Earnings Report /

GCB Bank: Q2 21 – High tax and impairment charges dampen earnings

  • GCB's PAT grew only marginally by 6% yoy as a result of the government's levy on PBT

  • The bank saw a spike in loan impairment charges (+104% yoy) owing to higher NPLs, while non-interest income declined

  • We reiterate our Buy recommendation as the bank is still ahead of its peers in deposits and branch network

Gbemisola Ogungbade
Faith Mwangi
Faith Mwangi

Equity Research Analyst, Financials (East Africa)

Tellimer Research
3 September 2021
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