Q3 results PDF


https://nationalbank.co.ke/wp-content/uploads/2018/11/National-Bank-Financials.pdf

National Bank of Kenya's NBK after-tax earnings in the first nine months of trading ended September 2018 dropped by 84 per cent to Sh21.97 million owing to reduced lending.

The decline, from the previous year’s Sh138 million, was mainly driven by reduced interest and non-interest income. While interest income shrunk by 10.5 per cent to Sh6.32 billion, non-interest income dropped by 16.3 per cent to Sh1.51 billion.

Loans and advances to customers dropped by Sh9.9 billion or 17 per cent to Sh48 billion when compared to last year’s nine month position of Sh57.88 billion. This knocked down its interest income from loans and advances by 18 per cent to Sh3.09 billion.

The converted preference shares will be added to the current ordinary shares.
The shareholding of government will rise from 22.5% to 66.9% and for NSSF will drop from 48.5% to 26.99%
Other shareholders stake will also be diluted.
This will give a total issued shares for NBK at 1.473bn shares.
This number of shares is what is going to be used in the ratio of 1:10 that KCB will issue to NBK shareholders in exchange of KCB taking over NBK.

Illustrated on the table below;
New shares for NSSF and GoK are the preference shares

What of the payout. Simba appears clear in the forward it is only paying for 338m shares . Section e) states that the buyout is exclusive of the preference. This implies that whatever gets paid for the acceptances shall be drowned in the absorption of the preference into ordinary. Un unholy dilution. The two men have finished us