Kenya’s’ largest bank is first out of the door with year end announcement for what is expected to be a record profit year
Coldtusker used to run a financial gaffes, column and all the news outlets went with Barclays reported growth of 9% in pre-tax profits, when it was actually 7% (to about $101 million) from 2006.
The dividend was the same at 2006, you can expect good results in years to come, when the expansion pays offs (not in 2007 where expenses grew faster than income (37% to 24%). They threw all their funds into loans – up 43% in 2007; compare these results to 2005-06 when assets and loans were up 13% apiece.
Another news gaffe goes to the Standard who referred to a company called Centrum in their Saturday newspaper report on ICDCI’s name change to Centum Investments. The name confusion will continues for ex-ICDCI as long as spell checks are used.