Investment firm Britam recorded a 28.7 per cent increase in profit in the first half, helped by capital gains in its equity portfolio.
Its net profit stood at Sh2.1 billion in the six months to June compared to Sh1.6 billion a year earlier.
This came as its holdings of stocks at the Nairobi Securities Exchange more than doubled to Sh2.3 billion from Sh833 million in line with the double digit capital gains seen at the bourse this year.
“The company’s performance was driven by gains on quoted equity as well as growth in premium income,” Standard Investment Bank said in a statement, adding that NSE was up 16.45 per cent over the past year.
Britam’s two main investments in the stock market include Equity Bank where it has a 10.46 per cent stake and Housing Finance. Equity’s value has risen by half to Sh32.75 over the past year, while that of Housing Finance is up 69.5 per cent to Sh24.50.
Net premiums from the firm’s mainstay insurance business rose 32 per cent to Sh3.2.
PAYE Tax Calculator
Note: The results are not exact but very close to the actual.
