home | rich profile | rich freebies | rich tools | rich data | | my account | register |
  n.s.e daily prices | currency rates |
Company Data
 
NCBA Group PLC
http://www.nic-bank.com
Par Value:                  5/-
Closing Price:           27.65
Total Shares Issued:          1497745029.00
Market Capitalization:        41,412,650,052
EPS:             2.77
PE:                 9.982
 

Well established Kenyan commercial bank.

NCBA Group reports HY Earnings through 30th June 2021 versus 30th June 2020
HY 2021 Assets 542.595596b versus 514.030076b +5.55%
HY HTM Kenya Government Securities 102.693726b versus 89.749224b
HY Available for Sale Kenya Government Securities 69.704013b versus 65.154297b
HY Loans and Advances to Customers 239.601335b versus 248.306422b -3.505%
HY Customer Deposits 437.340268b versus 390.488899b
HY Total Interest Income 22.474797b versus 20.680644b
HY Total Interest Expense 9.047788b versus 9.467070b
HY Net Interest Income 13.427009b versus 11.213574b
HY Total Non Interest Income 10.704593b versus 10.075361b
HY Total Operating Income 24.131602b versus 21.288935b +13.35%
HY Loan Loss Provision 5.918542b versus 7.625535b
HY Staff Costs 3.878002b versus 3.503010b
HY Other Operating Expenses 4.865414b versus 4.018163b
HY Total Operating Expenses 16.326191b versus 16.990798b
HY Profit before Tax and exceptional Items 7.805411b versus 4.298137b
HY Profit before Tax after Exceptional Items 7.414161b versus 3.906887b
HY profit after Tax and exceptional Items 4.657171b versus 2.632161b
HY EPS 2.83 versus 1.76 +60.795%
HY Interim Dividend 0.75
HY Total NPLS & Advances 37.466487b versus 31.739448b
HY Cash and Cash Equivalents 59.683433b

Conclusions

P/B multiple of 0.6x against a sector median of 0.8x.
Inexpensive versus its peer Group
NCBA Group reports FY 2020 Earnings through 31st December 2020 versus 31st December 2019
FY Total Assets 527.953979b versus 494.843401b
FY Kenya Government Securities HTM 87.407372b versus 79.507225b
FY Kenya Government Securities Available for Sale 60.933924b versus 49.500824b
FY Loans and Advances to Customers [net] 248.497903b versus 249.355409b
FY Customer Deposits 421.504454b versus 378.237043b
FY Total Interest Income 44.244631b versus 25.513831b
FY Total Interest Expense 18.751339b versus 12.175938b
FY Net Interest Income 25.493292b versus 13.337893b
FY Total Non Interest Income 20.943361b versus 20.321833b
FY Total Operating Income 46.436653b versus 33.659726b
FY Loan Loss Provision 20.441270b versus 6.250273b
FY Staff Costs 7.235776b versus 5.582121b
FY Total Operating Expenses 40.033431b versus 20.357328b
FY Profit before Tax and exceptional Items 6.403222b versus 13.302398b
FY Exceptional Items [1.579181b] versus [2.132719b]
FY Profit before Tax 4.981921b versus 11.313559b
FY Profit after Tax and exceptional Items 4.570867b versus 7.841776b
FY EPS 2.77 versus 7.45 -62.818%
FY Final Dividend 1.50 versus 0.00

NCBA [@NCBABankKenya] 2020 results summary: @MwangoCapital
https://twitter.com/MwangoCapital/status/1376425757417824258?s=20

Net Interest Income up 91% to Ksh 25.5B
Customer deposits up 62.4%
Loan Loss Provisions up more than 200% to Ksh 20.4B
Profit After Tax down 41% to Ksh 4.6B
Ksh 1.50 dividend proposed [Vs No dividend FY 2019]

Conclusions

The FY Dividend 6.122% Yield will support the Price.
Fairly priced to slightly rich for now.

NCBA reports H1 2020 Earnings
Profit after tax (PAT) declined 38.3% yoy to KES 2.6 BN.
+341.2% yoy increase in bad debt charge to KES 7.6 BN.
Earnings per share (EPS) KES 1.76.
Total income +15.9% yoy increase to KES 21.3 BN (-5.1% qoq).
Fees and commission income rose 43.5% yoy to KES 7.2 BN
Operating expenses (less loan loss provisions) declined 1.0% yoy to KES 9.4 BN
Pre provision operating profit rose 33.7% yoy to KES 11.9 BN
Loan loss provisions saw a 341.2% yoy upswing to KES 7.6 BN
loan book grew 4.0% yoy to KES 248.3 BN (+1.0% qoq).
P/B multiple of 0.5x

Conclusions

Its difficult to compare because of the merger.
Looks inexpensive.

NCBA Group PLC FY 2019 results through 31st December 2019 vs. 31st December
2018
FY Kenya Government securities held to maturity 79.507225b vs. 45.671551b
+74.085%
FY Kenya Government securities available for sale 49.500824b vs.
14.505166b +241.263%
FY Loans and advances to customers (net) 249.355409b vs. 121.503411b
+105.225%
FY Total assets 494.843401b vs. 245.106892b +101.889%
FY Customer deposits 378.237043b vs. 196.527724b +92.460%
FY Total shareholders funds 67.259825b vs. 30.607811b +119.747%
FY Loans and advances interest income 15.703106b vs. 11.556752b +35.878%
FY Government securities income 9.174993b vs. 7.386562b +24.212%
FY Total interest income 25.513831b vs. 19.443557b +31.220%
FY Customer deposits expense [10.580382b] vs. [8.521652b] +24.159%
FY Total interest expense [12.175938b] vs. [9.740305b] +25.006%
FY Net interest income 13.337893b vs. 9.703252b +37.458%
FY Fees and commissions on loans and advances 9.392394b vs. 6.693583b
+40.319%
FY Other income 5.582864b vs. 461.443m +1,109.871%
FY Total non interest income 20.321833b vs. 11.497319b +76.753%
FY Total operating income 33.659726b vs. 21.200571b +58.768%
FY Loan loss provision [6.250273b] vs. [3.709228b] +68.506%
FY Other operating expenses [5.915085b] vs. [5.049467b] +17.143%
FY Total operating expenses [20.357328b] vs. [14.750362b] +38.012%
FY Profit before tax and exceptional items 13.302398b vs. 6.450209b
+106.232%
FY Exceptional Items [2.132719b] vs.
FY Deferred tax [625.013m] vs. 497.836m -225.546%
FY Profit after tax and exceptional items 7.841776b vs. 5.003319b +56.731%
Basic and diluted EPS 8.69 vs. 7.11 +22.222%
Total dividend 1.75 vs. 1.25 +40.000%
Net NPL and advances 14.846755b vs. 2.802881b +429.696%

Merger of Commercial Bank of Africa Limited and NIC Group PLC
On 1 October 2019 NIC Group PLC (NIC) and Commercial Bank of Africa Limited
(CBA) completed the merger of both institutions through a share exchange
with NIC issuing new shares to the shareholders of CBA as consideration for
the transfer of all their shares in CBA.
The merged Group was renamed NCBA Group PLC.
This merger transaction is accounted for in accordance with IFRS 3
Business combinations.
The amalgamation of the Kenyan banking business was achieved by
transferring the business and net assets of NIC Bank Kenya PLC to CBA
(which was renamed NCBA Bank Kenya PLC) on 1 October 2019.
The financial statements of the bank are prepared on a prospective basis (a
continuation of CBA), representing the 9 months performance of CBA Bank and
3 months performance of NCBA Bank (merged bank) prior year comparatives
are those of CBA Bank.
The consolidated financial statements are also a continuation of the
financial statements of CBA with an adjustment to capital to reflect the
legal capital of NIC. Therefore, pre combination net income and net assets
are those of CBA, including prior year comparatives.
The net assets transferred have been adjusted to their fair value and
intangible assets identified as part of the purchase price allocation
exercise incorporated in the consolidated financial statements in
accordance with IFRS 3.
The consideration when compared to the fair value of net assets transferred
at the completion date, resulted in a bargain purchase gain of KES 4.1
billion which has been reflected in the Groups comprehensive income
statement under other income.
On completion of the business combination, the Group reassessed the
carrying amounts of pre combination goodwill values existing in both Groups
and these were fully impaired.
In addition, the carrying amounts of deferred tax assets were reviewed and
reduced to the extent that future taxable profits will be available against
which the assets can be utilized.
Merger related costs are included in the comprehensive income statements
and are disclosed as exceptional items.
The planned integration of other NCBA Group PLC subsidiaries in Kenya has
been completed. Integration in the other jurisdictions where NCBA Group has
a presence is ongoing.
Proposed dividend
The Board has resolved to recommend to the shareholders for their approval
at the Annual General Meeting to be scheduled, the payment of a final
dividend for the year of Shs 1.50 per share.
The total dividend for the year is Shs 1.75 per share (2018: Shs 1.25 per
share). The dividend will be payable to the shareholders registered on the
Companys register at the close of business on 23 April 2020 (closing date
for determination of entitlement to dividend).
These financial statements are extracts from the books of NCBA Group PLC as
audited by PricewaterhouseCoopers and received an unqualified opinion.
The complete set of audited financial statements, statutory and qualitative
disclosures can be accessed on the institutions website www.ncbagroup.com.
They may also be accessed at the institutions head office located at NCBA
Centre, Mara and Ragati Road, Upper Hill.

Conclusions

one off costs came in at KES 2.1bn
NCB currently trades at a PB of 0.5x.
Thats a cheap share on every metric.
Final Dividend is worth 6.97%

NIC Group PLC H1 2019 results through 30th June 2019 vs. 30th June 2018
H1 Kenya Government securities held to maturity 20.497752b vs. 19.647208b +4.329%
H1 Kenya Government securities available for sale 36.792273b vs. 33.582849b +9.557%
H1 Loans and advances to customers (net) 118.503822b vs. 114.972494b +3.071%
H1 Total assets 214.139606b vs. 200.950664b +6.563%
H1 Customer deposits 152.304452b vs. 147.088189b +3.546%
H1 Total shareholders funds 37.408564b vs. 32.219634b +16.105%
H1 Total interest income 9.656171b vs. 9.569480b +0.906%
H1 Total interest expense [4.125224b] vs. [4.436059b] -7.007%
H1 Net interest income 5.530947b vs. 5.133421b +7.744%
H1 Total operating income 8.195404b vs. 7.283371b +12.522%
H1 Loan loss provision [1.443010b] vs. [1.113751b] +29.563%
H1 Total operating expenses [5.234862b] vs. [4.435607b] +18.019%
H1 Profit before tax and exceptional items 2.705325 vs. 2.847764b -5.002%
H1 Profit after tax and exceptional items 1.903152b vs. 1.986673b -4.204%
Basic and diluted EPS 2.81 vs. 2.82 -0.355%
Interim dividend 0.25 vs.
Total NPL and advances 15.186745b vs. 14.552724b +4.357%
Net NPL and Advances 10.069771b vs. 7.728669b +30.291%
Liquidity ratio 50.38% vs. 48.75% +1.630%

NIC Group PLC FY 2018 results through 31st December 2018 vs. 31st December 2017

FY Kenya Government securities held to maturity 22.742049b vs. 21.577580b +5.397%
FY Kenya Government securities available for sale 35.304859b vs 29.917488b +18.007%
FY Loans and advances to customers (net) 118.071672b vs. 119.760537b -1.410%
FY Total assets 208.499554b vs. 206.172460b +1.129%
FY Customer deposits 144.501060b vs. 138.916570b +4.020%
FY Total shareholders funds 35.425327b vs. 34.785133b +1.840%
FY Loans and advances interest income 12.339213b vs. 13.145500b -6.134%
FY Total interest income 19.295810b vs. 18.415422b +4.781%
FY Customer deposits expense [7.183476b] vs. [5.955774b] +20.614%
FY Total interest expense [8.716105b] vs. [7.641620b] +14.061%
FY Net interest income 10.579705b vs. 10.773802b -1.802%
FY Total non interest income 4.638200b vs. 4.164340b +11.379%
FY Total operating income 15.217905b vs. 14.938142b +1.873 %
FY Loan loss provision [2.353977b] vs. [2.979273b] -20.317%
FY Other operating expenses [2.341760b] vs. [2.114012b] +10.773%
FY Total operating expenses [9.395040b] vs. [9.337192b] +0.620%
FY Profit before tax and exceptional items 5.822865b vs. 5.600950b +3.962%
FY Profit after tax and exceptional items 4.228370b vs. 4.144418b +2.026%
Basic and diluted EPS 6.01 vs. 6.48 -7.253%
Final dividend 1.25 vs. 1.00 +25.00%
Total NPL and advances 14.673953b vs. 13.038800b +12.541%
Net NPL and advances 9.512541b vs. 7.773090b +22.378%

NB
Total Shares Issued 703,940,163
Bonus share 1 10 issued in 2018

Conclusions

Solid results in a difficult Tier 2 Banking World which they have now escaped via the reverse merger with CBA.

NIC Group PLC H1 2018 results through 30th June 2018 vs. 30th June 2017
H1 Kenya Government securities held to maturity 19.647208b vs. 14.036252b +39.975%
H1 Kenya Government securities available for sale 33.582849b vs. 27.452746b +22.330%
H1 Loans and advances to customers (net) 114.972494b vs. 116.769833b -1.539%
H1 Total assets 200.950664b vs. 189.489824b +6.048%
H1 Customer deposits 147.088189b vs. 133.158753b +10.461%
H1 Total shareholders funds 32.219634b vs. 32.567413b -1.068%
H1 Total interest income 9.569480b vs. 8.811468b +8.603%
H1 Total interest expense [4.436059b] vs. [3.412563b] +29.992%
H1 Net interest income 5.133421b vs. 5.398905b -4.917%
H1 Total operating income 7.283371b vs. 7.407902b -1.681%
H1 Loan loss provision [1.113751b] vs. [1.445703b] -22.961%
H1 Total operating expenses [4.435607b] vs. [4.489514b] -1.201%
H1 Profit before tax and exceptional items 2.847764b vs. 2.918388b -2.420%
H1 Profit after tax and exceptional items 1.986673b vs. 2.029763b -2.123%
Basic and diluted EPS 2.82 vs. 3.17 -11.041%
Total NPL and advances 14.552724b vs. 12.653907b +15.006%
Liquidity ratio 48.75% vs. 45.65% +3.100%

Conclusions

Seriously inexpensive on a PE Ratio basis. Its a premier Tier 2 Franchise.

NIC Group PLC FY 2017 results through 31st December 2017 vs. 31st December 2016
FY Kenya Government securities held to maturity 21.577580b vs. 3.491163b +518.063%
FY Kenya Government securities available for sale 29.917488b vs. 23.795496b +25.728%
FY Loans and advances to customers (net) 119.760537b vs. 114.466274b +4.625%
FY Total assets 206.172460b vs. 169.458985b +21.665%
FY Customer deposits 138.916570b vs. 111.824685b +24.227%
FY Deposits and balances dur to local banking institutions 11.442430b vs. 72.764m +15,625.400%
FY Total shareholders funds 34.716237b vs. 30.345364b +14.404%
FY Loans and advances interest income 13.145500b vs. 15.150632b -13.235%
FY Total interest income 18.415422b vs. 19.020675b -3.182%
FY Customer deposits expense [5.955774b] vs. [5.368231b] +10.945%
FY Total interest expense [7.641620b] vs. [6.852078b] +11.523%
FY Net interest income 10.773802b vs. 12.168597b -11.462%
FY FX trading income 1.158930b vs. 1.105147b +4.867%
FY Total non interest income 4.164340b vs. 4.019559b +3.602%
FY Total operating income 14.938142b vs. 16.188156b -7.722%
FY Loan loss provision [2.979273b] vs. [3.749530b] -20.531%
FY Staff costs [3.177296b] vs. [3.222493b] -1.403%
FY Other operating expenses [2.114012b] vs. [2.004646b] +5.456%
FY Total operating expenses [9.337192b] vs. [10.021207b] -6.826%
FY Profit before tax and exceptional items 5.600950b vs. 6.166949b -9.178%
FY Profit after tax and exceptional items 4.144418b vs. 4.330396b -4.295%
Basic and diluted EPS 6.48 vs. 6.77 -4.284%
Final dividend 1.00 vs. 1.00
Total dividend 1.00 vs. 1.25 -20.000%
Gross NPL and advances 14.320960b vs. 13.587912b +5.395%
Total NPL and advances 13.038800b vs. 12.883832b +1.203%
Liquidity ratio 48.23% vs. 38.74% +9.490%
1:10 Bonus share

NIC Bank FY17 Results via Kestrel
Loans and advances (net) increased by 4.6% y/y to KES 119.8bn.
Customer deposits increased by 24.2% y/y to KES 139.0bn.
Loan loss provisions declined by 20.5% y/y to KES 3.0bn, against our estimate of KES 3.5bn.
Gross NPLs increased by 5.4% y/y to KES 14.3bn. NPL ratio increased marginally to 10.7% compared to 10.6% reported in FY16.
As at the last price of KES 39.00, NIC Bank trades at a P/E of 6.1x and a P/B of 0.7x. Notably, the ROE currently stands at 11.9%.

Conclusions

They are clearly a Tier 2 Outperformer and 0.7 Price to Book is inexpensive.
The Bonus will underpin the share price.
Its an attractive higher beta prospect
They had to play defence in 2017 and played it effectively.

NIC Bank Limited H1 2017 results through 30th June 2017 vs. 30th June 2016

H1 Kenya Government securities held to maturity 14.036252b vs. 10.134937b +38.494%
H1 Kenya Government securities available for sale 27.452746b vs. 15.855713b +73.141%
H1 Loans and advances to customers (net) 116.769833b vs. 112.150830b +4.119%
H1 Total assets 189.489824b vs. 169.058335b +12.085%
H1 Customer deposits 133.158753b vs. 112.000727b +18.891%
H1 Total equity 32.567413b vs. 28.289935b +15.120%
H1 Total interest income 8.811468b vs. 9.855982b -10.598%
H1 Total interest expense [3.412563b] vs. [3.780868b] -9.741%
H1 Net interest income 5.398905b vs. 6.075114b -11.131%
H1 Total non interest income 2.008997b vs. 2.157086b -6.865%
H1 Total operating income 7.407902b vs. 8.232200b -10.013%
H1 Loan loss provision [1.445703b] vs. [2.109668b] -31.472%
H1 Total operating expenses [4.489514b] vs. [5.013518b] -10.452%
H1 Profit before tax and exceptional items 2.918388b vs. 3.218682b -9.330%
H1 Profit after tax and exceptional items 2.029763b vs. 2.305102b -11.945%
EPS 3.17 vs. 3.60 -11.944%
Interim dividend vs. 0.25 -100.000%
Gross NPL and Advances 14.341928b vs. 12.565456b +14.138%
Total NPL and Advances 12.653907b vs. 12.012000b +5.344%
Net NPL and Advances 7.521208b vs. 8.059105b -6.674%
Liquidity ratio 45.65% vs. 38.63% +7.020%

Conclusions

NIC is surely the Bull Outlier in the Tier 2 Banking segment.
Increased holdings of GOK bonds and grew the Loan Book +4.119%.


NIC Bank FY 2016 Results through 31st December 2016 vs. 31st December 2015
Kenya Government securities 23.795496b vs. 19.703042b +20.771%
Loans and advances to customers (net) 114.466274b vs. 116.009302b -1.330%
Total Assets 169.58985b vs. 165.788268b +2.214%
Customer deposits 111.824685b vs. 112.364637b -0.481%
Total Equity 30.345364b vs. 26.346142b +15.180%
FY Loans and advances interest income 15.150632b vs. 13.958009b +8.544%
FY Total Interest income 19.020675b vs. 17.014132b +11.793%
FY Customer deposit expense [5.368231b] vs. [5.836231b] -8.019%
FY Total interest expense [6.852078b] vs. [7.271599b] -5.769%
FY Net interest income 12.168597b vs. 9.742533b +24.902%
FY Foreign exchange trading income 1.105147b vs. 1.431231b -22.783%
FY Total non interest income 4.019559b vs. 4.032160b -0.313%
FY Total operating income 16.188156b vs. 13.774693b +17.521%
FY Loan loss provision [3.749530b] vs. [1.652475b] +126.904%
FY Staff costs [3.222493b] vs. [2.816867b] +14.400%
FY Total operating expenses [10.021207b] vs. [7.377418b] +35.836%
FY Profit before tax and exceptional items 6.166949b vs. 6.397275b -3.600%
FY Profit after tax and exceptional items 4.330396b vs. 4.485125b -3.450%
EPS (Basic diluted) 6.77 vs. 7.00 -3.286%
FY Total dividend 1.25 share vs. 1.25/share
Net NPL and advances 7.861743b vs. 10.451907b -24.782%
Liquidity ratio 38.74% vs. 29.22% +9.520%
Excluding provisions, pre tax earnings were actually up 23% yy largely supported by NIMs expansion (+120bps yy to 7.3%)
Yield on interest earnings assets rose (+90bps yy, -40bps qq) as cost of funds declined (-30bps yy to 5.2%, -10bps qq)
Loan book contracted 1% yy (+4% qq) to KES 114.4bn as customer deposits flat-lined yy at KES 111.8bn (+3% qq)
Non funded income remained flat as forex income decreased 23% yy
OpEx inflated 10% yy mainly on account of staff costs (+14% yy), cost to income ratio improved by 280bps to 38.7% due to faster income growth (+18% yy)
Loan loss provisioning increased 127% yy, raising the coverage ratio to 42.1% from 27.2% the comparative year and edging the cost of risk 170bps higher yy to 1.7%
NPL ratio therefore reduced to 10.6%(-40bps yy, -80bps q/q) as GNPLs declined 113% yy

Conclusions

Its a cheap share, well managed and for those looking at a Tier 2 position NIC is probably the one.

Loans and advances to customers (net) 112.150830b vs. 108.303620b +3.552%
Total assets 169.058335b vs. 153.207087b +10.346%
Customer deposits 112.000727b vs. 105.149982b +6.515%
H1 Loans and advances income 7.991572b vs. 6.413626b +24.603%
H1 Total interest income 9.855982b vs. 7.733245b +27.449%
H1 Customer deposits expense [3.093957b] vs. [2.551469b] +21.262%
H1 Total interest expense [3.780868b] vs. [3.207143b] +17.889%
H1 Net interest income 6.075114b vs. 4.526102b +34.224%
H1 Total non interest income 2.157086b vs. 1.994392b +8.158%
H1 Total operating income 8.232200b vs. 6.520494b +26.251%
H1 Loan loss provision [2.109668b] vs. [0.573377b] +267.937%
H1 Total operating expenses [5.013518b] vs. [3.308606b] +51.530%
H1 Profit before tax and exceptional items 2.305102b vs. 2.240978b +0.212%
H1 Profit after tax and exceptional items 2.305102b vs. 2.240978b +2.861%
EPS 3.60 vs. 3.50 +2.857%
Interim Dividend 25cents a share
Gross NPL and Advances 12.565456b vs. 8.812449b +42.588%
Net NPL and Advances 8.059105b vs. 3.531712b +128.193%
Liquidity Ratio 38.63% vs. 29.61% +9.020%

NIC Bank reported net profit of KES 2.3bn (+2.8% ) for H16, this was 6.1% behind our annual estimate of KES 4.9bn. This decreased growth was attributed to bad debts increasing by 42.5% to KES 12.5bn and loan loss provisions increasing by 3.6x to KES 2.1bn. Total interest income increased by 27.4% to KES 9.8bn, mainly driven by loan book growth to KES 112.0bn (+6.5% ), while interest expenses grew by 17.8% to KES 3.7bn. Noninterest income grew by 8.1% to KES 2.1bn. Total operating expenses (including loan loss provisions) increased by 51.5% to KES 5.0bn due to branch expansions, 6 new branches were opened in the given period. The Company Board of Directors have announced an interim dividend of KES 0.25 per share payable to shareholders on the share register as at 22nd September 2016. via Kestrel Research

Conclusions

This is a cheap stock on a PE of 4.

NIC Bank FY 2015 through 31st December 2015 vs. 31st December 2014
FY Loans and advances to customers (net) 116.009302b vs. 102.042135b +13.688%
FY Customer deposits 112.364637b vs. 100.434954b +11.878%
FY Loans and advances income 13.958009b vs. 11.369024b +22.772%
FY Total interest income 17.014132b vs. 13.711068b +24.090%
FY Customers deposits expense [5.836296b] vs. [5.062509b] +15.285%
FY Total interest expense [7.271599b] vs. [5.712948b] +27.283%
FY Net interest income 9.742533b vs. 7.998120b +21.810%
FY Foreign exchange trading income 1.431231b vs. 1.142181b +25.307%
FY Fees and commissions on loans and advances 1.202807b vs. 1.073526b +12.043%
FY Total non interest income 4.032160b vs. 3.573179b +12.845%
FY Total operating income 13.774693b vs. 11.571299b +19.042%
FY Loan loss provision [1.652475b] vs. [0.329133b] +420.069%
FY Staff costs [2.816867b] vs. [2.340544b] +20.351%
FY Other operating expense [1.829898b] vs. [1.646230b] +11.157%
FY Total operating expense [7.377418b] vs. [5.340649b] +38.137%
FY Profit before tax and exceptional items 6.397275b vs. 6.230650b +2.674%
FY Profit after tax and exceptional items 4.485125b vs. 4.116674b +8.950%
FY Other comprehensive income for the year net of tax [658.528m] vs. [36.820m] +1,688.506%
FY Total comprehensive income for the year 3.826597b vs. 4.079854b -6.208%
EPS 7.00 vs. 7.07 -0.990%
Final dividend per share 1.00 vs. 1.00
Gross non performing loans and advances 14.351893b vs. 6.899672b +108.008%
Total non performing loans and advances 13.228534b vs. 4.032008b +228.088%
Loan loss provision [2.776627b] vs. [2.680360b] +3.592%
Net non performing loans and advances 10.451907b vs. 1.351648b +673.271%

Conclusions

home market still accounted for 97.9 per cent of its net profit in the review period.
Big Jump in Net Non performing Loans
Tier 2 Banks also got crimped because of the Big Surge in Interest rates in Q3 Q4

NIC Bank Group managing director John Gachora. FILE | DIANA NGILA | NATION MEDIA GROUP
http://www.nation.co.ke/business/corporates/NIC-net-earnings-rise-9pc-to-Sh4-5bn/-/1954162/3100638/-/pmuvspz/-/index.html

The bank rolled out an ambitious strategic plan in 2015, to target more retail and SME business and we have started reaping the fruits of our investments. Of our various business lines Retail Banking experienced the biggest growth in profitability,Mr Gachora said.

The bank attributed the slow rise in profitability to the increased loan loss provisions which jumped four fold from Sh329 million to Sh1.6 billion in the year.

First Half Earnings through 30th June 2015 versus through 30th June 2014
H1 Total Assets 153.207087b versus 129.603862b +18.2%
H1 Loans and Advances to Customers 108.303620b vs. 91.517322b +18.3%
H1 Interest Income 7.733245b vs 6.658873b +16.3%
H1 Interest Expense [3.207143b] vs. [2.881134b] +11.3%
H1 Net Interest Income 4.526102b vs. 3.777739b +19.8%
Loan Loss Provision [573.377m] vs [198.656m]
H1 Total Non Interest Income 1.994393b vs 1.615089b +23.5%
H1 Total Operating Income 6.520494b vs. 5.392828b +20.9%
H1 Operating Expenses [3.308606b] vs. [2.484349b] +33.2%
H1 Profit Before Income Tax 3.211888b vs. 2.908479b +10.4%
H1 Profit After Tax 2.240978b vs. 2.041436b +9.8%
H1 EPS 3.50 vs. 3.42 +2.3%
Interim Dividend of 25 cents a share

Conclusions

+18.3% Growth in Loans and Advances.
+33.2% advance in Operating Expenses
Trades on PE of less than 7

Group Full Year through 31st December 2014 versus 31st December 2013
FY Loans and Advances to Customers [net] 102.042135b versus 83.493313b +22.215%
Full Year Total Assets 145.780504b versus 121.062739b +20.4173%
Full Year Customer Deposits 100.434954b versus 91.565005b +9.687%
Full Year Total Interest Income 13.711068b versus 11.642416b
Full Year Total Interest Expense 5.712948b versus 4.374437b
Full Year Net Interest Income 7.998120b versus 7.267979b
FY Total Non Interest Income 3.573179b versus 3.218319b
FY Total Operating Income 11.571299b versus 10.486298b
FY Operating Expenses 5.340649b versus 5.476726b
FY Loan Loss Provision 329.133m versus 1.092873b sharply lower
FY Other Operating expenses 1.646230b versus 1.317571b
Full Year Profit before Taxation 6.230650b versus 5.009572b +24.374%
Full Year Profit After Taxation 4.116674b versus 3.237302b +27.163%
Full Year EPS 7.07 versus 6.12 +15.522%
Final Dividend 1.00 versus 0.75 [+0.25 Interim last time]

Conclusions

Very solid results and now on a single digit PE
There have been persistent rumours around a possible merger with CBA.

1st Half Earnings through 30th June 2014 versus through 30th June 2013
H1 Total assets 129.603862b versus 121.062739b
H1 Loans and Advances to Customers 91.517322b versus 83.493313b
H1 Interest income 6.658875b versus 5.573025b +19.5%
H1 Interest Expense [2,881134b] versus [2.141362b] +34.5%
H1 Net Interest Income 3.777741b versus 3.431663b+10.1%
Credit Impairment charges [198.656m] versus [342.573m]
Net Impairment 3.579085b versus 3.089090b
H1 Net Fee and Commission Income 678.616m versus 488.796m
Net Trading Income 666.740m versus 706.426m
H1 Net Operating Income 5.169225b versus 4.673047b
H1 Operating Expenses [2.260746b] versus [2.045459b]
H1 Profit before Income Tax 2.90479b versus 2.627588b +10.7%
H1 Profit after Tax 2.041436b versus 1.866727b +9.4%
H1 EPS 3.38 versus 3.12 +8.4%

See Segment Breakdown here
https://rich.co.ke/media/docs/NIC%20Bank%20-%20Half%20Year%20Results.pdf

Conclusions

Better than solid.
FY Earnings through 31st December 2013 versus through 31st December 2012
FY Loans and Advances to customers [net] 83.493313b versus 71.540092b +16.708%
FY Total Assets 121.062739b versus 108.348593b +11.734%
FY Total Interest Income 11.642416b versus 11.467574b
FY Total Interest Expense 4.374437b versus 5.983706 -26.894%
FY Net Interest Income 7.267979b versus 5.483868b
FY Total Non-Interest Income 3.218319b versus 2.896530b
FY Total Operating income 10.486298b versus 8.380398b
FY Loan Loss Provision 1.092873b versus 0.297485b
FY Staff Costs 2.150877b versus 1.814769b
FY Total Operating Expenses 5.476726b versus 3.862431b
FY Profit Before Tax 5.009572b versus 4.517967b +10.885%
FY Profit After Tax and Exceptional Items 3.237302b versus 3.036794b +6.602%
FY Earnings Per share 6.12 versus 5.50 +11.272%
Interim Dividend 0.25
Final Dividend 0.75 versus 1.00
The Directors recommend subject to regulatory approvals and that of the shareholders, to make a bonus issue in the proportion of 1 new
ordinary share for every 10 held.

Conclusions

relatively inexpensive, a low base Effect and NIC Bank is always talked of as a Potential Acquisition target.

H1 2013 Earnings versus H1 2012
H1 Loans and Advances to Customers Net 71.006628b versus 62.395414b +13.801%
H1 Total Assets 103.693055b versus 88.693900b +16.911%
H1 Customer Deposits 79.991713b versus 72.719455b
H1 Total Interest Income 5.573025b versus 5.597247b -4.32%
H1 Total Interest Expense 2.141362b versus 3.078387b -30.43%
H1 Net Interest Income 3.431663B versus 2.578890b
H1 Total Non Interest Income 1.613438b versus 1.530566b +5.4144%
Total Operating Income 5.045101b versus 4.049456b
Total Operating Expenses 2.417511b versus 1.772003b +36.428%
H1 PBT 2.627590b versus 2.277453b +15.374%
H1 PAT 1.866729b versus 1.593369b +17.156%
H1 EPS 3.44 versus 2.93 +17.4061%
Interim Dividend 0.25 a share

Conclusions

Predictably robust H1 Earnings. The Operating Expenses Spike at +36.428% is worth watching going forward.

Its well organised, has a regional presence and is inexpensive on a PE Basis.

FY 2012 Earnings versus FY 2011 Earnings
Assets
Kenya Government Securities 9.194971b versus 3.077723b
Government and Other Securities held for Dealing Purposes 7.165969b versus 4.406496b
Loans and Advances Net to Customers 71.540092b versus 56.624621b
Total Assets 108.348593b versus 78.984005b +37.177%
Liabilities
Customer Deposits 83.739576b versus 66.293053b +26.317%
Total Liabilities 92.866971b versus 68.461052b
Total Interest Income 11.467574b versus 6.831581b +67.8612%
Total Interest Expense 5.983706b versus 2.552093b +134.46%
Net Interest Income 5.483868b versus 4.279488b
Total Non-Interest Income 2.896530b versus 2.381644b +21.6181%
Total Operating Income 8.380398b versus 6.661132b +25.81%
Loan Loss Provision 297.485m versus 258.151m
Staff Costs 1.814769b versus 1.480668b +22.564%
Other Operating Expenses 1.099046b versus 0.863465b
Total Operating Expenses 3.862431b versus 3.056184b
FY Profit Before Tax PBT 4.517967b versus 3.604948b +25.326%
FY PAT 3.036794b versus 2.707136b +12.177%
FY Earnings Per Share 6.03 versus 5.54 +8.844%
Final Dividend 1.00 versus 0.25 +400%

NIC, which also operates in Tanzania and Uganda

Conclusions

This is a Well Managed Bank.
On a Trailing PE of 7.545 its fairly valued with Head Room.

H1 2012 versus H1 2011 Earnings here
Profit Before Tax 2.277458b versus 1.601081b
Profit After Tax 1.593375b versus 1.095806b +45.406669%
Earnings Per Share 4.03 versus 2.77
No Interim Dividend versus 25 cents last time
Bank is issuing 98,724,391 Rights @ 21.00 shillings a share
Group is in Kenya, Uganda and Tanzania

Conclusions

A Cheap share on a PE Basis and Earnings Momentum continues to gain Traction.

Swot Analysis FY 2011 versus FY 2010 NIC Group
Loans and Advances Net 56.624621b versus 40.754979b
Foreign Exchange Trading income 946.41m versus 547.568m
Total Operating Income 6.661132b versus 5.268185
Profit before Tax PBT 3.604948b versus 2.604392b +38.418%
Profit after Tax 2.707136b versus 1.863918b +45.239%
EPS 6.72 versus 4.58 +46.724%
Interim 0.25
Dividend 0.25
Rights Issue to raise 2b
1 for 10 Bonus Issue

Conclusions

NIC trades on a PE of 3.7202 which leaves a great deal of Head room. They have retained their Earnings as evidenced by a 7.44% Dividend Pay out Ratio.

Swot Analysis FY 2010 versus FY 2009
PAT 1.86392b versus 1.085718b +71.67%
EPS 5.06 versus 3.01 +68.106%
Interim Dividend 0.25
Final Dividend 0.25
1 for 10 shares held Bonus

All the banks subsidiaries were profitable in 2010. In particular, the banks maiden foreign acquisition NIC Bank Tanzania recorded a significant turnaround in performance, the banks Managing Director, James Macharia said.

Swot Analysis FY 2010 versus FY 2009

PAT 1.86392b versus 1.085718b +71.67%
EPS 5.06 versus 3.01 +68.106%
Interim Dividend 0.25
Final Dividend 0.25
1 for 10 shares held Bonus

All the banks subsidiaries were profitable in 2010. In particular, the banks maiden foreign acquisition NIC Bank Tanzania recorded a significant turnaround in performance, the banks Managing Director, James Macharia said.

Conclusions

Strong Results and an inexpensive share at a PE of 10.117.
Average Price Over the last 5 Weeks
Average Price Over the last 5 Months
No. Of Shares Traded Over the last 5 Weeks
No. Of Shares Traded Over the last 5 Months
Market Capitalization Over the last 5 Weeks
Market Capitalization Over the last 5 Months
Data Source: Nairobi Stock Exchange
Trading Day: 17 Sep 2021
 
Downloads
 
  30-AUG-2021 ::  Half Year Results
  Unaudited Financial Results of the Bank & Group for the Period Ended 30th June 2021.

Download N.S.E Announcement
   
  29-MAR-2021 ::  Full Year Results
  Audited Financial Results of the Bank & Group for the Year Ended 31st December 2020

Download N.S.E Announcement
   
 
Login / Register