KCB Group’s 1H21 PAT surged 101.92% y/y to KES 15.30B, above our forecast of KES 9.80B, fueled by a 13.86% y/y increase in interest income to KES 47.12B, a 5.94% y/y increase in NFI to KES 14.79B, and a 40.30% y/y drop in loan loss provisions to KES 6.58B. KCB’s Board of Directors did not recommend the payment of dividends as they sought to conserve cash.