This is actually a good set of results for KCB all considered. We are used to negative surprises from KCB especially in the last qtr but this time around, it is MUCH better. Based on Q3 results, I had anticipated EPS of 2.41 and I was expecting them to maintain the dividend at last year's level of Kshs 1, so this is a PLEASANT SURPRISE.

I admit I am not too excited by the fact that subsidiaries made a whopping 1.7B+ LOSS BEFORE TAX. Just what is it with these regional operations? At this point in time only Uganda and Rwanda should be losing money, given the stage of development that these operations are at, and hence OVERALL subsidiaries should be ADDING to the profits not CANNIBALISING what Kenya is bringing in.

All the same, we should focus on the positives. PBT for the bank (Kenya) is actually higher than that for BBK (minus the exceptional item). The Kshs 1.25 dividend will not hurt either, while the losses in ops outside Kenya represent room for future growth. At an undemanding PE of 10, KCB should be headed to 28 without breaking a sweat!

after such a performance (KCB) that deserves recognition, the share price only managed a +0.25 at the close of the market. factoring in inflation, this share is nt worth holding either 4 speculation or any long term investment, not unless its for dividend purposes