Diamond Trust Bank: Poor Q1 21 results; investors still punishing stock despite attractive multiples
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Unlike other Kenyan banks, DTB recorded a significant jump in loan loss provision charge thereby hurting earnings
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Fee and commission income disappointed. Although recovery is expected, earnings volume from fee income still low
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Management's FY 21 outlook is dim with high cost of risk and flat balance sheet growth and net interest margin; 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.