The bank also locked its money in Government securities, re-balancing its portfolio by reducing traded assets while increasing amounts held to maturity. Government paper held to maturity increased from Sh4.6 billion in 2017 to Sh22.4 billion last year while securities available for sale declined from Sh40.9 billion to Sh17.8 billion. The banking sector seems to be the only one untouched by a raw economy which has now seen Unga Group join eight other firms in issuing profit warnings. Crown Paints, UAP, Britam, Sameer Africa, Kenya Power, Bamburi Cement, Mumias Sugar and Sanlam have all given warnings of a drop in profit. Unga issued a profit warning as revenues plummeted following a swing back from the profits made in 2017 over drought and subsidies.

Source: Standard Digital March 01, 2019 21:04 UTC