they produce evidence that would help them convict Teah.

Madam Teah’s trial comes just 20 days to the holding of the October 10 presidential and legislative elections.

The banks will be made to testify to financial transactions, including deposits and withdrawals, between the banks and Madam Teah from 2016 to 2017, at which times she was allegedly appointed to serve as BRG’s Liberia representative with the responsibility to deposit and withdraw money from the corporation’s accounts at those banks, although some of the banks have communicated with the court denying even interacting with the defendant.

Despite the banks’ letters of denial for doing business with defendant Teah, they have been ordered by Judge Yussif Kaba to appear today to testify to the allegations.

Meanwhile, the District #4 representative candidate has written the court about her decision to cancel her retainer agreement with Atty. Joseph Doe on grounds that her lawyer has failed to adequately represent her legal interest during her first appearance.

Besides, Madam Teah’s letter accused Atty. Doe of demanding a down payment of US$5,000 as legal fees; money her communication claimed she cannot pay.

Between 2016 and 2017, defendant Teah, the court document alleged, encouraged the company’s chairman, Sunday A. Popoola, residing in the United States of America (USA), to appoint her as the group’s Liberia representative with responsibility to deposit and withdraw money from the corporation’s account at the United Bank for Africa (UBA)-Liberia Limited.

With her new position, the document claimed, Mr. Popoola on two separate occasions transferred US$32,000 and US$46,000, totaling US$78,000, to defendant Teah to deposit into the BRG account.

But the record alleged that out of the US$78,000, Teah withdrew US$44,000 from the company’s account without being authorized to do so by Popoola.

Besides, the court record also alleged that US$25,000 and US$3,500 were entrusted to defendant Teah’s care for the sole purpose of purchasing materials for the company, which money she allegedly converted to her personal use.

Nigeria: NNPC Mulls Partnership With Danish Firm On Animal Feeds Production

By Chineme Okafor

Abuja — The Nigerian National Petroleum Corporation (NNPC) has said it would partner a Danish firm, Unibio A/S Limited in a joint venture operation to produce animal feeds with the government of Denmark financially guaranteeing the project with 10 per cent equity finance.

The corporation in a recent statement from its Group General Manager, Public Affairs, Mr. Ndu Ughamadu, in Abuja, stated that the proposed joint venture company would be engaged in the production of animal feeds from Nigeria’s abundant natural gas resources.

It explained that methane gas would be converted into protein within this process, and that it would have no negative impact for human consumption.

According to the NNPC, Nigeria’s animal feeds industry was worth about N800 billion annually, and it would want to participate in it.

NNPC’s Group Managing Director, Dr. Maikanti Baru was represented by NNPC’s Chief Operating Officer, Ventures, Dr. Babatunde Adeniran, when the business delegation from Denmark led by the Danish Ambassador to Nigeria, Mr. Torben Gettermann visited.

Baru was quoted as saying that such collaboration would impact on Nigeria’s ability to generate additional revenue, guarantee food security and job creation for its people.

Baru explained that the corporation was considering the partnership with the Danish firm to utilise the abundant natural gas resources of the country for the production of animal feeds as part of its diversification agenda into non-oil ventures like other national oil companies.

“This proposal, though it is coming newly, has already started gaining traction in the industry and across the globe especially in Europe. Nigeria being the first point of call in Africa, we can leverage on the opportunity to increase the revenue of the country through local food production,” Baru said.

Baru also described the project as laudable, saying it was capable of making positive impacts on the country’s economy.

Similarly, the statement quoted Gettermann as saying that Unibio had revolutionised natural gas conversion into animal feeds.

“There are huge possibilities in view of the demands for this kind of feeds and it will boost food production in Nigeria tremendously. The benefits are not only in local production and consumption of the feeds but also in terms of revenue generation in foreign currencies through export,” he said.

He said Nigeria was an important partner to the Danish government both politically and economically, adding that the Danish government had established a special office in Lagos to facilitate trade relationship between the two countries.

Shedding more light on the proposal, the Chief Executive Officer of Unibio A/S Limited, Mr. Henrik Busch-Larsen, stated that the company owned the right to a unique fermentation technology known as U-Loop technology which enables natural gas conversion into a highly concentrated protein product called Uniprotein.

Busch-Larsen, explained the product could be used to feed animals such as pigs, poultry, and fish.

He noted that Uniprotein had a raw protein content of at least 72 per cent which is a key component in animal feeds and can conveniently substitute the traditional proteins in animal feeds such as fishmeal and soybeans.

He also alleged that multinational food and care products companies such as Nestlé, Procter and Gamble, as well as Colgate-Palmolive, had already started using the products as feedstock in their manufacturing processes.

Nairobi Residential Property Wins Multiple Africa-Middle East Awards

Nairobi — A new high-rise residential tower branded Capital M in Nairobi’s Westland suburb has won three Africa and Middle East awards.

The property development picked from a list of 200 other developments in Africa and Arabia region was adjudged a winner in two categories and went on to pick the Five Star award for its Marketing strategy developed.

Capital M – a Fedha Group project – emerged the winner in the High Rise development and best in high-rise architecture by BeglinWoods Architects.

As the Region Nominee for best in the Africa & Arabia Region, Capital M is now automatically entered into the overall International Awards to be held on December 4th in London.

The Africa & Arabia Awards are part of the International Property Awards that include the regions of Asia Pacific, Europe, the Americas and the UK.

The awards celebrate the very best projects and professionals in the industry. An International Property Award is a world-renowned mark of excellence

“Capital M has seen strong interest from investors due to the value proposition and multiple channels for rental revenue, including tapping into the Airbnb model,” said Hooman Ehsani, Director of Century City Property, who is heading up the sales and marketing for the project.

“We have found that buyers are generally more cautious in this market and looking closely at a developer’s reputation to deliver high-quality building. The International Property Awards are a testament of a solid and well-planned development which gives buyers confidence with a property acquisition.” Mr. Ehsani further commented.

Kenya

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Nigeria: Sterling Bank Takes Giant Strides in Housing Sector

Nigeria has a worrisome deficit in housing, which as at 2012, was estimated at a minimum of 17 million units. Recently, the figure was raised and, according to experts, it could be up to 20 million units, if a proper investigation of the state of affairs in the sector was undertaken. Interestingly Sterling Bank Plc., has been playing significant financing role on both the demand and supply side of the housing sector, designed to contribute to a reduction of the deficit. Bennett Oghifo writes

Majority of Nigerians live in blighted and unplanned areas that are unfit, and some are unfit for human habitation, and most of these communities are in cities. Some housing experts argue that the deficit in the 2012 report of the World Bank was as a result of these unplanned communities like Lekki, which, though have beautiful homes, but was not documented as livable because of the unplanned environment.

Recently, stakeholders met in Abuja at a housing show where awards were presented to firms and individuals that contribute to the development of the nation’s housing sector. Sterling Bank Plc., was one of the institutions that stood out with an award, distinguishing it as the Housing Friendly Commercial Bank of the Year.

Minister of Power, Works and Housing, Mr. Babatunde Fashola, who was at the event with other senior government officials, remarked that Nigeria has been contending with a huge deficit in the housing sector over the years. He decried the current situation which effectively enables only one per cent of the Nigerian population access mortgage facilities, saying it is extremely low relative to a country like the United Kingdom with 77 per cent.

Fashola expressed concern that the deficit was apparent both on the supply and demand sides, stating that it was not just that the housing situation was grossly inadequate to satisfy the needs of the population, access to a mortgage was also inadequate.

The minister noted that financial institutions have allocated barely one percent of their loan portfolios to housing and about 11 percent to construction in the last 30 years.

However, stakeholders saw the award as due recognition to Sterling Bank Plc., a financial institution that has played a significant role in the housing sector by adopting an innovative model that takes adequate care of the demand and supply sides.

All things considered, Sterling Bank won the award as a result of its remarkable impact on housing delivery in the country. Specifically, the Commercial and Institutional Banking Group within Sterling Bank has established a firm footing in the housing sector by wholly and partly financing some landmark real estates in the country.

Some of the housing estates include; the part-financing of Crown Court Mabushi in Abuja for Crown Realities Plc. The project comprises 72 units of 3-bedroom flats, 18 units of 4-bedroom semi-detached houses and 16 units of detached 4-bedroom houses.

Prior to this, Sterling Bank had part-financed the prestigious Crown Estate in Lekki, located on a 41.7 hectares gated private estate along the Lagos-Epe Expressway in 2000.

Other residential projects part-financed by Sterling Bank in collaboration with developers include, Diamond Estate, Amuwo Odofin, Lagos; 360 low-cost housing units for Diya Fatimilehin & Co., Friends’ Colony Estate, Lekki Lagos; a 210 semi-detached and detached housing units for Aircom Nigeria Limited, Common Wealth Court, Lekki; 36 apartments of Defacto Properties Limited and Bourdillon Court Estate, Lekki, Lagos comprising 192 housing units (flats and Terrace houses) for Aircom Nigeria Limited.

Others are Cromwell Court’s 180 units of apartments; Milverton Estate’s 240 units of apartments, Northern Foreshore Estate’s 566 mixed housing units; Napier Garden’s 220 mixed housing units, all for Aircom Nigeria Limited in Lekki, Lagos and Tarino Towers’ 29 units of apartments for FMT Parkview Limited located in Ikoyi, Lagos.

Sterling Bank also part-financed Visage Apartment’s Victoria Island Lagos, 40 units of apartments for Sat Leasing Limited on Victoria Island, Lagos; Primewaterview Gardens’, phases I & II 539 units of apartments for Primewaterview Ltd in Lekki Lagos; Eko Court, Parkview Estate’s,12 units of apartments for Samtl Properties Ltd in Ikoyi, Lagos; Happy Haven’s Banana Island’s 16 units of apartments for Samtl Properties Ltd in Ikoyi, Lagos; Doby Haven’s 20 units of apartments for Eco Building Ltd in Lekki, Lagos and Pearly Gate Estate’s 40 mixed housing units for Edward Properties Konsult.

The bank has also wholly financed another residential estate for Crown Court in Durumi, Abuja which was inaugurated recently by the Minister of the FCT, Mr. Mohammed Bello.

Managing Director and Chief Executive, Crown Realities Plc, Mr. Darl Uzu, commended Sterling Bank for stepping in to provide critical financing for development projects in the country, particularly in a period of recession. Uzu said the financial institution has proven to be a dependable partner in times of need for Crown Realities Plc.

“At the height of the recession when funds are scarce and investors’ confidence was at its lowest, Sterling Bank stood by us and extended credit to finance our operations,” he said, adding that Crown Realities will not disappoint the bank and will do everything possible to further strengthen the confidence reposed in the company. “We’ll always do our part every time.”

Executive Director, Commercial and Institutional Banking of Sterling Bank, Mr. Lanre Adesanya described the bank’s partnership with Crown Realities as a huge success. He said the real estate development company was tested and found to be well-managed, prudent and cost efficient.

Adesanya noted that Sterling Bank has also made significant commitments in the real estate segment especially in Lagos. According to him, the bank has done quite well in retail real estate financing and is ready to provide credit to real estate developers who emulate Crown Realities’ prudent project selection and management model.

“We are happy to be part of the success of Crown Court Durumi, another landmark project which further strengthens our partnership with Crown Realities Plc. It means that Sterling Bank will always do more with a trusted party who never disappoints, and that’s what Crown Realities has proven to be – a trusted party,” Adesanya said.

He said the partnership is a success story for Sterling Bank, adding that the bank is willing to do more for whosoever is willing to do what Crown Realities has done.

Group Head, Non-Interest Banking Group of Sterling Bank, Mr. Basheer Oshodi noted that apart from Housing Friendly Award, Sterling Bank also won a similar award tagged “The European-Islamic Bank of the year Africa in 2016” in London which was organised by a UK based magazine, The European. He said the awards were won in recognition of the giant strides also being taken by the Non-Interest Banking Group in Nigeria’s housing sector.

Oshodi said the model of engagement created by the NIB group enhanced the ability of many Nigerians to own houses under a flexible mode of payment, adding that the NIB group has done so much in making affordable housing available to Nigerians.

According to him, customers who express interest in the home ownership model are made to contribute between 20 and 30 per cent equity over the construction period of 18 months after which the facility is booked for future ownership. He added that rentals in the scheme are less than what would have been paid in a conventional banking arrangement.

“We have developed an innovative method of home ownership for Sterling Bank customers. The model gives an opportunity to the buyer to own a house without the stress of bulk payment. Where the house is already built, a prospective home owner simply makes equity contribution and is booked for future ownership. Even if there is no house on the ground and the customer signifies an intention to access a mortgage, the next step will be to start contributing equity,” Oshodi said.

There is no doubt that Sterling Bank is making significant contribution to the growth and development of Nigeria’s beleaguered housing sector. Although it may represent a drop in the ocean, but the giant strides of Sterling Bank in the housing sector would certainly play a role in ameliorating the situation. It is hoped that other corporate bodies would emulate Sterling Bank’s laudable effort and help to reduce the housing deficit so that every Nigerian will have access to decent homes.

Zambia: Transport Agency Conferred With Golden Ribbon Award

By Chusa Sichone

Partners Group has conferred the Road Transport and Safety Agency (RTSA) with a Golden Ribbon Award for its innovation in the prevention of corruption and increased efficiency in providing services to its clientele.

The Golden Ribbon Award is given to institutions in recognition of their innovations and new ideas to spur economic progress.

RTSA public relations head Fredrick Mubanga said in a statement that the Agency’s director Zindaba Soko, who received the award, said it was gratifying that stakeholders had recognised efforts the institution was making in uplifting the country’s road safety profile.

Mr Soko said the Agency was in the process of implementing its strategic plan anchored on making RTSA becoming a world-class regulator of a road transport system that ensured safety for all road users.

“Very soon we will be launching one of the biggest and advanced road safety management systems in the world,” Mr Soko said. “In Africa, Zambia will be the only country with such a system that is skilled towards the African environment.”

Mr Soko said the hard work by RTSA staff had led to the reduction of road traffic accidents by 16 per cent from January to June, 2017, compared to the same period last year.

Partners Group commercial director Ray Willbern said RTSA had from the introduction of the Electronic Zambia Transport Information System (e-ZAMTIS) increased efficiency in the provision of its services.

Mr Willbern said RTSA’s innovation had further reduced corruption and time in acquiring services to its clients.

Zambia

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Sanlam Moves to Take Over Lion Assurance

By Isaac Khisa

Kampala — South Africa-based financial services firm, Sanlam, controls just 2% of Uganda’s insurance business but it has shown its determination to upgrade its market share with the planned acquisition of Lion Assurance Company (LAC).

The deal worth US$5.7million awaits approval from the Insurance Regulatory Authority of Uganda (IRA-U).

Sources familiar with the transaction told The Independent that Sanlam Group’s subsidiary in Uganda, Sanlam General Insurance Ltd, is currently preparing to integrate LAC into its operations.

“The company has so far submitted an application to IRA-U ahead of the planned merging of the two companies,” the source said.

This comes nearly a month since Maureen Erasmus, an independent non-executive director at Masawara Plc, LAC’s parent company, said an agreement for disposal of the Ugandan subsidiary was inked in May this year.

Masawara Plc is incorporated in Jersey and is listed on the London Stock Exchange with about US$300 million in assets mainly in Zimbabwe and Southern Africa region.

Erasmus told the Zimbabwean newspaper, Daily News, that the agreement for the disposal of the Group’s investment in LAC was entered into on May 22, 2017 and ‘is subject to conditions precedent inter alia the receipt of regulatory approvals.’

She added that the timing of the receipt of the regulatory approvals will have an effect on the timing of the receipt of the sales proceeds that will be utilised to settle the Group’s long term facility.

Masawara Plc acquired a loan worth US$11million from First Rand Bank Limited, AfrAsia Bank Limited and Sanlam Life Namibia Limited at 10% fixed interest rate in 2015 to pay TA holdings Limited’s minority shareholdings.

As part of the process for any new acquisitions, Sanlam has already written to the Lusaka-based Common Market for Eastern and Southern Africa (COMESA) Competition Commission seeking for approval to acquire LAC in Uganda.

Sanlam, which entered the Ugandan insurance market through a 50.3% acquisition of NIKO insurance in 2013, is a much smaller insurance entity, ranked 14th out of the country’s 21 non-life insurance companies.

In 2015, it recorded Shs9.33bn in gross underwritten premiums, down from Shs10.4bn in 2014 and Shs 8.25bn in 2013, according to the data from IRA-U.

But it has a strong backing of its parent company, Sanlam Group, listed on the Johannesburg and Namibian Stock Exchanges with a market capitalization of $11 billion as of March 2017.

The company also has presence in a number of African countries including Burundi, Kenya, Malawi, Mauritius, Swaziland and Zambia in Africa as well as US, UK and Asia.

On the other hand, LAC, which is ranked fourth, recorded a gross underwritten premium of Shs 35.2billion in 2015, up from Shs23.7billion in 2014 and Shs19.1billon in 2013.

Last year, it recorded a 67% growth in net profit to Shs5.36bn on the back of innovations and take-over of AIG brokers, according to its parent company’s financial statement for 2016.

Since 2014, Sanlam Group has been on the expansion spree

LAC has been offering over 40 non-life insurance products that cater for personal, family and commercial risks, including the likes of motor insurance, fire and special perils insurance.

Others are contractors all risk insurance, marine insurance, money insurance, domestic (household) insurance, travel insurance and farming risks insurance, among others.

LAC acquired 42 out of the 48 American Insurance Group’s agents in November last year; increasing its network of insurance agents to 102.This followed AIG’s decision to quit the Ugandan market citing hard economic conditions.

The new move comes at a time when Uganda’s insurance industry is enjoying a relative surge in growth in gross underwritten premiums, albeit at a slow pace.

Insurance premiums underwritten over the years have grown from Shs463bn to Shs634bn in 2016 as a result of massive promotion campaigns and affordable product innovations targeting customer needs.

Newton Jazire, the LAC Managing Director, could not answer our repeated calls or emails to confirm the new development as he was reportedly out of office for meetings, a section of the workers at the regional insurance firm said.

But one of the workers who preferred anonymity said the ‘matter is yet to be made official.’

“The issue (merger) is yet to be communicated. You still have to wait for the official communication,” she said.

But Mariam Nalunkuuma, the communication manager at IRA-U confirmed to The Independent that the two insurance firms have indeed submitted their applications to the industry regulator seeking for a go-ahead to merge their operations.

“Of course, they (Sanlam and LAC) have approached IRA-U and there’s a procedure that they have to follow before the formal approval is made,” she said.

She said the procedure includes how they intend to integrate LAC’s staff and customers into Sanlam as well as services to be offered.

Another issue that needs to be fulfilled, according to Nalunkuuma, is LAC’s chief executive officer to introduce his Sanlam counterpart to his customers to ease transition without negatively affecting service delivery.

“The planned merger is purely a business decision and it is normal in any business,” she said, “We do believe that the merger will strengthen the company’s operation in terms of financial capability to undertake even bigger risks but also in terms of bringing on board new skills.”

Executives in the insurance industry across the African continent are currently calling upon insurance firms to merge their operations within the respective countries and across borders, so that they have large insurance and re-insurance companies with balance sheets that are better able to ensure lasting legacy and compete with the biggest and the best in the world.

Since 2014, Sanlam Group has been on the expansion spree after it allocated R4 billion (Shs1.12 trillion) as part of its strategy to expand in Africa, India and South-East Asia.

For instance, in March this year, the Group acquired a 40% stake in Zimbabwe-based Zimnat Lion Insurance Company Ltd in a deal worth $11.5 million.

Zimnat now plans to unveil new products for agriculture businesses, infrastructure development and strengthen its micro finance arm.

At the same time, the Group also acquired a 22% stake in UK-based micro-insurance provider, MicroEnsure Holdings Ltd (MicroEnsure) at an undisclosed amount.

This follows acquisition of a 63% interest in Soras Group Limited, Rwanda’s largest life and non-life insurance company for US$24.3 million and a 51 % stake in the Malaysian-based Koperasi MCIS Zurich Insurance in 2014.

Koperasi MCIS Zurich is a life and general insurance provider in Malaysia that was formed after a merger between MCIS Insurance and Zurich in 2002.

Other Sanlam General Insurance companies in Africa

NICO Malawi – 62% (direct 49% and 13% indirect via NICO Holdings)

Sanlam General Insurance Tanzania – 52% (direct 47% and 5% indirect via NICO Holdings)

NICO Zambia – 62% (direct 49% and 13% indirect via NICO Holdings)

Shriram General Insurance, India – 20% via Shriram Capital

Pacific & Orient, Malaysia – 49%

Legal Guard, Botswana – 60% via BIHL

Soras AG, Rwanda – 63% via Soras Group

Santam Namibia – 37%

Enterprise Insurance, Ghana – 40%

Gateway, Kenya – 56%

FBN Insurance, Nigeria – 35%

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KCB Ranked Most Attractive Bank With Long-Term Growth Prospects

By Margaret Njugunah

Nairobi — KCB Group is Kenya’s most attractive bank based on its strong franchise value and the intrinsic value score.

Cytonn Investment’s Half-year banking sector report places KCB ahead of Co-operative Bank, Diamond Trust Bank and NIC Bank.

National Bank of Kenya, HF Group and Standard Chartered Bank ranked the lowest respectively among the 11 listed banks.

“The franchise score measures the broad and comprehensive business strength of the company across 13 different metrics, and the intrinsic score measures the investment return potential,” said Investment Analyst Caleb Mugendi.

Equity Group improved to Position 5 from Position 6 due to impressive Net Interest Margin at 9.7 percent, above industry average of 8.6 percent, and a Return on average Equity of 19.7 percent, above the industry average of 18.1 percent, with the bank adequately diversified with Non-Funded income at 42.0 percent of the total operating income, higher than the industry average of 31.3 percent.

On the other hand, Standard Chartered dropped from position 8 in the previous year due to a low intrinsic valuation, with a potential return of -12. The bank has been weighed down by high non-performing loans at 13.1 percent, versus an industry average of 11.5 percent, which affected it’s Franchise Value ranking.

The report also analyzed the results of the listed banks in the period so as to determine which banks are the most attractive and stable for investment from a franchise value and from a future growth opportunity perspective.

Kenya

Duale to Seek MPs Approval of Sh11.5 Billion for Poll

Majority Leader in the National Assembly Aden Duale says he will be requesting MPs to approve the release of Sh11.5… Read more »

Kenya: KCB Ranked Most Attractive Bank With Long-Term Growth Prospects

By Margaret Njugunah

Nairobi — KCB Group is Kenya’s most attractive bank based on its strong franchise value and the intrinsic value score.

Cytonn Investment’s Half-year banking sector report places KCB ahead of Co-operative Bank, Diamond Trust Bank and NIC Bank.

National Bank of Kenya, HF Group and Standard Chartered Bank ranked the lowest respectively among the 11 listed banks.

“The franchise score measures the broad and comprehensive business strength of the company across 13 different metrics, and the intrinsic score measures the investment return potential,” said Investment Analyst Caleb Mugendi.

Equity Group improved to Position 5 from Position 6 due to impressive Net Interest Margin at 9.7 percent, above industry average of 8.6 percent, and a Return on average Equity of 19.7 percent, above the industry average of 18.1 percent, with the bank adequately diversified with Non-Funded income at 42.0 percent of the total operating income, higher than the industry average of 31.3 percent.

On the other hand, Standard Chartered dropped from position 8 in the previous year due to a low intrinsic valuation, with a potential return of -12. The bank has been weighed down by high non-performing loans at 13.1 percent, versus an industry average of 11.5 percent, which affected it’s Franchise Value ranking.

The report also analyzed the results of the listed banks in the period so as to determine which banks are the most attractive and stable for investment from a franchise value and from a future growth opportunity perspective.

Kenya

Duale to Seek MPs Approval of Sh11.5 Billion for Poll

Majority Leader in the National Assembly Aden Duale says he will be requesting MPs to approve the release of Sh11.5… Read more »

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