Coop Bank released their 3Q22 earnings results where PAT and EPS were above our expectations by edging up 47.05% and 46.95% y/y respectively driven by a 11.75% increase in net interest income and a 28.25% growth in noninterest income. Trailing Return on Equity improved to 21.02% while NIMs remained strong at 8.48%.
Loan book grew 9.42% y/y to 335.16Bn faster than the 2.75% growth in customer deposits y/y to KES 432.00Bn. Allocation to government securities fell 5.46% to 184.11Bn in 3Q22 on the back of the FV loss as a percentage of government securities increasing to 10.45% compared to 0.46% in 3Q21.
