Kenya

Absa Kenya: Jump in Q1 21 earnings as separation costs missing in income statement

  • EPS rose 24% yoy to KES0.45

  • Core earnings disappointed with net operating profit down 1% yoy on non-interest income decline & high loan loss charge

  • Loan loss provision charge jumps unexpectedly in Q1 21 despite aggressive provisions in 2020; reiterate Hold

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