Homeless part IV (final chapter – pocket healing)

I got my apartment deposit back from just in time to ease a cash crunch. I got 54,000 shillings out of an initial deposit of 60k and after the landlord deducted some charges;
– They tried to charge me 3,000 for a loose shower fixture, but I showed them my move in report from a year ago – which showed the shower was loose when I moved in (and they never fixed it despite my complaints).
– Phantom charge of 3,000 for a broken toilet cistern, which I disputed. They called the apartment manager who still insisted that it was broken, so I had to accept to get out of there quickly.
– I also accepted that a kitchen tile was broken and a socket needed repairing.
– The lease also stated that I had to repaint the apartment and varnish the floor, which could have been a bit of a hassle since I didn’t know any painters. There was a handyman at the compound who offered to do it at a slightly expensive charge. Eventually I gave him the go-ahead since I figured that my payment would go around – and sure enough, the paint job was certified good and did not affect my deposit.

Took the cash, put some of it in a savings account and the rest is for Kengen, Express Kenya and Crown Paint shares. Moving has meant an expensive few months during which I have reluctantly sold shares in Kenya Airways, East African Breweries and Mumias Sugar to meet moving costs and other unexpected expenses

– The lines of Kengen applicants were still long at the stockbroker, but much improved from last week when they went round the block.
– The IPO is heading for a massive over subscription even with over 600 million shares available
– I can’t wait for next IPO’s Scangroup (69 million shares) and Sarova hotels

Today, March 31, was the deadline for all banks to publish their 2005 results.

Citibank Kenya (no. 6 in assets)
Increased government securities by 4.5b to 8.5 billion and deposits by 3b to 22.7 billion shares. fee income dropped from 322m to 291 million but increased interest income and reduced provisions and operating expenses meant profit went up 3.5x from 354m to 1,285m.

Commercial Bank of Africa (No. 7)
after consolidating with First American bank, CBA’s assets increased from 20b to 30 billion shillings. Profit before tax was up to 1,294m including exceptional items. The Bank acquired 33% of AIG insurance during the year and intends to recapitalise by 500m.

Prime (No. 18 )
Loans went up by 800m to 3.4b and deposits increased by 1.2b to 5.8b. Pre tax profit increased from 103m to 125m despite higher operating expenses.

As Akiba Bank used to be about bank no. 25 but will be ranked about 15 following the merger with east African building society last year. Loans went up by 1.6b to 3.9b and deposits increased by 3.7b to 6.7b. though interest income was down, the bank reduced its operating expenses resulting in a turnaround from a 62m loss in 04, to a modest 7m pre-tax profit in 2005.

Middle East (No. 30)
No change in deposits and loans.. Fee income reduced, but net interest income improved such that their pretax profit went up 3x from 36m to 115m

Chase (No. 35)
Had a remarkable turnaround from loss of 92m in ’04 to a profit of 61m last year largely from reduced provision for bad debts. Deposits and loans both increased by 400m to 1.7b

Family Finance
This should be Kenya’s next bank and is expected to be licensed in June 2006. Deposits were up by 1b to 2.8b as were loans by 700m to 1.67b. Its fast growth showed as operating expenses almost doubled from 388m to 621m. Profit was up slightly from 91m to 94m.

Consultants: Senior bank supervision advisers at the Central Bank of Kenya as part of the FLSTAP program. Deadline is April 19

Kenya Airports Authority
– manager logistics
– purchasing manager consumables
Apply through Hawkins associates (www.hawkins.co.ke) at hawkins.associates@khigroup.com

Kenyatta University
– senior planning manager
– public relations manager
– human resource manager
– catering & accommodation manager
– legal officer
Apply to kudvcadmin@wananchi.com by April 21. institution still has archaic procedure in that if you apply by snail mail (P O Box) you must include 14 copies of all your application documents.

human resource manager at KLSA pannell kerr forster . apply to pkfnbi@ke.pkfea.com by 14 April.

acquiring manager at a multinational bank. Apply through Deloitte at esd@deloitte.co.ke by April 7.

Numerous jobs at the National Aids Control Council. Apply to hr@nacc.or.ke by April 21

Senior manager /change management at Post Bank. Apply to the director HR p o box 30311-00100 Nairobi by April 21.

Account manager at Siemens. Apply to jobs@siemens.co.ke by April 14.

Deputy integrity coordinator at USAID’s office of president emergency plan for AIDS relief (PEPFAR). Apply by April 7 to mgallo@usaid.gov

ICT/Outsourcing opportunities
The international finance corporation (IFC) and ICT Park (www.ictpark.com) are offering courses from 10th to 25th April at Safari Park Hotel
– Outsourcing for operators
– Outsourcing for associates

5 thoughts on “Homeless part IV (final chapter – pocket healing)

  1. Mpenda Pesa

    Wassup Bankelele,

    I am glad you finally got your deposit/security back. Quick question for you – I just looked up Express and Crown data from the links below and I notice their prices are rising – but out of curiosity – what did you settle for these two stock? Any reasons that I might be missing out. Not that I have done a lot of research but just wondering – is it all speculative or something you might know. I am thinking of stocks to invest in and these might be the top ones.




    Mpenda Pesa!

  2. Anonymous

    wsup, ithere something starnge about the reports and it seems like deposits are rising sana – actually what surprised me is that citibank deposits wenet up fron 3bn to 22billion (is that a typo) anyway regardless all the banks seem to be increasing deposits in the oredr of billions – where is all thsi money coming from or where was it parked before ?

  3. bankelele

    Mpenda Pesa: Just instinct and some research, but I would not make them my top stocks for investment.

    Anonymous: Yes citibank customers have deposited 22 billion shillings there. Probably aid related money as many organizations (that received american aid)
    are required to either bank at Citibank or at commerical bank of Africa.

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