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Banking stock shrugs off rate cap - 13 Mar 2018 17:20

Constant Munda

Investors who placed their biggest bet on their stake in banks or bought them during the turmoil that followed the passing of the interest capping law, are reaping the benefits of their decision. Shares of 10 of the 11 financiers listed on the Nairobi bourse have recouped hundreds of billions of shillings in losses they incurred during massive panic sale-offs after the Banking (Amendment) Act became law in September 2016. The ceiling of loan charges at 14 per cent saw risk-averse investors offload their holding in banks, fearing losses as a result of reduced margins since interest earnings accounted for about three quarters of profitability. Investors in the lenders, who watched as shares sunk to new lows 18 months ago, had booked a cumulative Sh293.96 billion in capital gains by close of trade last Friday, spurred by imminent scrapping of ceilings on loan charges. This was after the market value ...
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