KCB Group's FY’21 EPS edged up 74.43% to KES 10.64, well above our expectations. PAT shot up 74.32% y/y to KES 34.17Bn, which was also above our expectations, driven by a double boost of a 13.53% y/y increase in Total Operating Income to KES 108.63Bn and a 52.27% y/y decline in Loan Loss Provisions to KES 12.99Bn. Customer deposits grew 9.11% to KES 837.21Bn driven by term deposits while the loan book increased by 13.48% to KES 675.48Bn, both were above our expectations. Loan book growth was driven by increased lending in Kenya, Rwanda and the Ugandan markets supplemented by mobile loans which grew to KES 158.0Bn.
