HENATES

Just a couple of hours ago, participants in the 5th edition of Nigerian stock exchange workshop on capital market response to still growing menace of worldwide cybercrime closed discussions and Henates was one of them. It was held at the NSE event centre and key contributors were Mr Ade Bajomo, the executive director Market operations of the NSE, Favour Femi Oyewole, Tope Aladelusi from Delloites;  Mr Ademola Alabi CEO Triple A consulting and Microsoft Nigerian director. Mr Bajomo set the tune for the whole workshop and for an IT ignoramus like Henates, it was very eye opening as he, in the simplest of language, gave brief history of the computer, painted the picture of how data generation and storage has grown over the years and the accompanying need to keep the same data safe and secure. He also explained vulnerability of different organisations particularly small and medium scale companies; present day inability of regulation to catch in many countries; the fallacy ...

Kenya's quoted company, Olympia Capital Holdings Ltd is not having the best of times, according to half year figures to August 2017 released today, October 31, 2017. Firstly, its revenue decreased by 7.84% to Kes 228.1m from Kes 247.5m by August 2016. Secondly, its operating cost refused to go down as fast revenue dropped. It declined by 5.16% to Kes 213.2m from Kes 22.4m previously. The net result of this was that operating profit decreased by 34.4% to Kes 14.9m from Kes 22.7m earlier. Olympia Capital got one good shot in the arm though and that was from 52.8% dive in finance cost to Kes 2.76m from Kes 5.85m most perhaps because of the cap placed in interest rates in Kenya. But, this only succeeded in reducing the % drop in profit before tax to 23.6% compared to the higher drop in operating profit. The profit by August 2017 came to Kes 12.5m. Meaning that on every Kes 100 income by August 2016, Olympia Capital gained Kes 6.83, but now this has shrunk to Kes 5.48. The trend downwar...

Cautious price making continued at the Nigerian stock exchange today October 30 2017 despite avalanche of third quarter figures in recent days. The All shares index edged up by a cautious 0.06% to 36,484.30, the second lowest % growth in October and 3rd lowest since August. The lowest growth in recent times was October 19's 0.01% to 36,645.65 followed by September 29's 0.03% to 35,439.98 and then today's growth. Indeed, with one trading day to go, the month of October this year could be classified as one of cautious price making upwards as most days ended with either % drops or % increases below 1% . Perhaps, many had hoped that with nine months updates pouring in, the picture will change but today confirmed instead that it may take a while, if at all. In all there were 18 price gains compared to 23 drops with none of the losers going down by above 5%. On the other hand, two rose by above that. Dangote Flour closed N0.84 or 10.17% per share to pace % gains. It opened at N8....

It was a clear case of little drops of gains amounting to All shares index rise despite heavy declines in a few equities. The ASI once again pulled surprises by closing up 0.24 points or 0.15% to 160.11 in spite of yet to be settled presidential election dusts. Last Friday, just a day after the inconclusive and selectively violent rerun of the elections, the ASI gained 1.76points or 0.94%. Today's positive closing was propelled by little gains each recorded by 23 equities as against 9 price drops predominantly of the heavy kind. Lead price drop was recorded as Jubilee Holdings slipped to close at Kes 445 per share, down a whopping Kes 49.00 when compared to last Friday's Kes 494 per share. Williamson Tea, too also witnessed major Kshillings drop, losing Kes 12.00 per share as it slipped from day high of Kes 162 per share to close at Kes 160 per share compared to Friday's Kes 172. Not quite done, Stanbic Holdings slipped by Kes 2.00 per share as well before all other six pri...

Overcomers, they say, never remain the same after they over come whatever challenge tested their patience and ability in whatever way. If true, then rest assured that Guarantee Trust Bank PLC (GTBank) is not likely to remain the same come the end of this financial year. Or so says nine months results to September released recently. According to the figures, the main challenge for GTB was 19.8% deccline in gross earnings to N309.9bn despite 36.5% increase in interest income to N248.3bn and mainly because Other income tumbled by 87.2% to N12bn from N93.95bn and fee and commission decreased by 21.3% to N39.676bn. GTB took the challenge in its stride like an overcome would and ended the nine months with 8.73% increase in profit before tax to N150bn. How come? Firstly, GTB feared far less for its customers loan portfolio and so, depressed impairment provision by 85.4% to just N8.356bn from N50.4bn previously. Amidst far higher provisions by some other banks, this was impact...

Like for some other banks in Nigeria, the fear of loan default has indeed become the beginning of wisdom for Zenith Bank plc or so says its nine months figures to September released recently. According to the figures, at a period loans and advances to its customers dropped by 11.1% to N2156.7bn, Zenith bank increased impairment provision for doubtful debts by 115.3% to N47.053bn particularly, buried in that provision was the 298% increase in impairment provision for term loans to N41.9bn from N10.5bn. Hence that Zenith ended the nine months with 30.8% increase in profit before tax to N152.552bn was a miracle of sorts worked by 398.5% leap in trading income to N81.8bn and 2.13% decrease in personnel expenses to N53.74bn. Of course, it also helped that operating expenses grew by 29.9% to N107.8bn compared to 39.7% increase in gross earnings to N531.266bn driven by the leap in trading income. Interest income remained flagship earner at N361.789bn but its 26.6% growth was rubbished...

October 27, 2017 Nestle Nigeria closed week 43 in search of a new year high rising by N30 or 2.50% to N1230 per share. This was just N20 short of it all year high and way beyond it year low of N570 per share. At N1200 per share Thursday close, Nestle was down a few Kobos on its week 42 closing price but the Friday leap made it to end week 43 N29.73 per share higher thus leading all gains for the week as well. In all there 23 price gainers on Friday;  31 when compared to previous Friday close and Nestlé Nigeria paced them all as it opened Friday at day low of N1215 then climbed further to end the day at N1230 per share. However, it witnessed only 54 deals for 0.148m shares worth N181.34m on Friday and was not among the top five by volume or traded value for the week. Top traded equity for the week was UBA in which 231m shares changed hands in 5th highest 924 deals worth 3rd ranked N2.138bn. It was followed by FBN Holdings with all week leading 1381 deals for 125m units worth N761.75m of...

It was just a 3-day week in which political uncertainty and violence reared ugly heads as Kenya had a rerun of the presidential elections, yet it closed with the All shares index closing 3.19% to 159.87. The bears were no where in sight in spite of the thick political clouds as 33 price gains were recorded as against only 9 drops. Top of the gainers in % terms was ARM Cement up 12.45% as it closed at Kes 14.9 per share compared to last week's Kes 13.75. It then recorded deals for 6.886m shares worth Kes 102m accounting for virtually all of the Kes 103m traded value recorded in the Construction and allied sector through the week. Longhorn Publishers followed with 11.88% gain, ahead of 10% each by CIC Insurance and Car & General ltd, the lone equity now left in the auto sector. The price drops were paced by less dramatic 9.72% decline by Express Kenya to Kes 3.25 per share from Kes 3.60 and Umeme ltd with 7.31% decline to Kes 12.05 from Kes 13.00 per share. Indeed, price changes ...

NIGERIA: MEDVIEW AIRLINES FLIES TO FRANCOPHONE ECOWAS Med View Airlines, a company quoted on the Nigerian stock exchange this year, today October 27, 2017 started its first flight to Abidjan, Conakry and Dakar, all in Francophone ECOWAS. According to Medview's chief executive officer, Muneer Bankole, from now on the route will be serviced on Mondays, Wednesdays and Fridays and through it, the airline finally enters the Francophone ECOWAS market. It is intended to strengthen regional integration, promote free movement of persons and goods and generate more revenue. FCMB TO ACQUIRE LEGACY PENSION MANAGERS. First City Monument Bank (FCMB) has signed an agreement with shareholders of Legacy Pension Managers ltd to acquire additional 60% interest in the company. According to a notice to the Nigerian stock exchange jointly signed by the Group chief executive, Ladi Balogun and Chief Finance officer, Kayode Adewuyi, the new deal will increase FCMB's stake in the pension company from 28...

NIGERIA: NIGERIAN BREWERIES PLC: Interim dividend:        N1 per share Qualification date:           16/11/2017 Register closure:               16--22/11/2017 Payment date:                  23/11/2017 TOTAL NIGERIA PLC Interim dividend:              N3 per share Qualification date:            1/12/2017 Register closure:               4--8/12/2017 Payment date:                    18/12/2017 KENYA: KENYA POWER AND LIGHTING CO LTD Final dividend:                 Kes 0.50 per share Register closure:              30/11/2017 Payment date:                    3/1/2018 UNGA GROUP...

As far as Henates can recall, for the first time Fidelity bank and Dangote Sugar paced investors interest as reflected in number of deals today, October 26, 2017 at the Nigerian stock exchange. Leading the pack was Fidelity bank with 389 deals involving 2nd highest 37.07m shares worth N62.42. In recent past above 100 deals in Fidelity was not strange but hardly did it pace number of deals struck. It fell most times comfortably within the top 10 at best. Much the same way, above 100 deals in Dangote Sugar did not amount to a needle in hay sack trailing at 2nd place was rare. Today it trailed Fidelity bank with 279 deals for just 9.17m units worth N143.9m. In the end, the pace they set led to 22.6% increase in number of deals to 4384 even as traded volume rose by only 7.15% to 356.8m shares and traded value dropped by 9.38% to N4.224bn. Other top five deals include GTB's 243 deals involving 24.54m units worth day high N1.029bn; Nigerian Breweries 227 deals for 3.631m shares worth 3rd...

Following a High Court injunction obtained by the management of Oando PLC barring SEC Nigeria and the Nigerian stock exchange from suspending trading in Oando shares until the suit filed by Oando on the issues raised by SEC is determined, trading resumed today October 25 in the equity without any restrictions on price making. Before the injunction, Oando was on technical suspension and its price could not change but buying and selling could occur. In view of the injunction Oando gained very marginally and so still technically still close at its N5.99 per share since the SEC order for suspension. Hence Oando ended the day with 14 deals for O.142m shares worth N0.852m with its price open to change. Oando had also reached out to the market with its side of the story arguing that the sale of the subsidiary in 2014 was reversed in line with international financial reporting guidelines; there was misinformation in its statements; Oando as a company never engaged in insider trading and if SEC...

After yesterday's recovery in trading at the Nigerian stock exchange, today, Tuesday, October 24 closed relatively on the low side but the All shares index punctuated two days of decline with 0.33% rise to 36531.57. The ASI increase was understandable since the day ended with 22 price gains as against only 14 price drops.Besides, no drop was up to N1 per share but some gains went beyond that. Lead Naira gain was by Nigerian Breweries which yesterday was the 2nd highest Naira loser. It gained N4.00 per share or 2.55% compared to yesterday when it lost N3.01 or 1.88% per share. Nigerian Breweries ended yesterday at N157 per share, opened the day at N162, hit day low of N157.95 before settling at day high of N161 per share. There was a mini scramble for its shares though as 9th placed 130 deals worth N52.139m were struck involving  less than half a million shares (0.328m). But NASCON led % gains with lonely double digit % gain of 10.23% or 2nd highest N1.33 per share. It then closed w...

Yesterday was a bullish fresh air at the Nairobi securities exchange as Henates indicated but today, Tuesday October 24, 2017 was certainly more bullish. Perhaps it is because at last the presidential election is to be rerun as directed by the Supreme court of Kenya on Friday and Kenyans, including the market, have given tomorrow and Friday itself off as holiday even though Railla Odinga is still drumming boycott. Whatever there is, the market All shares index closed the day up by 2.04 points or 1.31% at 158.11 as 29 price gains were recorded compared to only 6 price drops. The gains were across all sectors but resounded more in the agricultural; manufacturing and allied; banking and Commercial and services sectors. From a very long distance the lead gain was by British American Tobacco in the Manufacturing and allied sector. BAT went through the day with day high and close of Kes 770 per share thus topping up by Kes 18.00 per share on Monday's close. No other gainer came half way ...

Let us face it, if what was published by Premium Times today as the official letter from the Security and Exchange Commission (SECNigeria) to Oando PLC on the reasons for SEC's recent actions on Oando, then there is more to the whole thing. For one, according to the said official letter signed by SEC's Head Legal Department, Braimoh Anastasia, of all the issues raised only the alleged corporate governance breach is of any current nature. It is alleged that Oando's board fixed the group CEO and his deputy's pay while the GCEO fixed that of all other executives contrary to SEC's corporate governance code. Fine, but the point to note is that this fact is derived from the governance report submitted by Oando dated December 2016 and not the product of any whistle blowing. Does this kind of breach deserve SEC's almighty hammer? If it doesn't, then it can be inferred that SEC is angry and has acted more in view of reported sale of a subsidiary way back...

Undeterred by the technical suspension placed on Oando Plc by the Nigerian stock exchange since October 20 after two days of full suspension as ordered by the Securities and Exchange Commission of Nigeria, two deals were recorded in Oando on Monday October 23 as the trading activity at the market recovered from last Friday.s new low. With technical suspension, dealers are still allowed to trade in the shares of equities so suspended but no price movement is allowed irrespective of the quantity on offer and change in the fortunes of the affected company. As at October 17 before the SEC directive, 16,886 units of Oando plc had changed hands at N5.97 per share before it closed at N5.99 per share. That is the price that now stands to Oando credit since the suspension and the price at which the two deals involving 4,850 units were sealed. However, the All shares index trended down in second day at a faster rate. It dropped by 0.48% to 36,411.73 after the 0.46% decline recorded on Frid...

The Nairobi securities exchange closed on a rather bullish note today, Monday October 23 2017 after the heroes day break and after 4-day week 42 during bears had their. Unlike the daily drop recorded by the All shares index last week, it closed today 0.74% or 1.14 points up at 156.07. This was a price gainers (17) were just one ahead of losers(16) but obviously, the ASI grew because the Kshillings gains were far more outstanding and affected more high price equities and of course, with some helping hands from Safaricom. Top gainer was Jubilee Holdings up Kes 9.00 as it hit day high of Kes 491, low and close of Kes 490 per share after ending week 42 at Kes 481 per share. Jubilee also contributed substantially to the Insurance sector's Kes 167m traded value as it witnessed deals for 337,100 as it danced between Kes 491 and 490. The worth of the deals was Kes 165m. There were other major price gains. Standard Chartered Bank closed Kes 7.00 up as it rose from last week close of Kes 216...

Power comes from being in control even in the case of corporate organisations and so, for Kenya Power & Lighting company ltd each inability to influence its fortunes in 2017 year to last June, amounted to loss of some power. According to audited figures released this week by the Managing Director, Dr Kenneth Tarus, Kenya Power ended the year with its profit margin down to 8.46% from 2016's 10.3%. This was principally because cost pressures reflected more demand level as against efficiency level achieved with the exception of finance cost which declined 2.75% to Kes 5651m due to restructured loan portfolio. Transmission and distribution costs rose by 16.6% to Kes 33416m due to maintenance activities; fuel cost increased by 74.3% to Kes 22124m because of increased usage of thermal energy sources and power purchase cost dropped as units purchased and geothermal generation reduced within the year. So, as total income rose by 10.4% to Kes 128,918m, the main impetus came from 76.7% t...

Week 42 ended today, Friday October 20, 2017 with record low 106.5m shares changing hands, down 46.4% on yesterday's 198.6m units. The lowest traded volume on a trading day for a long while had been 114.76m shares dealt in on September 11 followed by 119.89m shares on September 13, 2017. Indeed, traded volume had headed down daily since October 17. On that day, 3890 deals were recorded for 211.87m shares which dropped to 198.63m units in 3543 deals then further trended down to 140.87m shares but at a higher 4159 deals by Thursday October 19, 2017. Subsequently, traded value dropped by 36.9% to N1.883bn and number of deals decreased by 9.882% to 3193. It was a bearish day of sorts too as only 9 price gains were recorded compared to 21 drops and so, the All shares index resumed its daily decline easing by 0.16% to 36,587.31 after yesterday's punctuation. Through the week too losers dominated with 34 trending down as against 21 price gains. International Breweries led Naira gains ...

In view of the national holiday to celebrate Kenya's past heroes, the Nairobi securities exchange ended week 42 yesterday after 4 days of trading but even then, British American Tobacco Plc still ended the period down by Kes 57 per share or 7.06%. Most of that was lost yesterday, Thursday October 19 as it went down Kes 40 per share. BAT had closed wednesday at Kes 790 per share then opened and closed the day at Kes 750 per share thus losing Kes 40. Earlier, last Friday, it had closed week 41 at Kes 807 per share so, even by Wednesday, it had already gone down by Kes 17 per share before the Thursday dive. All through the 4-day week though, it witnessed deals for only 4200 units. Though rather sharp a drop in a 4-day week, BAT did not however, record the highest % decline in price per share out of the 30 price drops recorded within the week. Unga Group led % price drop with 7.94% decrease followed by Ken Gen, down 7.47%. On the other hand, there were 15 price gains within the...

Following the directive issued by the Nigerian Securities & Exchange commission yesterday, October 18, 2017, trading in the shares of Oando Plc was suspended today, October 19, 2017 at the Nigerian stock exchange and will be so suspended till SEC Nigeria directs otherwise. SECNigeria had asked the exchange to effect two full suspension of trading in the equity till tommorow October 20 and from tomorrow to apply technical suspension until further directive from SEC. SEC said the action became necessary because it reviewed two petitions by Alhaji Dadiru Barau Mangas and Ansbury Incorporated and found that Oando was in breach of the Securities and Investment act 2007 and SEC Code of corporate governance; is suspected to have witnessed  insider trading and related partyn transactions not transacted at arms length and that there were question marks over Oando shareholding structure. Hence, to establish the true facts of the petition, a forensic audit into the affairs of Oando ...

Today, Wednesday, October 18, 2017 trading in Guarantee Trust Bank (GTB) dictated the pace in an otherwise low key market. The market had closed with all indicators trending down: Traded value dropped by 37% to N2.986bn; volume declined by 6.25% to 198.634m; number of deals eased by 8.92% to 3543 and above all, the All shares index continued downwards by 0.077% to 36,641.52 after yesterday's 0.81% drop. However, GTB gave lift to both volume and traded value as it witnessed 7th ranked 156 deals for pace setting 37.05m shares worth equally leading N1.545bn. Thus, in particular, GTB accounted for dominant 51.7% of total traded value but only played leading role in traded volume terms since contributions were more distributed. For example, trailing GTB's traded volume was Sterling bank which seemed back in investors focus once again as day high 335 deals were sealed for 2nd ranked 26.89m shares worth N26.892m and Access bank with 3rd placed 255 deals for 20.589m units worth equally...

Today Wednesday, October 18 2017, British American Tobacco (BAT) paced 16 price drops at the Nairobi securities exchange with Kes 10 per share decline. It had closed Tuesday at Kes 800, opened at day high of same price then hit a low of Kes 750 before closing at Kes 790 per share. It however, recorded deals for only 2000 units. Being a relatively high priced equity, this huge decline must have helped the All shares index to head down daily since week 42 after closing week 41 on Friday with an optimistic 0.09% increase. On Monday it closed down by 0.73 points then went further down by 1.08 points or 1.14% yesterday Tuesday. This was in spite of there being for once equal number of price drops and gains (16 each). BAT's lead drop was followed from a distance by BOC Kenya which closed at Kes 101 per share as against Kes 103 the previous day, thus losing Kes 2.0 per share. Average priced Safaricom with top issued shares, declined by Kes 0.25 per share thus giving BAT and other major pr...

Kenya Electricity Generating Company (Ken Gen) ended the full year to June 2017 with eyes fixed more on the near future, not the moment captured by full year figures released this week. There was good reason: Its three core revenue streams flowed below 2016 levels and to make matters worse, operating expenses refused to take a humbling bow. Core revenue had dropped by 8.21% to Kes 35440m as other income decreased by 60.1% to Kes 882m; income from steam operations declined by 24.8% to Kes 5189m and electricity revenue eased slightly to Kes 29369m from Kes 29544m. Then of course, in spite of these drops, operating expenses rose by 8.3% to Kes 9691m and finance costs increased by 9.1% to Kes 3417m. However, Ken Gen found two tickets with which to cushion all these: 123.4% growth in interest income to Kes 1242m and 11.7% decline in steam associated costs to Kes2796m. Hence, instead of a drop, Ken Gen reported 2.4% increase in profit before tax to Kes 11534m in spite of the revenue downswin...

Like most companies, Forte Oil PLC always needs a safe zone from which to guarantee profit for its investors. Call it profit fort if you like, the point is that it takes some casting and building each financial year. In the case of Forte Oil, building such a zone for 2017 financial year is proving to be quite a task but it is being managed, says nine months unaudited results to September released recently. The key challenges were 20% drop in core revenue to N96,887.4m; 57% decline in income other sources to N987.4m and 60.4% increase in finance charges to N5631m. All of them were being handled well, says the figures. For example, core revenue drop became gross profit 9.11% increase to N16906.8m as cost of sale went down 24.3% to N79,980.5m. Then this was fortified some more with 45.7% drop in distribution cost to N1394.2m; and 7.62% decrease in administration expenses to N6793.3m and 18.3% increase in finance income to N1509.7m. But the end result is not cast iron and could do with mor...

Inflation rate in Nigeria continued its monthly decline year on year, in September this year to 16.98%, compared to 16.01% in August. According to the National Bureau of Statistics in latest composite price index released today, October 17, for September, this represents the 8th month edging down but importantly, it is the first time since May 2016 that it will fall below 16%. Since hitting all time high of 18.72% in January 2017, it had been slowly decreasing monthly but stayed above 16% until now. In May 2016, it stood at 15.58% and continued to climb until January this year. A close study of the rate since the index was introduced since 2009 November as benchmark, shows that double digit inflation was more the rule than the exception between September 2011 and December 2012; from 2009 to June 2011 and in the depression months of 2016. As usual, food prices were more or less responsible for the inflation rate in September with year on year food index closing at 20.32%, up slightly on...

Week 42 took off on positive note at the Nigerian stock exchange today, October 16 2017 as all market indicators closed upwards. The All shares index edged up by 0.33% to 36,970.81 as 24 price gainers swung the pendulum away from 15 price drops; number of deals rose by 31.5% to 4262; traded volume increased by 214.959m shares and traded value closed at N2.731bn, up 21.8%. The gainers, in Naira terms were led by GlaxoSmithKline PLC up N1.05 or 5% per share to record 10 deals for 0.138m shares worth N30.63m. GSK had closed Friday at N21 per share then opened and closed the day at N22.05 per share. It was trailed by Stanbic IBTC with N1 per share or 2.38%  but the leading % gainers was recorded once more by C & I leasing after a few days of punctuation of its daily lead last week. C & I Leasing  closed Friday at N1.78 per share, opened at N1.86, hit day low of N1.81 before touching day high and close at N1.95 per share. It witnessed fairly high investor interest as 106 deals were ...

For the first time in a very long while the corporate bond section of the Nairobi securities exchange bond market was today October 16, relatively active to contribute to 91.9% recovery in bond traded value to Kes 1.56bn. Six corporate bonds witnessed deals worth a total of Kes 169.3m, indeed a very rare event since the year. Top of the bill were deals for Kes 64m worth in EAB fixed income 14.17% redeemable in March 2022 ; Kes 52m worth in CBA fixed income 12.75% due 2020 and Kes 32m in NIC fixed 5 year note redeemable in 2019 issued at 12.5%. Indeed, most sections of the bond market were active with sell or buy back chipping in deals in one stock for Kes 100m; and both stocks above and below Kes 50m nominal value recording deals too although as usual the lead value was in the above Kes 50m government bond category. Thus, the bond market closed first trading day in week 42 with 53 deals compared to 35 deals with which it closed week 41 on Friday. That way, corporate bond helped sustain...

United Bank For Africa (UBA) PLC is walking on a rather thin ice without paper profits, according to three months figures to September released today, October 16 2017. This is because with whooping drops in exchange differences on foreign transactions and fair value gains, the Bank's comprehensive income dropped by 36.2% to N75,501m from N118349m at the same time last year. It is also because operating profit before tax grew by 22.4% to N60920m behind 25.8% rise in gross earnings to N333905m mainly as impairment provisions rose by 41.9% to N12909m making a mess of fairly comfortable double digit growths in most revenue streams  and just 10.1% rise in employee cost to N51296m. Net interest income ended 35.9% up at N152297m as interest income growth outdistanced interest expense increase; net trading and forex income rose by 41.3% to N34475m; other operating income stood at N3453m, up 74% and even net fee and commission grew by 4.03% to N46675m as associated expense dropped by 1.21% ...

When Shelter Afrique sort and got $24.535m in new capital recently by issuing new shares at a premium, it did not anticipate such funds sitting in bank vaults for too long. But, says unaudited figures to June 2017 released recently, that seems to be the case with short term deposits with banks springing from $2.7m by June 2016 to $20.013m although cash on hand and at bank reduced to $17.03m from $20.4m. The issue seems to be with finding investment outlet with less need for impairment provision. Within the six months, loans and advances to customers dropped by 6.97% to $263.416m but impairment charges against non performing advances more than doubled to $5.603m. Hence of all revenue streams Other income grew by 20.3% to $0.16m and interest income rose by 3.58% to $15.218m leading to 19.6% increase in net interest income to $8.123m since interest paid dropped by 9.87% to $7.095m. So Shelter Afrique's main drawbacks within the half year were 32.7% drop in fee and commission to $0.751...