Britam half-year net profit drops 77 per cent

British American Investments Company (Britam) has reported a 77 per cent dip in net profits in the first half of the year, joining a growing list of companies taking a beating from difficult beginning of the year.

The financial services firm said its profits after tax fell to Sh625 million, down from the Sh2.7 billion it registered in the six months to June last year. The firm attributed the drop to a beating from the stock market, holding significant shares in Equity Bank and mortgage firm Housing Finance.