Co-operative Bank’s 1H21 net earnings rose 2.33% y/y to KES 7.37B, above our forecast of KES 6.3B, fueled by a 19.02% y/y increase in interest income, and 24.27% increase in NFI to KES 18.83B, despite a 122.97% y/y surge in loan loss provisions to KES 4.16B. Growth in NFI was mainly attributed to rising income from fees and commissions due to increased mobile lending activities.
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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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