Cooperative Bank demonstrated modest performance, with net earnings rising 4.4% y/y to KES 19.21Bn.
Net interest margin contracted 60bps y/y to 7.4% primarily attributable to elevated costs associated with deposit mobilization.
Recommendation : We maintain our BUY recommendation on Cooperative Bank driven by its steady and consistent growth outlook.
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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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