This archive report was first published on 21 August 2020.
ICEA Lion Asset Management Limited (ILAM) has reported a significant increase in its half-year net earnings, reaching KSh 62.7 million as of June 30th, 2020.
This marks a notable improvement from the KSh 43.7 million posted in the first half of 2019.
ILAM's balance sheet has grown to KSh 749.9 million, up from KSh 592.8 million, while total income has risen to KSh 268.1 million from KSh 202.7 million during the same period.
The firm's pre-tax profit has also increased to KSh 89.6 million from KSh 62.5 million, with total shareholders' funds rising to KSh 553.7 million from KSh 519.7 million.
Despite a bearish Nairobi Stock Exchange (NSE) affecting returns from equities and growth funds, ILAM's managers were able to mitigate these declines with robust earnings from its money market and bond funds.
The Equity Fund made a net loss of KSh 145.3 million, down from a net profit of KSh 34.8 million in the same period last year, while the Growth Fund experienced a net loss of KSh 27.5 million, down from a net profit of KSh 13.9 million.
However, the firm's Money Market Fund posted a net profit of KSh 234.3 million, up from KSh 218.9 million in the same period last year, while the Bond Fund made a net profit of KSh 2.5 million, down from KSh 4.1 million in 2019.
ILAM targets institutional and corporate investors, including pension schemes, and also seeks retail investors with surplus cash to invest at regular intervals or in one-off lump sum investments.
Its total income from Money Market Funds increased to KSh 382.5 million in the first six months of this year, up from KSh 350.8 million in the same period in 2019.
