Kenya banks: Profit before tax up 97% yoy in first two months of Q2
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Earnings likely driven by lower cost of risk, higher non-interest revenue, lower costs and flat net interest margin
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Balance sheet growth showing positive momentum with deposits up 12% yoy and loans up 6% yoy in May 2021
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Asset quality still a concern with NPL ratio at 14.2% in May, but lower than regulator’s expectation of 16% in June
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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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