PAT up 17.3%

Customer deposits up 15% to 180b
Loans and advances to Customers up 13% to 134b
Loan loss provision up 6% to 800m


Net Interest Income +23%
Non Funded Income +16%

Operating Expenses +23%
Profit before tax +19%

Between 30-Sep-12 and 31-Dec-2012, there was an extra 1.6bn on intangible assets, was this explained FY 2012 results?

Copy of the results anyone with them

@PKoli i also thought so. nway vision 2015

Wapi Obiero?? or he is still in shock

I must say the result are impressive especially when you factor in Sudan which they started operating just last month.The partnership with the government will make it a powerhouse in Sudan.

A lot of optimism in the market... but then again, optimism takes you further than pessimism in the high tide. Not sure between optimism and realism which one wins out in the end.

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Verdict from Kestrel Capital:

The bank trades at a trailing P/E, P/B and Div Yield of 10.7x, 2.2x and 2.8% compared to an average of 10.6x, 2.4x and 3.4% respectively for Equity Bank and KCB Bank. We maintain our BUY recommendation on the counter with a target price of KES 21.50 representing a 19.8% upside to current market price of KES 17.95.

Its on the deck and going up. We still have time before March Next year when final results will be tangible at 18% push the capital gain and dividend up. A dividend of 60 cts at a price of 25 coming soon.

@ the Deal,

Great analysis. With SS and improved CTI, I see growing at double digits in the short term. Reasonable p/e of 12 implies a price target of about 25 should be archived soon.