Kenya’s shilling weakened to its lowest level in more than six months as intervention by the East African nation’s central bank failed to stem increased demand for dollars from gasoline and manufacturing companies.
Kenya Commercial Bank Ltd., the East African nation’s biggest lender by market value, said full-year profit grew 18 percent after it reduced interest expenses by a third and regional operations contributed more.
Co-operative Bank of Kenya Ltd. climbed the most in almost nine months after the East African nation’s fifth-biggest lender by market value said it’s giving investors one bonus share for every six they hold.
Kenya Commercial Bank Ltd. , the country’s biggest bank by outlets, and Equity Bank Ltd. have been approved to offer agent banking, which brings financial services to places that lack them, Kenya’s central bank said.
Kenya’s currency is trading at its highest level in 10 weeks and stocks are rallying as investors bet the East African nation will avoid a repeat of the prolonged violence that followed 2007 elections in today’s vote.