COOP | Co-operative Bank of Kenya FY23 Earnings Note

    Co-operative Bank of Kenya recorded lower-than-expected performance to post a mild 5.2% y/y growth in net earnings to KES 23.19Bn throughout 2023. Net interest incomes declined marginally by 60bps y/y – grounded by a faster surge in interest expenses relative to interest incomes.

    The Board of Directors recommend a first and final Dividend of KES 1.50 per share. The dividend will be payable on 10th June 2024 to shareholders on register as of 28th April 2024.

    Recommendation - We revise our recommendation on Co-operative Bank to HOLD on account of its fast-rising cost of funds and asset quality pressures


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