Monthly Archives: February 2005

Capital Flight

Notice how foreign banks pay a higher percentage of their earnings as dividends than local banks?

  • Barclays Kenya: Earned 18 shillings per share, paid dividend of 14 per share (78%)
  • Standard Chartered: EPS 6.75, Div 6.5 (96%)
  • Diamond Trust EPS 1.3. Div .7 (53%)
  • NIC EPS, 3.1, div 1.4 (45%)

The reason? This is how they repatriate profits abroad to their parent banks. So as a shareholder, you‘ll get a higher year-to-year dividend payment with a foreign bank stock on the NSE.

Bank 2004 Round Up

Kenya Commercial Bank: in 2004 KCB posted a net-profit Kshs. 793 million, a slight increase from 713 million in 2003. Its loan portfolio was 33 billion (up by 8 billion) while customer deposits were 52 billion (up by 4 billion). Staff costs increased by 15% to 3.4 billion and the bank still has a non-performing loan portfolio of 15 billion. Shareholders will be asked to approve payment of a 2 shillings per share dividend at the Bank’s AGM at KICC on June 17.

NIC: As expected NIC’’s successful MOVE did not improve profits much in 2004, during the year. The benefits will be seen in 2005/06. The Bank recorded an 8% profit increase to 261 million. Deposits increased by 57% to 12.5 billion and loans to customers increased by 67% to 11.5 billion thanks to various MOVE loan packages. However operating expenses increased by 35% to 782 million, including a 30% increase in staff costs. NIC’s AGM will be on May 27th at Intercontinental Hotel and a dividend of 2.4 shillings/share for the year will be paid.

Diamond Trust: Net profit for the year increased by 6% to 131 million. The Bank increased its loans to customers by 46% (to 7.1b) while reducing its investment in government securities by 50% (to 1.2b). The bank introduced 3 flat-fee accounts (imitating NIC’s MOVE) and also launched an ATM network during the year – this increased deposits by 35% to 8 billion, but operating costs also increased by 30% to 578 million. The directors declared a dividend of 70 cents.

Job Watch

Project Manager (new software implantation): Nile Bank (Uganda)
Graduate in business administration, or any IT field, also project management & banking experience apply by march 4th to hr@nilebank.co.ug

Credit Officers: Kenya Women’s Finance Trust
Must have B.com marketing, business admin or equivalent diploma
Apply by March 11th to the Recruitment Committee, 55919 Nairobi

Fast growing local Bank, must have B.com, AKIB qualification and a years experience and be not more than 30 years.
apply by March 8th to DN/A 118, 49010-00100 Nairobi for (i) cashiers (2) (ii) clerks (3) for branch back office

Wananchi Online (Kenya’s leading ISP): Various positions, apply by March 10th to applications@wananchi.com for Manager Client Services (MBA, 5yrs exp), Finance/Cost Management Accountant (B.com CPA/ACCA, 3 years exp) Account Executives (B.com, sales exp) Personal Assistant to CEO (Bus degree, secretarial experience)

Huawei Technologies
Apply by March 10th to liuxiangzhao@huawei.com for tax manager (5 years exp) 2 assistant accountants (diploma and year exp)

Manager: Galileo (Technical Services & Support): Kenya Airways
Graduate in telecommunications, computer science, electronic engineering or other. CISCO CCNA and previous experience in air transport sector and 5 years tech exp
Apply by March 7th to the Group Director, HR, 19002 Nairobi

Kenya Football Federation. Apply by March 13th to the National Chairman, KFF, 40234 Nairobi
(i) Chief Finance Officer: Must be fully qualified accountant with commerce (or business) degree and 5 years experience
(ii) Chef Operations Officer: Must have business administration degree and football management/administration experience

Internal Auditor: Kenya Tourism Board
B-com (accounting), CPA (K), certificate in information systems audit (CISA), 5 years audit experience, preferably in public sector and good knowledge of government audits, aged 30 – 40
Apply to the MD, KTB, 30630-00100 Nairobi, by March 11th

Executive Director: Children’s Legal Action Network (CLAN)
Masters in law or social sciences, 5 years management experience, aged 35-45 and have an interest in children’s rights
Apply by March 9th to DN/A 120, 49010-00100 Nairobi

Special Assistant: To CEO of un-named company
Applicants must have MBA (rated in top 5 academically)
Apply by March 3rd to the HRM, 73146-00200 Nairobi

Accounts Assistant: Eveready Kenya
b-com accounting, CPA 3 apply to apps@eveready.co.ke by March 10

Management Trainees: Kenchic
Much have degree in veterinary medicine, animal health or animal production (2nd class honours) and be below 29 years. Apply to the HRM, 20052-00100 or e-mail hr@kenchic.com by March 18th