COOP | COOP Bank FY20 Earnings Note | AIB AXYS Africa

    Co-operative Bank’s FY20 net earnings plummeted 24.4% y/y to KES 10.8B driven by a 219.5% y/y surge in loan loss provisions to KES 8.1B and a 23.9% y/y uptick in operating expenses. The Group announced a KES 1.00 dividend per share translating to a dividend yield of 7.8% on the current price of KES 12.80 with book closure slated for 31st March 2021 and payment date on 14th April 2021.

    We maintain a BUY recommendation on COOP with a target price of KES 16.82 offering a potential upside of 31.4% on the current price.

     

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    AIB-AXYS Africa
    AIB-AXYS Africa Ltd is the fusion of two established companies; AIB Capital Limited and Apex Africa Capital Limited, both with over 25 years of experience in the Securities market. With the solid reputation and experience of the professional teams, we leverage talent and networks to better service businesses and investors looking to capitalize on the African growth story, and its vibrant financial sector.
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