This looks funny PBT up 7% while PAT down 6%. Has the tax holiday ended?

[1:04PM, 5/15/2014] Mesh YIC: >Co-op Bank 1Q14 EPS declines 5.6%y/y on higher
effective tax; EPS up 13.7%q/q . Co-op Bank has
released its 1Q14 results marking 5.6%y/y decline in
EPS (with PBT increasing 8.3%y/y, decline in EPS was
a result of reversion of tax rate to 30% from 20%
following lapse of 5 year break offered as an incentive
for listing). Riding on 29.8%y/y (+12.8%q/q) growth in
advances, NII increased 11.7%y/y and 19.2%q/q. NIM
rose 130bp q/q to 9.9%, but fell short of 1Q13 and
FY13’s 10.6% and 10.7%. Though up 20.8%y/y
(+9.1%q/q), key line items in total NIR failed to
impress (fee income and FOREX income declined 7.1%
& 13%q/q). Though cost performance was better than
expected, total OPEX declined 15.4%q/q (backed by
27.2%q/q decline in staff costs), CTI increased 370bp
y/y to 53.6%. In spite of 2.5%y/y (+12.2%q/q) growth
in NPLs, loan loss provision declined 24.9%y/y.
Acquisition of deposits (+15.4%y/y and 6.7%q/q)
lagged loan growth leaving LTD at a multi-year high of
82.6%.
Since our last valuation report dated 5 February (were
we assigned Co-op a FV of KES 19.93 versus trading
price of KES 17.40) the stock has rallied to a high of
KES 25.00. In our view, there is room for the price to
pull back.
[1:05PM, 5/15/2014] Mesh YIC: So coop was riding on less tax.. Now that time is gone.. Let's see they made of wood or steel
[1:06PM, 5/15/2014] Mesh YIC: For that reason all quarters this year will be reporting loss pat

Who is Mesh YIC ?