COOP Bank FY’21 EPS edged up 43.94% to KES 2.85, well above our expectations . PAT came above our expectations by edging up 53.00% y/y to KES 16.54Bn driven by a 12.27% y/y increase in Total Operating income to KES 60.43Bn supported by interest income from loans and government securities. Customer deposits grew 7.68% to KES 407.73Bn while the loan book grew faster at 8.22% to KES 310.20Bn, both were above our expectations. Notably, Kingdom Bank also registered a PAT of KES 497.79Mn from a loss of KES 10.18Mn in FY’20 while the balance sheet expanded 2.2% y/y to KES 31.69Bn. Bancassurance (KES 803.90Mn) and Asset management business (KES 140.40Mn) were also profitable with the South Sudan subsidiary recording a KES 421.70Mn loss.