nice analysis @keninvest...

Kcb shld do the same...

I rate the stock accumulate with a price target of Sh23 Some real Analysis on this link http://www.contrarianinv...ven-by-forex-income.html

Good results. The most comforting thing is that they finally have competent accountants (perhaps it's internal auditors). From the results we can now see that last year they overstated interest income by 2.1 billion and understated non interest income by the same amount (thus overstating their interest margins). For all you analysts out there adjust your models using the revised 2010 figures. Let's keep on our toes and make sure no other mistakes pass us by.

Though ive always been weary of the NPL exposure... that's why I can't recommend it as a buy.

@kenyainvest. What is the NPL/loan ratio and how does it compare to other banks? Does the ratio level have anything to do with the bank's business model?

@Scubidu, the quality of the loan book (GNPL/Net Loans) improved by 3% to 8.19%. As I said yesterday, Equity's was at 3.2%



You can see who has a cleaner loan book. The above views thus seem misplaced

KENYA COMMERCIAL BANK POSTS 40% JUMP IN 9 MONTH PROFIT BEFORE TAX

Scubidu, the new FD is making a difference. Infact memba's policy of hiring diaspora into support functions is a genius move.
The numbers are impressive and better than my expectations. Quarter on quarter pat was actually higher in q3. I expect q4 will include a higher provision for bad debt.