Par Value: 5/-
Closing Price: 80.00
Total Shares Issued: 395321638.00
Market Capitalization: 31,625,731,040
The Kenyan Banc assurance model includes CFC Bank, CFC Financial Services and Heritage Assurance.
Stanbic Holdings PLC reports HY 2020 Earnings
HY Total Assets 383.504b versus 313.309b
HY Total Income 11.264258b versus 12.833431b
HY Income after Impairment charges 9.281953b versus 11.602511b
HY Profit before Tax 4.130700b versus 5.560718b
HY Profit after Tax 2.583005b versus 4.063028b
HY EPS 6.46 versus 10.28
No Interim Dividend
-12.0% y o y decline in total income to KES 10.7 BN and
+83.6% y o y upsurge in loan loss provision expense to KES 1.7 BN.
Net interest income declined 5.9% y o y to KES 6.0 BN
Non-funded income declined 18.8% y o y to KES 4.7 BN,
Operating expenses (less loan loss provisions) declined 14.8% y o y to KES 5.0 BN mainly on the back of a 4.6% y o y decline in staff costs to KES 2.7 BN and a 32.6% y o y decline in other expenses to KES 1.6 BN.
Pre-provision operating profit declined 9.5% y o y to KES 5.7 BN. Loan loss provision expense saw an 83.6% y o y increase to KES 1.7 BN. As a result, profit before tax dropped 25.3% y o y to KES 4.0 BN.
Customer loans and advances declined 0.6% y o y to KES 161.0 BN whereas investment securities saw a 14.1% y o y decline to KES 40.8 BN.
customer deposits saw a 23.0% y o y increase to KES 252.2 BN
On a trailing basis, Stanbic Bank is trading at a P/E ratio of 6.2x, against an industry median of 4.8x, and a P/B of 0.8x against an industry median of 0.7x.
ROE stands at 12.1% whereas ROA stands at 1.4%.
resilient attractive on price reverses.
Stanbic Holdings PLC FY 2019 results through 31st December 2019 vs. 31st December 2018
FY Financial investments 70.077921b vs. 72.260408b -3.020%
FY Loans and advances to banks and customers 191.194571b vs. 174.984710b +9.264%
FY Total assets 303.624592b vs. 290.570254b +4.493%
FY Deposits from banks and customers 224.672913b vs. 219.493914b +2.360%
FY Other liabilities and accrued expenses 14.725225b vs. 6.426698b +129.126%
FY Total Equity 49.034765b vs. 44.623420b +9.886%
FY Net interest income 13.347740b vs. 12.129645b +10.042%
FY Non interest revenue 11.433073b vs. 9.964720b +14.736%
FY Total income 24.780813b vs. 22.094365b +12.159%
FY Credit impairment charges [3.150559b] vs. [2.064462b] +52.609%
FY Income after impairment charges 21.630254b vs. 20.029903b +7.990%
FY Total operating expenses [13.920490b] vs. [11.082146b] +25.612%
FY PBT 7.709764b vs. 8.947757b -13.836%
FY Income tax expense [1.329148b] vs. [2.670591b] -50.230%
FY Profit for the year 6.380616b vs. 6.277166b +1.648%
Basic and Diluted EPS 16.14 vs. 15.88 +1.637%
Dividend per share 7.05 vs. 5.80 +21.552%
Cash and cash equivalents at 31st December 85.210690b vs. 61.040397b +39.597%
Net interest income increased by 10.0% y/y to KES 13.3bn, mainly on the back of strong loan growth, 9.3% y/y. Noteworthy, overall loan book growth was mainly driven by the Personal and Business Banking (PBB) segment, which recorded a 14.5% y/y growth. The segment also saw an improvement in NIMs despite the 50bps policy rate cut at the end of the year, on the back of reduced cost of funds due to growth in local currency current accounts.
OpEx (excl. loan loss provisions) increased by 25.6% y/y to KES 13.9bn. As a result, the cost to income ratio increased by 6.0% y/y to 56.2%. The key driver of the uptick in OpEx was a c. KES 1.5bn one off guarantee payment towards the end of FY19.
Loan loss provisions increased by 52.6% y/y to KES 3.2bn. As a result, cost of risk increased by 60bps y/y to 2.0%. Noteworthy, the uptick in the cost of risk was primarily driven by the Corporate and Investment Banking (CIB) segment which saw a 110bps y/y increase in cost of risk.
Gross NPLs increased by 16.2% y/y to KES 19.2bn. As a result, the NPL ratio increased by 100bps y/y to 11.2%.
Noteworthy, NPL coverage (including general provisions and interest in suspense) increased by 3.7% y/y to 57.1%.
The Kenyan Banc assurance model includes CFC Bank, CFC Financial Services and Heritage Assurance.
Stanbic Holdings PLC HY 2019 results through 30th June 2019 vs. 30th June 2018
HY Financial investments 94.098765b vss. 91.541460b +2.794%
HY Loans and advances to banks and customers 177.084261b vs. 154.034135b +14.964%
HY Total assets 313.309838b vs. 278.780976b +12.386%
HY Deposits from banks and customers 237.983996b vs. 215.772057b +10.294%
HY Total Equity 46.828917b vs. 42.209633b +10.944%
HY Net interest income 6.702229b vs. 5.608193b +19.508%
HY Non interest revenue 6.135202b vs. 5.569913b +10.149%
HY Total income 12.837431b vs. 11.178106b +14.844%
HY Credit impairment charges [1.234920b] vs. [253.269m] +387.592%
HY Income after impairment charges 11.602511b vs. 10.924837b +6.203%
HY Total operating expenses [6.041793b] vs. [5.730355b] +5.435%
HY PBT 5.560718b vs. 5.194482b +7.050%
HY Income tax expense [1.497690b] vs. [1.642146b] -8.797%
HY Profit for the period 4.063028b vs. 3.552336b +14.376%
Basic and Diluted EPS 10.28 vs. 8.99 +14.349%
Dividend per share 1.25 vs. 2.25 -44.444%
Cash and cash equivalents at period end 52.962762b vs. 45.932735b +15.304%
a Cheap share on a PE of 6.203 and a Price to Book 1.1
Stanbic Holdings PLC FY 2018 results through 31st December 2018 vs. 31st December 2017
FY Financial investments 72.260408b vs. 76.244870b -5.226%
FY Loans and advances to banks and customers 174.984710b vs. 143.279444b +22.128%
FY Total assets 290.570254b vs. 248.738719b +16.817%
FY Deposits from banks and customers 219.493914b vs. 193.367907b +13.511%
FY Total Equity 44.623420b vs. 42.955687b +3.882%
FY Net interest income 12.129645b vs. 10.644281b +13.955%
FY Non interest revenue 9.964720b vs. 8.420108b +18.344%
FY Total income 22.094365b vs. 19.064389b +15.893%
FY Credit impairment charges [2.064462b] vs. [2.761325b] -25.237%
FY Income after impairment charges 20.029903b vs. 16.303064b +22.860%
FY Total operating expenses [11.082146b] vs. [10.901816b] +1.654%
FY PBT 8.947757b vs. 5.401248b +65.661%
FY Income tax expense [2.670591b] vs. [1.091754b] +144.615%
FY Profit for the year 6.277166b vs. 4.309494b +45.659%
Basic and Diluted EPS 15.88 vs. 10.90 +45.688%
Dividend per share 5.80 vs. 5.25 +10.476%
Cash and cash equivalents at 31st December 61.040397b vs. 25.856454b +136.074%
Predicted and predictably Strong FY Earnings
Seriously countertrend in the expansion of the Loan Book +22.128%
Muscular Earnings plain and simple
Stanbic Holdings H1 2018 Earnings here
H1 Loans and Advances [Net] to Customers 154.034135b versus 133.516337b +15.367%
H1 Intangible assets Goodwill 9.349759b versus 9.349759b
H1 Total Assets 278.780976b versus 234.258513b +19.005%
H1 Deposits from Banks and customers 215.772057b versus 177.860070b +21.315%
H1 Total Income 11.178106b versus 9.169368b +21.907%
H1 Non Interest Revenue 5.569913b versus 4.156997b +33.9988%
H1 Credit Impairment [253.269m] versus [1.817986b]
H1 Profit Before Tax 5.194482b versus 2.207897b +135.26%
H1 Profit After Tax 3.552326b versus 1.737229b +104.48%
H1 EPS 8.99 versus 4.39 +104.78%
H1 Dividend 2.25 versus 1.25 +80%
Cash and Cash Equivalents at period End 45.932735b versus 18.579702b
They were lapping a very big impairment in 2017 [related to South Sudan if I recall correctly]
These are bulked up earnings which promise a lot.
Stanbic Holdings Plc FY 2017 results through 31st December 2017 vs. 31st December 2016
FY Financial investments 71.329763b vs. 50.032732b +42.566%
FY Loans and advances to banks and customers 143.279444b vs. 132.576604b +8.073%
FY Total assets 248.738719b vs. 214.682729b +15.863%
FY Deposits from banks and customers 193.367907b vs. 155.835043b +24.085%
FY Total Equity 42.955687b vs. 40.140874b +7.012%
FY Net interest income 10.644281b vs. 10.860047b -1.987%
FY Non interest revenue 8.420108b vs. 7.657311b +9.962%
FY Total income 19.064389b vs. 18.517358b +2.954%
FY Credit impairment charges [2.761325b] vs. [1.751812b] +57.627%
FY Income after impairment charges 16.303064b vs. 16.765546b -2.759%
FY Total operating expenses [10.901816b] vs. [10.716460b] +1.730%
FY PBT 5.401248b vs. 6.049086b -10.710%
FY Profit for the year 4.309494b vs. 4.418589b -2.469%
Basic and Diluted EPS 10.90 vs. 11.18 -2.504%
Dividend per share 5.25 vs. 5.25
Cash and cash equivalents at 31st December 25.856454b vs. 24.986005b +3.484%
They expanded the Customer Loan Book +8.073%
These were resilient Earnings.
Look at the surge in Customer deposits +24.085%
H1 Financial investments 68.571010b vs. 56.584125b +21.184%
H1 Loans and advances 133.516337b vs. 123.583059b +8.038%
H1 Total assets 234.258513b vs. 215.086376b +8.914%
H1 Deposits and current accounts 177.860070b vs. 158.033090b +12.546%
H1 Total equity 40.767786b vs. 38.327493b +6.367%
H1 Net interest income 5.012371b vs. 5.463276b -8.253%
H1 Non interest income 4.156997b vs. 3.761122b +10.525%
H1 Total income 9.169368b vs. 9.224398b -0.597%
H1 Credit impairment charges [1.817986b] vs. [834.097m] +117.959%
H1 Income after impairment charges 7.351382b vs. 8.390301b -12.382%
H1 Total operating expenses [5.143485b] vs. [5.195869b] -1.008%
H1 Profit before taxation 2.207897b vs. 3.194432b -30.883%
H1 Profit for the period 1.737229b vs. 1.976643b -12.112%
EPS 4.39 vs. 5.00 -12.200%
Dividend per share 1.25 vs. 1.77 -29.379%
Cash and cash equivalents at period end 18.579702b vs. 31.393809b -40.817%
Solid set of results in the context of the new interest rate regime.
Full Year Earnings through 31st December 2016 versus through December 2015
FY Loans and advances 132.576604b vs. 128.163157b +3.444%
FY Total assets 214.682729b vs. 208.451915b +2.989%
FY Deposits with banks and customers 155.835043 vs. 153.670812b +1.408%
FY Total equity 40.140874b vs. 38.364829b +4.629%
FY Net interest income 10.860047b vs. 9.303047b +16.736%
FY Non interest revenue 7.657311b vs. 7.641228b +0.210%
FY Total income 18.517358b vs. 16.944275b +9.284%
FY Credit impairment charges [1.751812b] vs. [0.907305b] +93.079%
FY Total operating expenses [10.716460b] vs. [8.677556b] +23.496%
FY PBT 6.049086b vs. 7.359414b -2.419%
FY Profit for the year 4.418589b vs. 4.905734b -9.930%
EPS 11.18 vs. 12.41 -9.911%
Dividend per share 5.25 vs. 6.15 -14.634%
Cash and cash equivalents at 31st December 24.986005b vs. 39.588922b -36.886%
Final Dividend 3.48 [+1.77 Interim Dividend]
KES 1.8bn in credit impairment charges.
At bank level, net interest income grew 17.3% yy to KES 10.8bn driven by 10% yy growth in customer loans and advances
NIMs came in at 6.0% at the end of FY16. Group revenues increased by 9% yy to KES 18.5bn. Approximately 50.0% of deposits were said to be unaffected by the 7.0% floor as stipulated in the Banking (Amendment) Act 2015.
Non funded income, a key driver of Stanbics income, rose by 2.7% yy to KES 7.4bn.
The Groups CTI ratio increased to 58% driven largely by a 23% yy increase in operating costs.
However, management indicated that stripping out the hyper inflationary impact of South Sudan, costs increased by 10.0% yy representing at CTI ratio of 52%.
The groups NPL ratio stood at 5.0% at the end of FY16 up from 4.6% in FY15, with an NPL coverage ratio of 41.3% although Stanbic indicated that they continue to remain comfortable with the level of coverage given adequate collateralization of loans. (Source Company, Kestrel Research)
@StanbicKE As of December 31st, 2016, the Group profit after taxfor the year was Kshs 4.4 billion. Stanbic2016FYResults
Big increase in operating expenses.
On a PE Ratio of 5.992 it looks good value
CFC reports H116 Earnings here
H1 Total assets 212.343547b vs. 213.301434b -0.449%
H1 Loans and advances 120.878105b vs. 120.516613b +0.300%
H1 Deposits and current accounts 155.223353b vs. 159.553965b -2.714%
H1 Net interest income 5.463896b vs. 4.393121b +24.374%
H1 Non interest income 3.966033b vs. 3.339164b +18.773%
H1 Total income 9.429929b vs. 7.732285b +21.955%
H1 Credit impairment charges [834.097m] vs. [241.012m] +246.081%
H1 Total operating expenses [4.948595b] vs. [4.629899b] +6.883%
H1 PBT 3.647237b vs. 2.861374b +27.465%
H1 Profit for the period 2.393464b vs. 1.959395b +22.153%
EPS 6.05 vs. 4.96 +21.976%
DPS 1.77 vs. 0.75 +136.000%
Cash and cash equivalents at the end of the period 31.393809b vs. 23.673070b +32.614%
Impressive. They took South Sudan pain last year.
FY Loans and advances 128.163157b vs. 101.210110b +26.631%
FY Deposits and current accounts 153.670812b vs. 129.409143%
FY Total assets 208.451915b vs. 180.998985b +15.167%
FY Net interest income 9.303047b vs. 8.461945b +9.940%
FY Non interest revenue 7.641228b vs. 8.408553b -9.126%
FY Total income 16.944275b vs. 16.870498b +0.437%
FY Credit impairment changes [907.305m] vs. [702.822m] +29.095%
FY Operating expenses [8.677556b] vs. [8.467430b] +2.482%
FY Profit before taxation 7.359414b vs. 7.700246b -4.426%
FY Income tax expense [2.453680b] vs. [2.013585b] +21.856%
FY Profit for the year 4.905734b vs. 5.686661b -13.733%
FY Foreign currency translation differences for foreign operations [1.029308b] vs. [0.061538b] +1,572.638%
FY Total comprehensive income for the year 3.807794b vs. 5.425163b -29. 812%
EPS 12.41 vs. 14.38 -13.700%
Final Dividend 5.40 Total Dividend per share 6.15 vs. 6.15
Cash and cash equivalents at 31st December 39.588922b vs. 22.610152b +75.094%
CfC Stanbic Bank Unfavorable business condition in South Sudan and decrease in trading income affected our 2015 performance. Philip Odera
CfC Stanbic Bank All things considered, given challenges and environment, it was a good performance. C.E Philip Odera CfCStanbic2016FYResults
Its a cheap share on a PE Basis. Expanded the Loan Book +26.631% but evidently took a hit in South Sudan [as so many companies have apparently]
First Half Earnings through 30th June 2015 versus through 30th jUNE 2014
First Half Total Assets 213.301434b versus 165.729630b +28.7%
First Half Loans and Advances 120.516613b versus 97.486381b
Intangible Assets Goodwill 9.349759b unchanged
First Half Net Interest Income 4.393121b versus 4.302200b
First Half Non Interest Revenue 3.339164b versus 4.975205b
First Half Total Income 7.732285b versus 9.277405b -16.65%
Credit Impairment charges [241.012m] versus [273.758m]
Income after impairment charges 7.491273b versus 9.003647b
First Half Total operating expenses [4.629899b] versus [4.677951b]
First Half Profit before Tax 2.861374b versus 4.325696b -33.85%
First Half Profit after Tax 1.959395b versus 3.356701b -41.62%
First Half EPS 4.96 versus 8.49 -41.57%
First Half Dividend 0.75 versus 0.95 -21.05%
Notwithstanding a +28.7% expansion in Total Assets Total Income has declined 16.65%
I suspect this is South Sudan weakness seeping in.
Full Year Earnings through 31st Dec 2014 versus through 31st Dec 2013
Full Year Loans and Advances 101.210110b versus 103.847691b -2.5398%
Intangible Assets Goodwill 9.349759b versus 9.349759b
Full Year Total Assets 180.998985b versus 180.511797b +0.2698%
Full Year Net Interest Income 8.461945b versus 7.542114b +12.195%
Full Year Non Interest Revenue 8.408553b versus 8.660968b -2.29%
Full Year Total Income 16.870498b versus 16.203082b
Income after Impairment charges 16.167676b versus 15.436481b
Full Year Total operating Expenses [8.467430b] versus [8.212476b] +3.1044%
Full Year Profit before Taxation 7.700246b versus 7.224005b +6.59%
Full Year Profit after Tax 5.686661b versus 5.127156b +10.9125%
Full Year EPS 14.38 versus 12.97 +10.8712%
Final dividend of 5.20 per Ordinary share
Actually, I met Greg Breckenbridge just as he left the Office and he mentioned that South Sudan crimped Full Year Earnings.
Single Digit PE evidently played a defensive game in some ways in 2014 going by the Balance sheet which closed the Year +0.2698% Year on Year.
Lots of bench strength and I think it remains an attractive share.
First Half Earnings through 30th June 2014 versus through 30th June 2013
First Half Loans and Advances 97.486381b versus 79.052031b
First Half Net Interest income 4.302200b versus 3.619652b
First Half Non Interest Revenue 4.9725205b versus 4.467059b
First Half total Income 9.277405b versus 8.086711b
First Half income after credit impairment charges 9.003647b versus 7.689457b
First Half Total Operating Expenses [4.677951b] versus [4.453495b]
First Half Profit before Tax 4.325696b versus 3.235962b +33.675%
First Half Profit After Tax 3.356701b versus 2.202041b +52.435%
First Half Earnings per share 8.49 versus 5.57 +52.42%
First Half Dividend 0.95 versus 0.63 +50.79%
strong results following on strong FY 2013 Earnings. Momentum has carried through.
Its a cheap share on a single digit trailing PE
Full Year Results through 31st December 2013 versus Full Year Results through 31st December 2012
Total Assets 180.511797b versus 143.212155b +26.045%
Financial Investments 45.153463b versus 20.966076b +115.36%
FY Loans and Advances Net to Customers 103.847691b versus 78.483828b +32.317%
FY Customer Deposits 130.285985b versus 100.463247b +29.685%
FY Net Interest Income 7.542114b versus 6.542787b +15.273%
FY Non Interest Revenue 8.660968b versus 7.549557b +14.721%
Total Income 16.203082b versus 14.092344b +14.977%
Credit Impairment Charges [766.601m] versus [635.429m]
Income after Impairment 15.346481b versus 13.456915b
FY Total Operating Expenses [8.212476b] versus [8.868827b] -7.4006%
FY Profit before Taxation 7.224005b versus 4.588088b +57.45%
FY Profit After Tax 5.127156b versus 3.009891b +70.343%
FY Earnings per Share 12.97 versus 9.90 +31.01%
FY Dividend Pay Out 2.15 versus 0.73 +194.52%
Predictably and in fact predicted muscular FY Earnings. CFC StanBic is cheap versus its Peers on a PE of 8.172 and the Price has Headroom towards 130.00 and a PE of 10.00
CFC Stanbic has undertaken significant Transformation and I expect the Acceleration to gain more Earnings Traction going forward.
H1 through 30th June 2013 versus through June 2012
Cash, Banks and Central Bank balances 25.363922b versus 12.099035b +109.63%
Loans and Advances 79.052031b versus 97.431852b -18.864%
Total Assets 150.993174b versus 156.759539b
Deposits and current Accounts 106.470961b versus 115.208140b -7.583%
Net Interest Income 3.619652b versus 3.156315b
Non Interest Revenue 4.467059b versus 3.487157b +28.1003%
Total Income 8.086711b versus 6.643522b +21.72%
Total Operating Expenses 4.453495b versus 4.097564b +8.68%
H1 PBT 3.235962b versus 1.781145b +81.678%
H1 PAT 2.202041b versus 1.213687b +81.43%
Gain on Fair Value 0.569590b versus 1.412884b
H1 EPS 5.57 versus 4.43 +25.733%
Interim Dividend of 63cents a share
Predictable and predicted muscular Results.
Interesting Narratives in these results.
Loans and Advances saw a -18.864% Decline.
Non Interest Revenue at +28.1003% is commendable.
Trades on a Trailing PE of 7.222 [an unjustified discount] The Forward PE is compelling.
FY Earnings through Dec 2012 versus FY through Dec 2011
Total Assets 143.212155b versus 150.171015b -4.6339%
Derivative Assets 1.931831b versus 6.377410b -69.70822%
Loans and Advances 78.483828b versus 94.884596b -17.284%
Net Interest Income 6.542787b versus 6.042024b
Non Interest Revenue 7.549557b versus 4.756855b +58.708%
Total Income 14.092344b versus 10.842117b
Credit Impairment Charges [635.429m] versus [652.853m]
Income after Impairment Charges 13.456915b versus 10.189264b
Total Operating Expenses [8.868827b] versus [7.390363b]
FY PBT 4.588088b versus 2.798901b +63.924%
FY PAT 3.009891b versus 1.838992b +63.67%
FY EPS 9.90 versus 5.99 +65.275%
Really Strong Numbers.
PE less than 5.00
Total Non Interest Revenue +58.708% is an Outlier.
Interesting that They reduced the Loan Book.
H1 2012 versus H1 2011 Analysis here
Total Income 6.643522b versus 4.768960b +39.3075%
Credit Impairment Charges [764.813m] versus [240.386m]
Staff Costs [1.758120b] versus [1.433047b]
Profit Before Taxation 1.781146b versus 1.304750b +36.5124%
Profit After Tax 1.213688b versus 0.902233b
Earnings Per Share 4.43 versus 2.82 +57.092%
Gains on Fair Valuation of Available for Sale 1.412884b versus [1.368380b]
Strong Results. Forward PE is sub 5.00.
Analysis FY 2011 versus FY 2010
Total Assets 150.171015b versus 140.080202b
Profit Before Tax PBT 2.798901b versus 2.005967b +39.52%
Earnings Per Share 6.00 versus 5.1 +17.647%
Loss Gains on Fair Value of Available for Sale Securities -2.281412b versus +2.050231b
Total Comprehensive Income was 0.242004b versus +3.692066b
No Dividend Payment
I am not sure exactly What the Portfolio looks like but The Stock Market is on the Rebound and hence I am sure They will taking back the Entire Impairment, The Underlying Business has shown good Organic Growth. On a PE of 7.54 x 2011 FY Earnings, I think CFC Stanbic looks very squarely priced. They have invested in their Bench and that will surely pay off.
Swot Analysis H1 2011 versus H1 2010
PBT 1.304750b versus 0.937813b
PAT 902.232561m versus 823.310382m
EPS 2.82 versus 2.48
Looks an attractive Price
Swot Analysis FY 2010 versus FY 2009
Total Assets 140.080202b versus 127.690950b
Total Income 11.993171b versus 8.887784b
Staff Costs 3.49892b versus 2.306249b +51%
PBT 2.630825b versus 0.703201b +274%
EPS 5.86 versus (0.22)
Enhanced Trading Volumes and Investment Income
Staff Costs +51%
Impairment of Available for sale Securities -95% to 32m
Final Dividend 0.804 per shares
Strong Results for FY 2010 putting the share on a PE of 13.481. I have noticed that the Bank has imported a materially upgraded Talent Pool here in Nairobi and the Spike in Staff Costs confirms that impression. I am in the same Offices and have a great deal of Interaction with their People. They have a Broad Piece of Real estate here and Standard Bank itself plugs in a unique Global and EM Franchise.