Absa Kenya: Jump in Q1 21 earnings as separation costs missing in income statement
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EPS rose 24% yoy to KES0.45
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Core earnings disappointed with net operating profit down 1% yoy on non-interest income decline & high loan loss charge
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Loan loss provision charge jumps unexpectedly in Q1 21 despite aggressive provisions in 2020; reiterate Hold
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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").
The Analyst certifies that the views and forecasts expressed in this report accurately reflect their personal views about the subject, securities, or issuers specified herein. In addition, the Analyst certifies that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.