We downgrade the bank to a Hold, with the poor performance evidence of downside risk for our estimates
EPS grew by just 1% yoy to KES24.27, with total operating income down by 3% yoy on weaker net interest margin
Gross NPLs unexpectedly increased by 12% yoy, which we find concerning
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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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