Tanzania

CRDB: Upgrade to Buy – the tide is turning positively

  • Change in strategy for Tanzania's CRDB should lead to lower costs, higher non-interest revenue and better asset quality

  • Regulatory pressure may still weigh on margins, but stability is expected given its greater focus on retail customers

  • We upgrade CRDB to Buy with a target price at TZS514, suggesting an ETR of 84%

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January 19th, 2022
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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.

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