Absa Kenya: 9M 21: Bank hits management ROE target of 20%; new level seems sustainable
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Exclusion of separation costs and lower loan loss provision charges boost earnings
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Revenue depressed by weaker margins and subdued non-interest revenue performance
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Reiterate Hold. The new 20%+ ROE levels are sustainable given the leaner cost structure
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
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