COOP Bank 3Q21 EPS edged up 17.86% to KES 1.98, in line with our expectations. PAT edged up 18.95% y/y to KES 11.63Bn driven by a 15.57% y/y increase in Total operating income to KES 44.40Bn supported by interest income from loans and government securities. Customer deposits grew 11.98% (versus our forecast of a 10% growth) to KES 420.44Bn while the loan book growing slower at 7.77% to KES 306.32Bn (below our 14% forecast). Notably, Kingdom Bank also registered a PAT of KES 413.34Mn from a loss of KES 200.90Mn in 3Q20 while the balance sheet remained flat at KES 30.97Bn.
