Par Value: 4/-
Closing Price: 58.75
Total Shares Issued: 279602220.00
Market Capitalization: 16,426,630,425
EPS: 11.61
PE: 5.060
Prominent Kenyan commercial bank
DTB Group reports 6 months Earnings through 30th June 2021 versus 6 months through 30th June 2020
HY Total Assets 429.578165b versus 388.254217b +10.643%
HY Held to Maturity Kenya Government Securities 98.974780b versus 98.905810b
HY Other Securities 16.023881b versus 20.504025b
HY At Fair value Kenya Government Securities 18.768410b versus 0
HY At Fair Value Other Securities 24.827416b versus 13.117114b
HY Loans and Advances [net] to Customers 204.326007b versus 201.455170b +1.4%
HY Customer Deposits 313.804145b versus 280.369955b +11.9%
HY Total Interest Income 16.702622b versus 15.807667b +5.7%
HY Total Interest Expenses 6.881761b versus 6.512969b
HY Net Interest Income 9.820951b versus 9.294698b
HY Total Non Interest Income 3.324428b versus 3.151805b
HY Total Operating Income 13.145379b versus 12.446503b
HY Loan Loss Provision 2.311108b versus 1.8655552b
HY Staff Costs 2.420830b versus 2.371265b
HY Other Operating expenses 2.452018b versus 2.279729b
HY Total Operating Expenses 8.266737b versus 7.973779b
HY Profit before Tax 4.878679b versus 4.482839b
HY Profit after Tax & non controlling interests 2.930883b versus 2.401697b
HY Other Comprehensive Income Net Gain Fair value Government Securities 757.899m versus 99.547m
HY Other Comprehensive Income Net Loss in Fair value of equity Investments [220.855m] versus [29.864m]
HY EPS 10.48 versus 8.59 +22.00%
HY Gross Non Performing Loans 22.216375b versus 17.542022b
HY Loan loss Provisions 8.714110b versus 6.179662b +23.9% [This is against the Trend versus its peers]
@DTBKenya H1 2021 results vs H1 2020: @MwangoCapital
https://twitter.com/MwangoCapital/status/1430559231195979779?s=20
Total assets Kshs 429.6B
Net interest income up 5.7%
Customer deposits up 11.9%
Loans & advances up 1.4%
Loan loss provisions up 23.9%
PAT up 20.1% to Kshs 3.15B
Gross NPLs up 26.6%
EPS 10.48 [2020: 8.59]
Conclusions
better than decent when you consider they increased Loan Loss Provisions by +23.9% which was against the Trend.
DTB Group reports FY 2020 Earnings versus FY 2019
FY Total Assets 425.054034b versus 386.230186b
FY Investment Securities Held to Maturity Kenya Government Securities 111.118568b versus 97.564656b
FY Investment Securities Held to Maturity Other Securities 27.262745b versus 21.736467b
FY At Fair Value Other Securities 9.996628b versus 12.545373b
FY Loans and Advances to Customers [net] 208.592888b versus 199.089371b
FY Customer Deposits 298.166604b versus 280.186953b
FY Total Non Performing Loans and Advances 22.253877b versus 13.604721b
FY Loan Loss Provisions 9.640696b versus 4.517413b
FY Net Non Performing Loans 12.613181b versus 9.087308b
FY Discounted Value of Securities 12.613181b versus 9.087308b
FY Total Interest Income 31.089802b versus 32.851113b
FY Total Interest Expenses 13.010309b versus 14.140142b
FY Net Interest Income 18.079493b versus 18.710971b
FY Total Non Interest Income 6.122417b versus 5.770297b
FY Total Operating Income 24.201910b versus 24.481268b
FY Loan Loss Provision 7.324436b versus 1.3239010b +453%
FY Staff Costs 4.721038b versus 4.669986b
FY Total Operating Expenses 19.668558b versus 13.224884b
FY Profit before Tax and exceptional Items 4.533352b versus 11.256884b
FY Profit before Tax 4.668271b versus 11.262914b
FY Profit after Tax 3.247534b versus 6.785603b
FY EPS 11.61 versos 24.27
FY Dividend 0 versus 2.70
DTB group restructured repayment terms for existing loan facilities amounting to shs.101 billion representing over 45% of the groups loan portfolio. @WillisOwiti
https://twitter.com/WillisOwiti/status/1375123809292988418?s=20
Diamond Trust Bank [@DTBKenya] 2020 results: @MwangoCapital
https://twitter.com/MwangoCapital/status/1375084239616684035?s=20
Total assets up by 10% to Kshs 425B
Net interest income down modestly by 3%
After tax profits down by 51% to Kshs 3.5B
Provision coverage ratio at 43% vs 33% a year earlier.
Note: No dividends from Diamond Trust Bank [@DTBKenya] As a prudent measure, DTBs Board has resolved not to propose any dividends for the year 2020. @MwangoCapital
https://twitter.com/MwangoCapital/status/1375085175747575813?s=20
Conclusions
Trailing PE now 6.029.
DTB has been a low ratio dividend Payer so its shareholders will be less upset than the average shareholder at the NSE about the miss.
Very Big Surge in Loan Loan Loss Provision +453%
DTB Half Year Results
HY Total Assets 388.254217b versus 375.929682b
HY Gross NPLs 17.542022b versus 15.119006b
HY Total Operating Income 9.294698b versus 9.187701b
HY Loan Loss 1.865552b versus 0.534192b
HY Profit before Tax 4.482839b versus 5.951347b
HY Profit after Tax 2.401697b versus 3.384030b
HY EPS 8.59 versus 13.89
Conclusions
The Question remains around the longevity of the Earnings suppression.
Diamond Trust Bank Kenya Limited - Unaudited Group and Bank Results for the Six Months Period Ended 30th June 2020. @tradingroomke
https://twitter.com/tradingroomke/status/1298502133881372674?s=20
Diamond Trust Bank Kenya Limited FY 2019 results through 31st December 2019 vs. 31st December 2018
FY Kenya government securities held to maturity 97.564656b vs. 85.806712b +13.703%
FY Loans and advances to customers (net) 199.089371b vs. 193.074357b +3.115%
FY Total assets 386.230186b vs. 377.719314b +2.253%
FY Customer deposits 280.186953b vs. 282.860003b -0.945%
FY Total shareholders equity 58.850841b vs. 53.657050b +9.680%
FY Loans and advances interest income 19.953866b vs. 21.956985b -9.123%
FY Government securities interest income 12.498862b vs. 13.010069b -3.929%
FY Total interest income 32.851113b vs. 35.268503b -6.854%
FY Customer deposits expense [12.136834b] vs. [13.463538b] -9.854%
FY Net interest income 18.710971b vs. 20.021514b -6.546%
FY Fees and commissions on loans and advances 1.339301b vs. 1.284128b +4.297%
FY Other fees and commissions income 2.208611b vs. 2.157644b +2.362%
FY Total non interest income 5.770297b vs. 5.434635b +6.176%
FY Total operating income 24.481268b vs. 25.456149b -3.830%
FY Loan loss provision [1.323010b] vs. [2.982261b] -55.637%
FY Total operating expenses [13.224884b] vs. [14.485360b] -8.702%
FY Profit before tax and exceptional items 11.256384b vs. 10.970789b +2.603%
FY Profit after tax and exceptional items 7.268592b vs. 7.082115b +2.633%
EPS 24.27 vs. 23.91 +1.506%
Dividend per share 2.70 vs. 2.60 +3.846%
Net NPL and advances 9.087308b vs. 6.724012b +35.147%
Group Cash and Cash Equivalents at end of Year [-1.921b]
Conclusions
The PE Ratio is 3.8018
Diamond Trust Bank Kenya Limited H1 2019 results through 30th June 2019 vs. 30th June 2018
H1 Kenya government securities held to maturity 88.968521b vs. 99.726123b -10.787%
H1 Loans and advances to customers (net) 190.777859b vs. 198.233933b -3.761%
H1 Balances due from Central Banks 26.198495b vs. 15.488792b +69.145%
H1 Total assets 375.929682b vs. 376.077751b -0.039%
H1 Customer deposits 283.065287b vs. 281.745588b +0.468%
H1 Total equity 62.505088b vs. 54.990268b +13.666%
H1 Net interest income 9.187701b vs. 9.928493b -7.461%
H1 Total non interest income 2.976942b vs. 2.742867b +8.534%
H1 Total operating income 12.164643b vs. 12.671360b -3.999%
H1 Loan loss provision [0.534192b] vs. [1.677189b] -68.150%
H1 Total operating expenses [6.225470b] vs. [7.276902b] -14.449%
H1 Profit before tax and exceptional items 5.939173b vs. 5.394458b +10.098%
H1 Profit after tax and exceptional items 4.132368b vs. 3.755323b +10.040%
EPS 13.89 vs. 12.51 +11.031%
Total NPL and advances 12.863491b vs. 12.924463b -0.472%
Liquidity ratio 54.3% vs. 51.1% +3.200%
Conclusions
Loan Loss Provision refers.
Otherwise its been a very defensive posture
However, Price to Book of 0.6 is egregious.
Diamond Trust Bank Kenya Limited FY 2018 results through 31st December 2018 vs. 31st December 2017
FY Kenya government securities held to maturity 85.806712b vs. 84.895740b +1.073%
FY Loans and advances to customers (net) 193.074357b vs. 196.048155b -1.517%
FY Total assets 377.719314b vs. 363.303400b +3.968%
FY Customer deposits 282.860003b vs. 266.246854b +6.240%
FY Total shareholders equity 53.657050b vs. 48.369795b +10.931%
FY Loans and advances interest income 21.956985b vs. 22.651861b -3.068%
FY Government securities interest income 13.010069b vs. 11.744676b +10.774%
FY Total interest income 35.268503b vs. 34.628790b +1.847%
FY Customer deposits expense [13.463538b] vs. [13.497804b] -0.254%
FY Net interest income 20.021514b vs. 19.675078b +1.761%
FY Fees and commissions on loans and advances 1.284128b vs. 1.261206b +1.817%
FY Other fees and commissions income 2.157644b vs. 1.995208b +8.141%
FY Total non interest income 5.434635b vs. 5.275409b +3.018%
FY Total operating income 25.456149b vs. 24.950487b +2.027%
FY Loan loss provision [2.982261b] vs. [4.300777b] -30.658%
FY Total operating expenses [14.485360b] vs. [14.860642b] -2.525%
FY Profit before tax and exceptional items 10.970789b vs. 10.089845b +8.731%
FY Profit after tax and exceptional items 7.082115b vs. 6.925040b +2.268%
EPS 23.91 vs. 23.73 +0.759%
Dividend per share 2.60 vs. 2.60
Net NPL and advances 6.724012b vs. 4.816854b +39.593%
Conclusions
They retain 89.125% of FY EPS.
Defensive posture in FY 2018 wit Loans and Advances declining -1.517%
Diamond Trust Bank Kenya Limited H1 2018 results through 30th June 2018 vs. 30th June 2017
H1 Kenya government securities held to maturity 99.726123b vs. 83.703864b +19.142%
H1 Loans and advances to customers (net) 198.233933b vs. 191.469262b +3.533%
H1 Total assets 376.077751b vs. 343.710264b +9.417%
H1 Customer deposits 281.745588b vs. 256.338364b +9.912%
H1 Total equity 54.990268b vs. 48.545220b +13.276%
H1 Net interest income 9.928493b vs. 9.493826b +4.578%
H1 Total non interest income 2.742867b vs. 2.539027b +4.578%
H1 Total operating income 12.671360b vs. 12.032853b +5.306%
H1 Loan loss provision [1.677189b] vs. [1.715759b] -2.248%
H1 Total operating expenses [7.276902b] vs. [6.955736b] +4.617%
H1 Profit before tax and exceptional items 5.394458b vs. 5.037117b +7.094%
H1 Profit after tax and exceptional items 3.755323b vs. 3.412475b +10.047%
EPS 12.51 vs. 12.00 +4.250%
Total NPL and advances 12.924463b vs. 7.233301b +78.680%
Liquidity ratio 51.1% vs. 51.3% -0.200%
Conclusions
Strong Franchise, geographically diverse and inexpensive at a PE of 7.754
Diamond Trust Bank Kenya Limited FY 2017 results through 31st December 2017 vs. 31st December 2016
FY Kenya government securities held to maturity 84.895740b vs. 74.311860b +14.243%
FY Loans and advances to customers (net) 196.048155b vs. 186.303191b +5.231%
FY Total assets 363.303400b vs. 328.044501b +10.748%
FY Customer deposits 266.246854b vs. 238.103640b +11.820%
FY Borrowed funds 17.174934b vs. 22.062229b -22.152%
FY Total shareholders equity 53.619755b vs. 45.876549b +16.878%
FY Loans and advances interest income 22.651861b vs. 23.917030b -5.290%
FY Government securities interest income 11.744676b vs. 9.598968b +22.354%
FY Total interest income 34.628790b vs. 33.812876b +2.413%
FY Customer deposits expense [13.497804b] vs. [12.942194b] +4.293%
FY Other interest expenses [965.321m] vs. [1.069774b] -9.764%
FY Total interest expenses [14.953712b] vs. [14.427599b] +3.647%
FY Net interest income 19.675078b vs. 19.385277b +1.495%
FY Fees and commissions on loans and advances 1.261206b vs. 1.096734b +14.997%
FY Foreign exchange trading income 1.596970b vs. 1.745734b -8.522%
FY Total non-interest income 5.275409b vs. 5.068737b +4.077%
FY Total operating income 24.950487b vs. 24.454014b +2.030%
FY Loan loss provision [4.300777b] vs. [4.269537b] +0.732%
FY Staff costs [3.976009b] vs. [3.356651b] +18.452%
FY Other operating expenses [4.332713b] vs. [3.880463b] +11.655%
FY Total operating expenses [14.860642b] vs. [13.464806b] +10.367%
FY Profit before tax and exceptional items 10.089845b vs. 10.989208b -8.184%
FY Profit after tax and exceptional items 6.925040b vs. 7.728140b -10.392%
EPS 23.73 vs. 26.94 -11.915%
Dividend per share 2.60 vs. 2.60
Total NPL and advances 13.050400b vs. 6.052824b +115.608%
Liquidity ratio 49.9% vs. 50.2% -0.300%
Conclusions
DTB is a gilt edged Franchise. FY results slipped when compared to H1 2017 Earnings.
H1 Government securities 105.408678b vs. 78.603059b +34.103%
H1 Loans and advances to customers 191.469262b vs. 178.526591b +7.250%
H1 Total assets 343.710264b vs. 301.915966b +13.843%
H1 Customer deposits 256.338364b vs. 216.114485b +18.612%
H1 Total equity 48.545220b vs. 40.904423b +18.680%
H1 Cash and cash equivalents at the end of period 1.884997b vs. 3.213457b -41.341%
H1 Interest income 16.851275b vs. 16.729801b +0.726%
H1 Interest expense [7.357449b] vs. [7.161738b] +2.733%
H1 Net interest income 9.493826b vs. 9.568063b -0.776%
H1 Net fees and commission income 1.623847b vs. 1.513173b +7.314%
H1 Foreign exchange income 793.840m vs. 895.683m -11.370%
H1 Operating income 12.032853b vs. 12.077567b -0.370%
H1 Operating expenses [5.279977b] vs. [4.630116b] +21.679%
H1 Impairment loss on loans and advances [1.715759b] vs. [2.190674b] -21.679%
H1 Profit from operations 5.037117b vs. 5.256777b -4.179%
H1 Profit before income tax 5.045547b vs. 5.259935b -4.076%
H1 Profit for the period 3.412475b vs. 3.621869b -5.781%
Basic and diluted EPS 12.00 vs. 12.68 -5.363%
No interim dividend
Conclusions
+34.103% Expansion in GOK Bond positions
Customer loan Book +7.25%
Operating Expenses +21.679%
Looks a value proposition at a Trailing PE of 7.053
FY Kenya government securities 74.311860b vs. 34.310709b +116.585%
FY Loans and advances to customers (net) 186.303191b vs. 177.544871b +4.933%
FY Total assets 328.044501b vs. 271.608597b +20.778%
FY Customer deposits 238.103640b vs. 194.051857b +22.701%
FY Total shareholders equity 41.029313b vs. 34.134437b +20.199%
FY Loans and advances interest income 23.917030b vs. 21.347025b +12.039%
FY Government securities interest income 9.598968b vs. 4.213348b +127.823%
FY Total interest income 33.812876b vs. 25.825179b +30.930%
FY Customer deposits expense [12.942194b] vs. [9.674934b] +33.770%
FY Total interest expenses [14.427599b] vs. [10.634972b] +35.662%
FY Net interest income 19.385277b vs. 15.190207b +27.617%
FY Fees and commissions on loans and advances 1.096734b vs. 0.993053b +10.441%
FY Foreign exchange trading income 1.745734b vs. 1.763096b -0.985%
FY Total non interest income 5.068737b 4.725826b +7.256%
FY Total operating income 24.454014b vs. 19.916033b +22.786%
FY Loan loss provision [4.269537b] vs. [2.178175b] +96.014%
FY Staff costs [3.356651b] vs. [3.261135b] +2.929%
FY Other operating expenses [3.880463b] vs. [3.282087b] +18.232%
FY Total operating expenses [13.464806b] vs. [10.349398b] +30.102%
FY Profit before tax and exceptional items 10.989208b vs. 9.566635b +14.870%
FY Profit before tax 10.995696b vs. 9.565192b +14.955%
FY Profit after tax and exceptional items 7.728140b vs. 6.599806b +17.096%
EPS 26.94 vs. 22.20 +21.351%
Dividend per share 2.60 vs. 2.50 +4.000%
Total NPL and advances 6.052824b vs. 4.274897b +41.590%
Liquidity ratio 50.2% vs. 39.0% +11.200%
Cash and cash equivalents at the end of the year 2.865866b vs. 15.269755b -81.232%
No. Of outstanding shares 266,321,115
DTB Bank published its FY 16 results after market close. EPS was up 21% yy to KES 26.94, largely attributable to net interest income growth (+28% yy). DPS has been increased to KES 2.60 from KES 2.50 the prior year. The Bank has entered into a definitive agreement to acquire Habib Bank Limited (HBL) by issuance of 13,281,105 ordinary new shares of DTB Bank at a price of KES 137.39 per share to HBL, resulting in a 4.75% dilution to existing shareholders of DTB Bank. KESTREL
@DTBKenya Our loan book growth has grown by 9% from Dec 2015 to stand at Shs 137 billion.
@DTBKenya Our customer deposits have grown by 34% from Dec 2015 to close at Shs 170 billion.
@DTBKenya Our total assets have grown by 28% from Dec 2015 to close at Shs 244 billion.
@DTBKenya Our bank pre tax profit has grown by 26% from 2015 to close at Shs 8.9 billion.
@DTBKenya At group level, the loan book growth from Dec 2015: 5% to close at Shs 186 billion
@DTBKenya At group level, pre tax profit growth from 2015: 15% to close at Shs 11 billion
@DTBKenya At group level, Total assets growth from Dec 2015: 21% to close at Shs 328 billion
@DTBKenya At group level, Deposit book and growth from Dec 2015: 23% to close at Shs 238billion
Conclusions
Strong results and at a PE of less than 4 This is a screaming Buy
Nasim [who was an old friend of my Mothers] conserves cash [look at Dividend Pay Out Ratio] and compounds the cash as equity.
DTB is well organised and well run and ambitious regionally as well.
Loans and advances to customers (net) 178.526591b vs. 161.988598b +10.209%
Customer deposits 216.114485b vs. 173.303867b +24.703%
Total shareholders equity 36.345246b vs. 31.003731b +17.229%
H1 Loans and advances income 12.329511b vs. 9.593514b +28.519%
H1 Total interest income 16.729801b vs. 11.711025b +42.855%
H1 Customer deposits expense [6.478444b] vs. [4.462948b] +45.161%
H1 Total interest expenses [7.161738b] vs. [4.843487b] +47.863%
H1 Net interest income 9.568063b vs. 6.867538b +39.323%
H1 Total Non interest income 2.509504b vs. 2.368534b +5.952%
H1 Total operating income 12.077567b vs. 9.236072b +30.765%
H1 Loan loss provision [2.190674b] vs. [0.626616b] +249.604%
H1 Total operating expenses [6.820790b] vs. [4.569595b] +49.265%
H1 Profit before tax and exceptional items 5.256777b vs. 4.666477b +12.650%
H1 Profit before tax 5.259935b vs. 4.669805b +12.637%
H1 Profit after tax and exceptional items 3.621869b vs. 3.254476b +11.289%
EPS 13.95 vs. 13.95
Gross NPL and advances 7.402105b vs. 2.355268b +214.279%
Total NPL and advances 6.317767b vs. 2.020111b +212.744%
Liquidity ratio 47.8% vs. 31.7% +16.100%
No interim dividend
Cash and cash equivalents at the end of the period 3.213457b vs. 13.978726b -77.012%
Conclusions
Strong Earnings. Nasim runs a real solid operation
Conclusions
Strong Earnings. Nasim runs a real solid operation
FY Kenya government securities 34.310709b vs. 22.725437b +50.979%
FY Loans and advances to customers (net) 177.544871b vs. 137.654551b +28.979%
FY Customer deposits 194.051857b vs. 160.955609b +20.562%
FY Loans and advances income 21.347025b vs. 17.290845b +23.459%
FY Customers deposits expense [9.674934b] vs. [7.542290b] +28.276%
FY Foreign exchange trading income 1.763096b vs. 1.361732b +29.475%
FY Loan loss provision [2.178175b] vs. [0.871089b] +150.052%
FY Staff costs [3.261135b] vs. [2.863885b] +13.871%
FY Other operating expenses [3.282087b] vs. [2.881836b] +13.889%
FY Profit before tax and exceptional items 9.566635b vs. 8.516725b +12.328%
FY Profit after tax and exceptional items 6.599806b vs. 5.708430b +15.615%
EPS 24.42 vs. 21.92 +11.405%
Dividend per share 2.50 vs. 2.40 +4.167%
Bonus share 1:10
Total non performing loans and advances 4.274897b vs. 1.603182b +166.651%
Cash and cash equivalents at the end of the year 21.918487b vs. 17.777150b +23.296%
Commentary
Bonus Issue in the proportion of 1 new ordinary share for every 10 fully paid up Ordinary shares
Conclusions
Very solid Franchise.
First Half Earnings through June 2015 versus through June 2014
Total Assets 234.053606b versus 179.664371b +30.27%
Loans and Advances [net] to Customers 161.988598b versus 120.201701b
First Half Total Interest Income 11.711025b versus 9.851440b
First Half Net Interest Income 6.867538b versus 6.061772b
First Half Foreign Exchange Trading Income 960.562m versus 677.201m +41.84%
Total Non Interest Income 2.368534b versus 1.844421b
First Half Total Operating Income 9.236072b versus 7.906193b
First Half Loan Loss provision 626.616m versus 265.651m +135.87%
First half Staff costs 1.577593b versus 1.376766b
First Half Total Operating Expenses 4.569595b versus 3.802918b
First Half Profit before Tax 4.666477b versus 4.103275b +13.72%
First Half Profit after Tax 3.254476b versus 2.940691b +10.67%
First Half EPS 11.92 versus 11.58 +2.936%
Conclusions
solid franchise. solid results
Full Year Earnings through December 2014 versus Full Year Through December 2013
Full Year Total Assets 211.539412b versus 166.520351b +27.03%
Full Year Loans and Advances [Net] to Customers 137.654551b versus 110.945439b +24.074%
Full Year Total Interest Income 20.808016b versus 17.179061b
Full Year Total Interest expenses 8.020415b versus 6.176423b
Full Year Net Interest Income 12.787601b versus 11.002638b
Full Year Non-Interest income 3.796730b versus 3.377754b
Full Year Total Operating Income 16.584331b versus 14.380392b
Full Year Total Operating Expenses 8.067606b versus 7.149353b
Full Year Profit before Tax 8.521286b versus 7.231039b +17.843%
Full Year Profit after Tax 5.708430b versus 5.230754b +9.132%
Full Year Earnings Per share 21.92 versus 20.97 +4.53%
Full Year Dividend 2.40 versus 2.10 +14.285%
Conclusions
Well managed, has a regional Footprint. EPS suppressed because of the Rights Issue last year
First Half Earnings through 30th June 2014 versus through 30th June 2013
First Half Loans and Advances to Customers [net] 120.201701b versus 94.816302b +26.773%
First Half Total Assets 179.644371b versus 142.713801b +25.877%
First Half Interest Income 9.851440b versus 8.013821b +22.93%
First Half Interest Expense [3.689261b] versus [2.874834b] +28.32%
First Half Net Interest Income 6.162179b versus 5.138987b
Net Fee and Commission Income 1.076191b versus 0.997874b
First Half Operating Income 8.006600b versus 6.844208b +16.983586%
First Half Operating Expenses [3.537267b] versus [2.948815b] +19.9555%
First Half Profit before Income Tax 4.105257b versus 3.501716b +17.2355%
First Half Profit After Tax 2.940691b versus 2.667544b +10.23964%
First Half Earnings Per Share 11.93 versus 11.14 +7.091%
Net Decrease in cash and cash equivalents [7.312321b]
Cash and cash equivalents at the end of the period 2.186758b versus 9.886704b
Conclusions
Its a well organised Bank.
The Rights Issue was subscribed 440.27%.
Earnings have decelerated a little, however.
Diamond Trust Bank 13 AUG 2014 2014 Rights Issue Results
https://rich.co.ke/media/docs/Diamond%20Trust%20Bank%20-%202014%20Rights%20Issue%20results.pdf
The View of Nairobi from Diamond Trust MD Nasim Devjis Office 153 days ago
http://www.twitpic.com/dy6w0y
FY Earnings through 31st December 2013 versus through 31st December 2012
FY Loans and Advances Net to Customers 110.945439b versus 87.707243b +26.495%
FY Total Assets 166.520351b versus 135461412b
FY Total Interest Income 17.179061b versus 16.579014b
FY Total Interest Expenses 6.176423b versus 7.453923b
FY Net Interest income 11.002638b versus 9.125091b
Total Non Interest Income 3.377754b versus 3.115254b
FY Total Operating Income 14.380392b versus 12.240345b
FY Total Operating Expenses 7.149353b versus 6.214595b +15.041%
FY Profit Before Tax 7.235003b versus 6.027899b +20.025%
FY Profit After Tax 5.230754b versus 4.067978b +28.58%
FY Earnings Per Share 21.61 versus 17.44 +23.91%
FY Dividend 2.10 versus 1.90 +10.526%
Conclusions
Its a very well managed Bank, has a regional Footprint and a lower base Effect. At 235.00 and +22.395% in 2014, it looks fairly priced.
H1 Earnings through June 2013 versus through June 2012
Loans and Advances to Customers Net 94.816302b versus 81.001134b
Total Assets 142.713801b versus 117.457556b
Customer Deposits 113.064440b versus 95.126053b +17.0555%
Total Interest Income 8.013821b versus 8.118492b
Total Interest Expenses 2.931056b versus 3.783003b -22.52%
Net Interest Income 5.082765b versus 4.335489b
Total Non Interest income 1.705221b versus 1.528921b
Total Operating Income 6.787986b versus 5.864410b
Staff Costs 1.298383b versus 1.150457b +12.858%
Total Operating Expenses 3.287777b versus 3.001850b
H1 PBT 3.501716b versus 2.863542b +22.286%
H1 PAT 2.667544b versus 1.926997b +38.43%
H1 EPS 12.12 versus 9.26 +30.885%
No interim Dividend
Conclusions
Strong numbers in part brought about by a -22.52% Reduction in Total Interest Expenses.
DTB is very well managed and on a Trailing PE of 9.633 and having accelerated H1 EPS +30.885% it remains an inexpensive share.
FY 2012 Earnings versus FY 2011 Earnings
Kenya Government Securities 18.402894b versus 8.086583b +127.57%
0 Kenya Government Securities held for dealing Purposes
Loans and Advances to Customers [Net] 87.707243b versus 71.297721b +23.015%
Total Assets 135.461412b versus 107.759818b +25.706%
Customer Deposits 106.975254b versus 85.986399b +24.409%
Total Interest Income 16.579014b versus 10.039098b +65.1444%
Total Interest Expenses 7.453923b versus 3.304202b +125.58%
Net Interest Income 9.125091b versus 6.734896b +35.489%
Total Non Interest Income 3.115254b versus 2.787393b +11.7622%
Total Operating Income 12.240345b versus 9.522289b +28.544%
loan Loss provision 1.025909b versus 0.631314b
Staff Costs 2.288953b versus 2.030428b
Total Operating Expenses 6.214595b versus 5.214393b
FY PBT 6.025750b versus 4.307896b +39.876%
FY PAT 3.627766b versus 2.656797b +36.5466%
FY EPS 17.44 versus 13.15 +32.62%
Final Dividend 1.90 versus 1.70 +11.764%
Conclusions
Strong Results
Nasim is evidently hoarding her Cash The Dividend Pay Out Ratio is 10.89%
Its well managed has an expanding Regional Footprint.
Q3 2012 versus Q3 2011
Total Assets 129.773309b versus 107.196377b
Kenya Government Securities 16.084235b versus 8.249652b
Loans and Advances to Customers [Net] 85.524765b versus 74.646130b
Net Interest Income 6.615045b versus 4.677137b
Total Non Interest Income 2.377731b versus 2.018353b
Total Operating Income 8.992776b versus 6.695490b
Total Operating Expenses 4.624449b versus 3.586555b
Q3 PBT 4.370338b versus 3.109545b
Q3 PAT 2.911070b versus 2.174537b
Q3 PAT and Controlling Interests 2.588223b versus 1.949708b +32.749%
Q3 Earnings Per Share 12.69 versus 9.65 +31.5025%
Conclusions
Maintaining Strong Momentum.
H1 Through June 2012 versus H1 through 2011
Loans and Advances Net to Customers 81.001134b versus 71.297721b End December +13.609%
Total Assets 117.457556b versus 107.765064b End December
Total Interest Income 8.118492b versus 4.129245b
Total Interest Expenses 3.783003b versus 1.180586b
Total Non Interest Income 1.528921b versus 1.279241b
Total Operating Income 5.864410 versus 4.227900b
Profit Before Tax 2.863542b versus 2.055937b +39.281%
Profit After Tax 1.926997b versus 1.477667b +30.408%
Earnings Per Share EPS 8.68 versus 6.84 +26.9005%
Conclusions
Strong H1 Results.
Group Full Year 2009 versus Full Year 2008
Loans and Advances Net 42.451881b versus 34.063359b +24.626%
Total Assets 66.679080b versus 56.145697b +18.76%
Interest Income 5.306113b versus 3.874004b +36.96%
Foreign Exchange 610.574m versus 487.934m +25.13%
Loan Loss Provision 298.917m versus 196.939m +51.781%
Staff Costs 1.281263b versus 862.425m +48.56% NB
Other Operating Expenses 942.187m versus 647.267m +45.56%
PAT 1.354435b versus 1.126465b +20.22%
EPS 7.67 versus 6.28 +22.133%
Dividend 1.55 versus 1.40 +10.71%
Dividend Yield 2.0666%
Conclusions
At 75 it trades on a PE of less than 10.00. The Dividend raise and structure looks a little meagre. They have a Low Base Effect and an expanding Foot Print but have loaded Staff cost +48.56% onto the Platform 2009. |
