Stronger than I expected.

PBT up from 2.467 B to 3.227 B

PAT up from 1.96 B to 2.6 B.

On the other hand Comprehensive income took a knock from 3.68B to 1.6 B. Seems like their bond play got thoroughly whacked.

On a Q on Q basis, the loss on Bonds is 1bn for 1Q 2013. Not great but if the trend for Bonds (yield dropping) has been positive in 2Q, they can recover the loss. On the other hand these are paper losses i.e. they can get back the full principal as the Bonds mature. The key question is what is the yield on these bonds? No point earning 8% on bonds if Coop is paying 8% on deposits!

On the other hand, if these are short-term bonds then they can just wait till they mature without much ado.

Good performance, though they need to watch that shrinking loan book and the 20% surge in NPLs. Anyone with the full report?

I wonder then how Equity managed to lend more in the quarter compared to the same quarter last year. I understand lending was expected to slow and indeed KCB lent a billion less in 2013Q1 vs. 2012Q1. To what extent could the drop be due to strategy (inability to attract loan interest) than pure prevailing election mood.

But what actually prevents this stock from moving up to 30s, 40s, like its peers the KCB, Equity, Barclays and standardChart? Will it break the golden 20 Kes this time again?

#Word @VVS. ... &a bright note is that coop Q1-2013 cost of funds is a low 3.6% while its Q1-2013 yield on interest earning assets is 15.4%. That gives us NIM (Net Interest Margin) of 11.8% (15.4%-3.6%) ... :)

This one will bag you 10times your money in 10 years...