Earnings Report /
Kenya

Kenya Commercial Bank: 9M 21 – impressive results, 2023 strategy is achievable

  • Expected decline in loan loss provision charge and better than expected efficiency delivers 131% yoy increase in PAT

  • Asset quality improves while fee and commission income fails to meet expectations

  • 2023 targets achievable – cost/income of 40-43%, non funded contribution of 40%, subsidiary PBT of 20% – reiterate Buy

Faith Mwangi
Faith Mwangi

Equity Research Analyst, Financials (East Africa)

Tellimer Research
18 November 2021
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