Loan Loan Provisions (P&L) up huge by 1.3bn (Kenya +1.1bn)
NPLs are up a massive 10bn (Kenya +9.6bn)
The Net NPL Exposure remains zero which means there is sufficient collateral to cover the NPLs but if sufficient recoveries or progress is not made then I&M will have to take a 20% provision annually for the existing NPLs (less recoveries).
The reported PAT was better than I expected. The proof in the pudding will be in FY 2018 results with IFRS 9 and provisions from the much larger NPLs reported for FY 2017.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett