Kenya’s Britam Records $34m H1 Profit

August 20, 2014 Niyi Aderibigbe Business, Finance/Money

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VENTURES AFRICA – Kenyan financial services firm, British American (Britam) grew its profit before tax by 31 percent to 3 billion shillings ($34 million) in the first half of the year ended June, a statement by the company revealed.
The group’s total assets increased by 28.3 percent to end at Sh55.2 billion ($625 million) as its insurance and asset management businesses continue to grow across East Africa.
Britam’s revenue from insurance rose to Sh4.4 billion at the half of last year, to Sh5.6 billion. Its asset management business also raked in Sh413.8 million,
a 54.9 percent increase over last year’s Sh267 million.
The group’s operations in Uganda, Rwanda and South Sudan continues to see positive returns on growth, contributing Sh262.9 million to its half year revenue. This is a 54.9 percent increase over the Sh117.9 million recorded at the same period last year.
Armed with Sh6 billion raised last month through a bond issue, Britam is set to expand operations in Kenya and other countries on the continent.
Britam’s investment income grew by 24 percent to Sh4.6 billion, while expenses increased to Sh7.4 billion, a 27 percent increase.
As at 14:35 GMT, the shares of Britam sold on the Nairobi Securities Exchange at Sh23.50 ($0.27).