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.
3 comments:
Hi Banks,
The Equity exemption just goes to show how paranoid the current government is considering elections are seven days away. We all know that Transcentury is a big investor in Helios partners, and it was a way for them to inject more capital into both Equity and HFCK. Why not disclose the real stakeholders just baffles me, but i guess they did not want to give ODM a field day with days to go to election day. Another way to look at it is that the main shareholders might just have cashed out, without flouting the CMA rule that they were to hold their sahres for the next two years upon Equity listing on NSE.Thats my two cents!!
Bankele, what is your take on the whole Equity saga. Are shareholders getting screwed here?
Mashatall: Much unresolved about Equity's mystreious ownership ways always undercuts their brilliant banking model.
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