Par Value: 5/-
Closing Price: 129.50
Total Shares Issued: 343510571.00
Market Capitalization: 44,484,618,945
EPS: 13.95
PE: 9.283
Standard Chartered Kenya Limited reports H1 2021 Earnings versus H1 2020
HY Total Assets 345.646341b versus 327.198511b +5.638%
HY Loans and Advances to Customers [net] 130.275654b versus 134.317139b
HY Kenya Government Securities 98.686940b versus 101.176614b
HY Customer Deposits 278.186884b versus 256.496288b
HY Total Interest Income 11.032585b versus 11.932242b
HY Total Interest Expenses 1.917199b versus 2.538293b
HY Net Interest Income 9.115386b versus 9.393949b
HY Total Non Interest Income 4.997609b versus 4.402567b
HY Total Operating Income 14.112995b versus 13.796516b
HY Loan Loss Provision 638.541m versus 1.624970b
HY Staff Costs 3.216292b versus 3.341779b
HY Other Operating Expenses 2.490384b versus 2.825871b
HY Total Other Operating Expenses 7.315323b versus 8.691204b
HY Profit before Tax after exceptional Items 6.797672b versus 5.105312b
HY Profit after Tax and exceptional Items 4.879064b versus 3.233063b
HY Total comprehensive income for the period 4.950754b versus 3.923911b
HY EPS 12.69 versus 9.17 +38.38%
Cash & Cash Equivalents 57.205811b
Standard Chartered Kenya [@StanChartKE] H1 2021 results: @MwangoCapital
https://twitter.com/MwangoCapital/status/1429683031653158916?s=20
Customer deposits up 8.5%
Loan book down 3%
Total assets up 6%
Net interest income down 3%
Loan loss provisions down 60%
PAT up 51% to Ksh 4.8B
EPS Ksh 12.69 [2020: 9.17]
No interim dividend
Conclusions
Whilst Total assets expanded +5.638% The Customer Loan Book declined marginally.
60% reduction in loan loss provisions.
The Implied Forward PE makes it now cheap versus its Peers
Standard Chartered reports FY 2020 Earnings here
FY Total Assets 325.605070b versus 302.139056b
FY Kenya Government Securities 94.852653b versus 97.671849b
FY Loans and Advances to Customers [Net] 121.524227b versus 128.690341b
FY Customer Deposits 256.497530b versus 228.433515b
FY Total Interest Income 23.735413b versus 25.272452b
FY Total Interest Expenses 4.617260b versus 5.799959b
FY Net Interest Income 19.117153b versus 19.472493b
FY Total Non-Interest Income 8.289781b versus 9.227420b
FY Total Operating Income 27.406934b versus 28.699913b
FY Loan Loss Provision 3.882158b versus 0.572592b
FY Staff Costs 7.677256b versus 7.136019b
FY Total Other Operating Expenses 20.010876b versus 16.526056b
FY Profit before Tax and Exceptional Items 7.396058b versus 12.173857b
Profit after Tax 5.440417b versus 8.236773b
FY Total Comprehensive Income 5.860550b versus 7.816660b
FY EPS 13.95 versus 21.35 -34.66%
FY Dividend 10.50 versus 12.50
We delivered a resilient performance in 2020 in extremely challenging conditions brought about by the pandemic CFO @ChemutaiM @StanChartKE
https://twitter.com/StanChartKE/status/1374954453145690121?s=20
HY Total Assets 327.198511b versus 294.542970b
HY Loans and Advances [net] to Customers 134.317139b versus 120.064909b
HY Total Operating Income 13.796516b versus 14.559215b
HY Loan Loss Provision 1.624970b versus 0.378942b
HY Profit Before Tax 5.105313b versus 6.920271b
HY Profit After Tax 3.233064b versus 4.705902b
HY EPS 9.17 versus 13.46
StanChart is currently trading at a P/B multiple of 1.1x.
31.3% yoy drop in profit after tax (PAT) to KES 3.2 BN.
328.8% yoy rise in the loan loss provision expense to KES 1.6 BN.
Net interest income dropped by 4.6% yoy to KES 9.4 BN
Non-funded income declined 6.6% yoy to KES 4.4 BN
a 5.3% yoy decrease in staff costs to KES 3.3 BN.
Loan loss provision expense rose 32.8.8% yoy to KES 1.6 BN
profit before tax fell 26.2% yoy decline to KES 5.1 BN.
Customer loans and advances rose 11.9% yoy to KES 134.3 BN
investment securities rose by 3.2% yoy increase to KES 101.2 BN.
Customer deposits saw a 12.3% yoy increase to KES 256.5 BN
Conclusions
StanChart can play solid defence which is the nature of the Game now.
Standard Chartered Bank Kenya FY 2019 results through 31st December 2019 vs. 31st December 2018
FY Kenya government securities available for sale 97.671849b vs. 94.749090b +3.085%
FY Loans and advances to customers (net) 128.690341b vs. 118.651550b +8.461%
FY Total assets 302.139056b vs. 285.404023b +5.864%
FY Customer deposits 228.433515b vs. 224.284420b +1.850%
FY Total shareholders equity 47.760527b vs. 46.639388b +2.404%
FY Loans and advances interest income 13.406673b vs. 13.127082b +2.130%
FY Government securities interest income 10.596127b vs. 12.459334b -14.954%
FY Total interest income 25.870924b vs. 26.870924b -3.721%
FY Customer deposits interest expense [5.155004b] vs. [6.435688b] -19.900%
FY Total interest expenses [5.799959b] vs. [7.474627b] -22.405%
FY Net interest income/ [loss] 19.472493b vs. 19.396297b +0.393%
FY Other fees and commissions 4.892262b vs. 5.077993b -3.658%
FY Foreign exchange trading income 3.174026b vs. 2.843768b +11.613%
FY Total non interest income 9.227420b vs. 9.201223b +0.285%
FY Total operating income 28.699913b vs. 28.597520b +0.358%
FY Loan loss provision [572.592m] vs. [1.930511b] -70.340%
FY Staff costs [7.136019b] vs. [7.365038b] -3.110%
FY Total other operating expenses [16.526056b] vs. [16.750904b] -1.342%
FY Profit before tax and exceptional items 12.173857b vs. 11.846616b +2.762%
FY Profit after tax and exceptional items 8.236773b vs. 8.099193b +1.699%
Basic and diluted EPS 23.49 vs. 23.09 +1.732%
Dividend per share 20.00 vs. 19.00 +5.263%
Net NPL and advances 12.269630b vs. 13.871270b -11.546%
Conclusions
Solid franchise.
Strong pivot to Digital is keep a lid on costs.
An attractive share to buy on retracements
Standard Chartered Bank Kenya H1 2019 results through 30th June 2019 vs. 30th June 2018
H1 Kenya government securities available for sale 98.008575b vs. 116.136514b -15.609%
H1 Loans and advances to customers (net) 120.064909b vs. 111.748653b +7.442%
H1 Total assets 294.542970b vs. 295.955246b -0.477%
H1 Customer deposits 228.499892b vs. 230.845308b-1.016%
H1 Total shareholders equity 46.873705b vs. 44.641514b+5.000%
H1 Total interest income 12.732332b vs. 13.741748b-7.346%
H1 Customer deposits interest expense [2.602577b] vs. [3.358699b] -22.512%
H1 Total interest expenses [2.886305b] vs. [3.898873b] -25.971%
H1 Net interest income 9.846027b vs. 9.842875b +0.032%
H1 Other fees and commissions 2.410907b vs. 2.821839b -14.563%
H1 Total operating income 14.559215b vs. 14.663490b -0.711%
H1 Loan loss provision [378.942m] vs. [1.266286b] -70.075%
H1 Total other operating expenses [7.638944b] vs. [8.092601b] -5.606%
H1 Profit before tax and exceptional items 6.920271b vs. 6.570889b +5.317%
H1 Profit after tax and exceptional items 4.705902b vs. 4.466719b +5.355%
EPS 13.46 vs. 12.76 +5.486%
Dividend per share 5.00 vs. 5.00
Net NPL and advances 12.642305b vs. 11.727030b +7.805%
Liquidity ratio 67.23% vs. 71.31% +4.080%
Our H1 performance summarized. #AnalystBriefingSC @StanChartKE
https://twitter.com/StanChartKE/status/1165875527581937664?s=20
Standard Chartered Bank Kenya FY 2018 results through 31st December 2018 vs. 31st December 2017
FY Kenya government securities available for sale 94.749090b vs. 103.486084b -8.443%
FY Loans and advances to customers (net) 118.651550b vs. 126.294470b -6.052%
FY Total assets 285.404023b vs. 285.724441b -0.112%
FY Customer deposits 224.284420b vs. 213.349290b +5.125%
FY Total shareholders equity 46.639388b vs. 45.664537b +2.135%
FY Loans and advances interest income 13.127082b vs. 13.558397b -3.181%
FY Government securities interest income 12.459334b vs. 11.333686b +9.932%
FY Total interest income 26.870924b vs. 26.274325b +2.271%
FY Customer deposits interest expense [6.435688b] vs. [6.407540b] +0.439%
FY Total interest expenses [7.474627b] vs. [7.708352b] -3.032%
FY Net interest income/ [loss] 19.396297b vs. 18.565973b +4.472%
FY Other fees and commissions 5.077993b vs. 4.361261b +16.434%
FY Foreign exchange trading income 2.843768b vs. 2.661343b +6.855%
FY Total non interest income 9.201223b vs. 8.772220b +4.890%
FY Total operating income 28.597520b vs. 27.338193b +4.606%
FY Loan loss provision [1.930511b] vs. [4.185571b] -53.877%
FY Staff costs [7.365038b] vs. [6.724878b] +9.519%
FY Total other operating expenses [16.750904b] vs. [17.266900b] -2.988%
FY Profit before tax and exceptional items 11.846616b vs. 10.071293b +17.628%
FY Profit after tax and exceptional items 8.099193b vs. 6.914098b +17.140%
Basic and diluted EPS 23.09 vs. 19.64 +17.566%
Dividend per share 19.00 vs. 17.00 +11.765%
Net NPL and advances 13.871270b vs. 11.317708b +22.563%
Conclusions
The Dividend is going to get a Lot of Folks juiced.
We are investing in exciting new digital and other transformative initiatives, and our strengthened risk discipline is paying off.
We are determined to drive commerce and help our clients achieve prosperity in a sustainable manner, CEO Kariuki Ngari on the performance.
Standard Chartered Bank Kenya H1 2018 results through 30th June 2018 vs. 30th June 2017
H1 Kenya government securities available for sale 116.136514b vs. 105.588613b +9.990%
H1 Loans and advances to customers (net) 111.748653b vs. 113.040256b -1.143%
H1 Total assets 295.994246b vs. 289.077286b +2.393%
H1 Customer deposits 231.986234b vs. 224.482823b +3.343%
H1 Total shareholders equity 44.641514b vs. 43.589956b +2.412%
H1 Total interest income 13.741748b vs. 12.738535b +7.875%
H1 Total interest expenses [3.898873b] vs. [3.582021b] +8.846%
H1 Net interest income 9.842875b vs. 9.156514b +7.496%
H1 Total operating income 14.663490b vs. 13.452933b +8.998%
H1 Loan loss provision [1.266286b] vs. [2.311347b] -45.214%
H1 Total other operating expenses [8.092601b] vs. [8.475708b] -4.520%
H1 Profit before tax and exceptional items 6.570889b vs. 4.977225b +32.019%
H1 Profit after tax and exceptional items 4.466719b vs. 3.426768b +30.348%
EPS 12.76 vs. 9.73 +31.141%
Dividend per share 5.00 vs. 4.50 +11.111%
6% interim dividend on preference shares
Total NPL and advances 11.727030b vs. 11.539266b +1.627%
Liquidity ratio 71.31% vs. 69.09% +2.220%
Cash and cash equivalents at end of period 33.456645b vs. 29.511360b +13.369%
Conclusions
The Bank has played good defence and now looks primed for growth.
The Loan Loss provision juiced H1 2018.
Hiking the Half Year Dividend +11.111% is a statement of passive aggressive intent.
very shapely results
Standard Chartered Bank Kenya Ltd. Q1 2018 results through 31st March 2018 vs. 31st March 2017
Q1 Kenya government securities available for sale 112.074426b vs. 96.284760b +16.399%
Q1 Loans and advances to customers (net) 113.847613b vs. 116.875407b -2.591%
Q1 Customer deposits 231.986234b vs. 205.016693b +13.155%
Q1 Net interest income/ [loss] 4.845317b vs. 4.635549b +4.525%
Q1 Total operating income 7.108961b vs. 6.760968b +5.147%
Q1 Loan loss provision [1.065080b] vs. [0.772332b] +37.904%
Q1 Total other operating expenses [4.336600b] vs. [3.756733b] +15.435
Q1 Profit/ [Loss] before tax and exceptional items 2.772361b vs. 3.004235b -7.718%
Q1 Profit/ [Loss] after tax and exceptional items 1.837000b vs. 2.053076b -10.525%
EPS 5.23 vs. 5.98 -12.542%
Net NPL and advances 11.361861b vs. 10.460817b +8.614%
Standard Chartered Bank Kenya FY 2017 results through 31st December 2017 vs. 31st December 2016
FY Kenya government securities available for sale 103.486084b vs. 81.708503b +26.653%
FY Loans and advances to customers (net) 126.294470b vs. 122.711038b +2.920%
FY Total assets 285.724441b vs. 250.482000b +14.070%
FY Customer deposits 213.349290b vs. 186.598226b +14.336%
FY Total shareholders equity 45.664537b vs. 44.603828b +2.378%
FY Loans and advances interest income 13.558397b vs. 14.845035b -8.667%
FY Government securities interest income 11.333686b vs. 10.065081b +12.604%
FY Total interest income 26.274325b vs. 25.775145b +1.937%
FY Customer deposits interest expense [6.407540b] vs. [5.684222b] +12.725%
FY Other interest expenses [1.084935b] vs. [561.618m] +93.180%
FY Net interest income/ [loss] 18.565973b vs. 19.395495b -4.277%
FY Other fees and commissions non interest income 4.361261b vs. 4.360874b +0.009%
FY Foreign exchange trading income/ [loss] 2.661343b vs. 2.839996b -6.291%
FY Total non interest income 8.772220b vs. 8.589594b +2.126%
FY Total operating income 27.338193b vs. 27.985089b -2.312%
FY Loan loss provision [4.185571b] vs. [2.199899b] +90.262%
FY Staff costs [6.724878b] vs. [6.916663b] -2.773%
FY Other operating expenses [4.634457b] vs. [3.862386b] +19.989%
FY Total other operating expenses [17.266900b] vs. [14.696970b] +17.486%
FY Profit before tax and exceptional items 10.071293b vs. 13.288119b -24.208%
FY Profit after tax and exceptional items 6.914098b vs. 9.049307b -23.595%
EPS 19.64 vs. 25.85 -24.023%
Dividend per share 17.00 vs. 20.00 -15.000%
Total NPL and advances 11.317708b vs. 10.166807b +11.320%
Liquidity ratio 58.73% vs. 56.93%
Conclusions
Dividend is worth 7.87% on the current price.
They had warned last year. I think they have re optimised the Balance sheet and 2018 will prove strong [in part because they will be lapping a soft 2017]
had to play defence in 2017 evidently.
Standard Chartered Bank of Kenya Limited H1 2017 results through 30th June 2017 vs. 30th June 2016
H1 Kenya Government securities available for sale 105.588613b vs. 85.402418b +23.637%
H1 Loans and advances to customers (net) 113.040256b vs. 114.265013b -1.072%
H1 Total assets 289.077286b vs. 255.948220b +12.944%
H1 Customer deposits 224.482823b vs. 190.872512b +17.609%
H1 Total shareholders equity 43.589956b vs. 43.581629b +0.019%
H1 Total interest income 12.738535b vs. 13.043903b -2.341%
H1 Total interest expenses [3.582021b] vs. [3.084111b] +16.144%
H1 Net interest income [loss] 9.156514b vs. 9.959792b -8.065%
H1 Foreign exchange trading income [loss] 1.246808b vs. 1.567336b -20.450%
H1 Total non interest income 4.296419b vs. 4.535623b -5.274%
H1 Total operating income 13.452933b vs. 14.495415b -7.192%
H1 Loan loss provision [2.311347b] vs. [1.371367b] +68.543%
H1 Staff costs [3.326830b] vs. [3.075669b] +8.166%
H1 Total other operating expenses [8.475708b] vs. [7.022816b] +20.688%
H1 Profit [Loss] before tax and exceptional items 4.977225b vs. 7.472599b -33.394%
H1 Profit [Loss] after tax and exceptional items 3.426768b vs. 5.226314b -34.432%
Basic and diluted EPS 9.73 vs. 14.97-35.003%
Dividend per share 4.50 vs. 6.00 -25.000%
Gross NPL and Advances 16.913092b vs. 15.360300b +10.109%
Net NPL and Advances 4.751185b vs. 5.824481b -18.427%
Liquidity ratio 69.09% vs. 61.93% +7.160%
From Kestrel
Loans and advances (net) declined by 1.1% yy to KES 113.0bn. On a YTD basis, the decline stood at 7.9%.
Customer deposits increased by 17.6% yy to KES 224.5bn. On a YTD basis, the customer deposits growth stood at 20.3%. This is especially notable given that StanCharts cost of customer deposits remain unchanged for the period at 3.0%.
StanCharts loan to deposit ratio now stands at 50.4%, one of the lowest across the banking sector. We continue to believe that StanChart will accelerate lending going forward, and especially from a NIM perspective, this would be a positive.
Operating expenses (inclusive of loan loss provisions) increased by 20.7% yy to KES 8.5bn, above our expectations of KES 7.6bn, largely on account of increased provisions (CoR as at 1H17 stood at 2.8%). The cost to income ratio increased to 63.0% from 48.4% in 1H16.
Excluding provisions, operating expenses were largely in line with estimates. Notably, staff costs increased by 8.2% yy to KES 3.3bn. Cost to income ratio excluding provisions stood 44.8%. As per our conversations with management, the staff costs have largely been driven by shared services staff (who had been rationalized towards the end of 2016) working as consultants to transfer shared services operations to StanChart Chennai. We expect staff costs to come down significantly in 3Q17 onwards as the shared services consultants now complete their projects.
Of particular interest is the trend in loan loss provisions, which increased by 68.5% yy to KES 2.3bn from 1.4bn in 1H16. Gross NPLs stood at KES 16.9bn. As a result, the banks coverage ratio (excluding interest expenses) rose considerably to 40.1% from 33.3% at the end of 1Q17. This is the highest level of coverage StanChart has reported since at least 2013.
StanChart Bank currently trades at a trailing PE of 11.0 and a PB of 1.8. Subsequently, the dividend yield currently stands at 7.9%. RoAE at the end of 1H17 stood at 16.2%, driven largely by the increase in provisions.
Conclusions
Plenty of Dry Powder in my opinion.
very defensive results Release leaving a lot of room for a material H2 improvement
Standard Chartered Kenya FY 2016 results through 31st December 2016 vs. 31st December 2015
FY Kenya government securities 81.708503b vs. 67.416543b +21.199%
FY Loans and advances to customers (net) 122.711038b vs. 115.125427b +6.589%
FY Total assets 250.482000b vs. 233.965447b +7.059%
FY Customer deposits 186.598226b vs. 172.036056b +8.465%
FY Total shareholders equity 44.603828b vs. 41.251785b +8.126%
FY Loans and advances interest income 14.845035b vs. 14.914705b -0.467%
FY Government securities interest income 10.065081b vs. 6.973609b +44.331%
FY Total interest income 25.775145b vs. 22.877085b +12.668%
FY Customer deposits expense [5.684222b] vs. [3.982472b] +42.731%
FY Total interest expense [6.379650b] vs. [4.761053b] +33.997%
FY Net interest income [loss] 19.395495b vs. 18.116032b +7.063%
FY Other fees and commissions non-interest income 4.360874b vs. 3.809834b +14.464%
FY Foreign exchange trading income [loss] 2.839996b vs. 2.331776b +21.795%
FY Total non interest income 8.589594b vs. 7.249117b +18.492%
FY Total operating income 27.985089b vs. 25.365149b +10.329%
FY Loan loss provision [2.199899b] vs. [4.896355b] -55.071%
FY Staff costs [7.031586b] vs. [6.096766b] +15.333%
FY Other operating expenses [3.862386b] vs. [3.596508b] +7.393%
FY Profit before tax and exceptional items 13.288119b vs. 9.159932b +45.068%
FY Profit after tax and exceptional items 9.049307b vs. 6.342427b +42.679%
EPS 25.85 vs. 17.97 +43.851%
Dividend per share 20.00 vs. 17.00 +17.647%
Net NPL and advances 10.166807b vs. 11.681664b -12.968%
Liquidity ratio 56.93% vs. 53.74% +3.190%
Cash and cash equivalents at 31st December 16.641836b vs. 29.497242b -43.582%
No Of outstanding shares 343,510,571
Final Dividend 14 a share
Conclusions
Outstanding FY 16 Results.
StanChart reports H116 Earnings here
Loans and advances to customers (net) 114.265013b vs. 123.256075b -7.295%
Total Assets 255.948220b vs. 228.193508b +12.163%
Customer deposits 190.872512b vs. 163.211762b +16.948%
Total shareholders equity 43.581629b vs. 40.142122b +8.568%
H1 Loans and advances income 7.778323b vs. 7.176185b +8.391%
H1 Total interest income 13.043903b vs. 10.791877b +20.868%
H1 Customer deposits expense [2.740122b] vs. [1.659231b] +65.144%
H1 Total interest expenses [3.084111b] vs. [2.038838b] +51.268%
H1 Net interest income [loss] 9.959792b vs. 8.753039b +13.787%
H1 Total non interest income 4.535623b vs. 3.434325b +32.067%
H1 Total operating income 14.495415b vs. 12.187364b +18.938%
H1 Loan loss provision [1.371367b] vs. [1.295045b] +5.893%
H1 Total other operating expenses 7.022816b vs. 6.594637b +6.493%
Profit [loss] before tax and exceptional items 7.472599b vs. 5.592727b +33.613%
Profit [loss] after tax and exceptional items 5.226314b vs. 3.877266b +34.794%
EPS 14.97 vs. 11.29 +32.595%
Dividend per share 6.00 vs.
Gross NPL and advances 15.360300b vs. 8.347026b +84.021%
Net NPL and advances 5.824481b vs. 2.841681b +104.966%
Liquidity ratio 61.93% vs. 47.98% +13.950%
Standard Chartered Bank published their 1H16 financial results this morning, EPS was up 32.6% yy to KES 14.97 and PBT increased 6.49% yy to KES 7.0bn. Net interest margins increased yy from 13.6% to 19.6%. Net interest income grew 13.8% yy to KES 10.0bn, this was mainly attributed to increase in yields by 8.9% yy as the loan book decreased by 7.29% yy to KES 114.3bn from KES 123.3bn in 1H15. The cost to income ratio decreased to 48.4% from 54.1% the previous year, this was on account of higher total operating income of 18.9% yy to KES 45.5bn, though this decreased by 42.9% ytd. The companys foreign exchange income increased by 48.8% yy. Gross NPLs almost doubled to KES 15.4bn (1.8x yy) from KES 8.3bn, however, there was a marginal decrease qq. Given the results that Stan Chart has recorded in 1H16, we expect full year results to be positive, as we do not expect a sharp increase in loan provisions in 2H16, similar to that recorded in 2H15. Furthermore, we understand the group is actively seeking to work out previous non performing loans and we expect to see the benefits of this in 2H16. The companys Board of Directors have announced an interim dividend per share of KES 6.00. kestrel Research
Conclusions
very strong results. a Key Beneficiary of the flight to Quality and Earnings might accelerate from here BUY
FY Kenya government securities 67.416543b vs. 55.139813b +22.265%
FY Loans and advances to customers net 115.125427b vs. 122.749233b -6.211%
FY Total assets 233.965447b vs. 222.495824b +5.155%
FY Customer deposits 172.036056b vs. 154.066931b +11.663%
FY Loans & advanced income 22.877085b vs. 22.120026b +3.423%
FY Total interest income 22.877085b vs. 22.120026b +3.423%
FY Customer deposits expense [3.982472b] vs. [3.030399b] +31.417%
FY Net interest income[Loss] 18.116032b vs. 17.904721b +1.180%
FY Other fees and commissions income 3.809834b vs. 3.496930b +8.948%
FY Other income 0.767929b vs. 2.281970b -66.348%
FY Total operating income 25.365149b vs. 26.074678b -2.721%
FY Loan loss provision [4.896355b] vs. [1.308416b] +274.220%
FY Staff costs [6.096766b] vs. [5.612984b] +8.619%
FY Other operating expenses [3.596508b] vs. [3.148481b] +14.230%
FY Total other operating expenses [16.205217b] vs. [11.728697b] +38.167%
FY Profit[Loss] before tax and exceptional items 9.159932b vs. 14.345981b -38.150%
FY Profit[Loss] after tax and exceptional items 6.342427b vs. 10.436180b -39.227%
EPS 19.97 vs. 33.21 -39.868%
Dividend per share declared 17.00 vs. 17.00
Net non performing loans and advances 11.681664b vs. 8.887564b +31.438%
Liquidity ratio 53.74% vs. 46.28% -7.460%
Cash and cash equivalents at 31st December 29.497242b vs. 5.809711b +407.723%
a bonus Issue in the Proportion of 1 new Ordinary Share for every 9 fully paid up Ordinary shares
Final Dividend of 12.50 [Interim of 4.50 already paid] 17.00
The profit drop was due to three factors, StanChart chief executive Lamin Manjang noted in a statement.
http://www.businessdailyafrica.com/StanChart-maintains-dividend-as-profit-dips-39pc-/-/539552/3131034/-/os3v03z/-/index.html
The profit drop was due to three factors: an increase in the non performing loans portfolio, the financial impact of the restructuring from the updated group strategy and a one off net capital gain in 2014 relating to the disposal of a property, StanChart chief executive Lamin Manjang noted in a statement.
The banks non performing loans grew by 37 per cent to Sh14.1 billion, forcing the lender to set aside an additional Sh3.5 billion as provisions for the bad debt.
The provisions, which are accounted for as a deductible expense in profit and loss statement, rose to Sh4.8 billion from Sh1.3 billion in 2014.
The banks management is optimistic of bouncing back this year stating that it had a stronger balance and is in a more liquid position
Conclusions
I think This Set of Earnings is case of putting everything into it Kitchen sink and all.
I expect a much stronger FY 2016 especially because I think Stan Chart have seriously benefited from the flight to quality
H1 Earnings Through 30th June 2015 vs. Through 30th June 2014
H1 Loans and Advances to Customers (Net) 123.256075b vs. 131.699706b -6.4%
H1 Total Assets 228.193508b vs. 228.719900b -0.23%
H1 Total Interest Income 10.791877b vs. 10.914887b -1.1%
H1 Total Interest Expenses [2.038838b] vs. [2.154853b] -5.4%
H1 Net Interest Income 8.753039b vs. 8.760034b -0.1%
H1 Other Income 365.788m vs. 1,840.248m -80.1%
H1 Total Non Interest Income 3.434325b vs. 4.992609b -31.2%
H1 Total Operating Income 12.187364b vs. 13.752643b -11.4%
H1 Staff Costs 2.890505b vs. 2.583832b +11.9%
H1 Total Other Operating Expenses [6.594637b] vs. [5.664788b] +16.4%
H1 Profit Before Tax 5.592727b vs. 8.087855b -30.9%
H1 Profit After Tax 3.877266b vs. 6.060905b -36.0%
H1 EPS 12.54 vs. 19.60 -36.0%
Conclusions
StanChart was lapping 2014 results where they had booked Other Income [property Sales] of 1.840b
This has distorted these results.
Its a Strong Franchise.
Full Year Results through 31st December 2014 versus through 31st Dec 2013
Full Year Total Assets 222.495824b versus 220.391180b +0.9549%
Full Year Loans and Advances to Customers [Net] 122.749233b versus 129.672004b -5.33%
Full Year Total Interest income 22.120026b versus 21.679714b
Full Year Net Interest Income 17.904721b versus 16.760331b
Full Year Total Non Interest Income 8.169957b versus 7.067046b
Full Year Total Operating Income 26.074678b versus 23.827377b
Full Year Total operating Expenses 11.728697b versus 10.472412b
Full Year Profit before Tax 14.345981b versus 13.354965b +7.42%
Full Year Profit after Tax 10.436180b versus 9.262921b +12.666%
Full Year Earnings Per Share 33.21 versus 29.42 +12.882%
Full Year Dividend 17.00 versus 14.50 +17.24%
Conclusions
Strong Results given there was no repeat of the One Off Real estate related gain
Interesting that they eked out +12.882% EPS Gain versus a -5.33% decline in Loans to Customers
Big statement via the +17.24% FY Dividend hike
First Half Earnings through 30th June 2014 versus through 30th June 2013
First Half Loans and Advances to Customers [Net] 131.699706b versus 118.369916b +11.2611%
First Half total Assets 228.719900b versus 213.755222b +7.0008%
First Half Total Interest Income 10.914887b versus 10.420669b +4.7426%
First Half Total Interest Expenses 2.154853b versus 2.402068b -10.291%
First Half Net Interest Income 8.760034b versus 8.018601b +9.2464%
First Half other Income 1.840248b versus 0.655165b +280.88%
First Half Total Non Interest Income 4.992609b versus 3.811324b
First Half Total Operating Income 13.752643b versus 11.829925b
First Half Staff Costs 2.583832b versus 2.521234b
First Half Total Other Operating Expenses 5.664788b versus 5.290912b +7.066%
First Half Profit Before Tax 8.087855b versus 6.539013b +23.686%
First Half Profit after Tax 6.060905b versus 4.517100b +34.1769%
First Half Earnings Per Share 19.60 versus 14.61 +34.154%
Conclusions
strong results and on neutral balance sheet expansion Total Assets +7.008%.
very attractive on a Forward PE Basis
and I as i mentioned in a board presentation the share needs to be split.
the Optics of such a high price is capping the Price.
Full Year Earnings through 31st December 2013 versus 12 months through 31st December 2012
FY Loans and Advances to Customers [net] 129.672004b versus 112.694523b +15.065%
FY Total Assets 220.391180b versus 195.352756b +12.817%
FY Customer Deposits 154.720011b versus 140.524846b
FY Total Interest Income 21.679714b versus 19.698321b
FY Total Interest Expenses 4.919382b versus 5.455870b
FY Interest Income 16.760331b versus 14.242451b
FY Total Non Interest Income 7.067046b versus 6.771507b
FY Total Operating Income 23.827377b versus 21.013958b
FY Total other Operating Expenses 10.472412b versus 9.457767b
FY Profit before Tax 13.354965b versus 11.556191b +15.565%
FY Profit after Tax 9.262921b versus 8.069533b +14.7888%
FY Earnings Per Share 29.42 versus 26.60 +10.601%
FY Dividend 14.50 versus 12.50 +12.336%
Conclusions
Consider that at the H1 Earnings Release Profit before Tax was running at +0.59% versus +15.565% at the Full Year Stage.
Strong Results and a possible Split in 2014.
H1 2013 Earnings through June 2013 versus June 2012
H1 Total Interest Income 10.420669b versus 9.929299b +4.94%
H1 Total Interest Expenses 2.402068b versus 2.603406b -7.733%
H1 Total Non Interest Income 3.811324b versus 3.668960b
H1 Total Operating Income 11.829925b versus 10.994853b
H1 Staff Costs 2.521234b versus 2.240290b
H1 Total and Other Operating Expenses 5.290912b versus 4.494403b
H1 PBT 6.539013b versus 6.500450b +0.59%
H1 PAT 4.517100b versus 4.538868b -4.795%
H1 EPS 14.61 versus 15.28 -4.384%
Conclusions
Q1 2013 PBT was running at -16.1745% and H1 2013 has improved to +0.59% which is noteworthy.
FY Earnings 2012 versus FY Earnings 2011
Kenya Government Securities 42.406412b versus 24.584908b
Loans and Advances to Customers [Net] 112.694523b versus 96.097823b
Total Assets 195.352756b versus 164.046624b
Customer Deposits 140.524846b versus 122.323049b
Total Interest Income 19.698321b versus 12.122717b
Total Interest Expenses 5.455870b versus 2.007681b
Net Interest Income 14.242451b versus 10.115036b
Total Non Interest Income 6.771507b versus 6.099231b
Total Operating Income 21.013958b versus 16.214267b
Staff Costs 4.533907b versus 3.621200b
Total Operating Expenses 9.457767b versus 7.959132b
FY PBT 11.556191b versus 8.255135b +39.987%
FY PAT 8.069533b versus 5.836821b +38.25%
Final Dividend 12.50 a share
Our performance has been driven by good levels of client and customer activity, leading to double digit income growth in both consumer and wholesale banking businesses,REtemesi
Stanchart has a total of 34 branches and local share holding of 26 per cent, comprising about 32,000 Kenyans.
Conclusions
Strong Results.
Q3 2012 versus Q3 2011
Total Interest Income 14.866247b versus 8.219349b
Total Interest Expenses 4.121869b versus 1.085178b
Net Interest Income 10.744378b versus 7.134171b
Total Non Interest Income 5.432096b versus 4.275424b
Total Operating Income 16.176474b versus 11.409595b
Staff Costs 3.313862b versus 2.834748b
Loans and Advances Net to Customers 101.577292b versus 94.390443b +7.613%
Total Assets 189.132560b versus 165.585586b
Profit and Loss before Exceptional Items 9.238346b versus 5.491684b +68.224%
Profit and Loss after Tax and Exceptional Items 6.428108b versus 3.857882b +66.622%
Conclusions
Decelerated from H1 but still real muscular.
H1 2012 Versus H1 2011
Total Interest Income 9.929299b versus 5.047825b +96.70450144%
Total Interest Expenses 2.603406b versus 0.523203b
Other Income 0.655171b versus 2.997m
Total Operating Income 10.994853b versus 7.129614b +54.2138606%
Staff Costs 2.240290b versus 1.771038b +26.4958%
Profit Before Tax 6.500450b versus 3.466881b +87.501%
Profit After Tax 4.538868b versus 2.500116b +81.546296%
Loans and Advances Net to Customers 104.073319b versus 96.525855b End Dec 2011
The Bank has not declared an interim dividend.
Earnings per share increased to KShs.15.81 per ordinary share compared to KShs.8.71 per ordinary share in 2011 +81.5151%
From Commentary
Consumer Banking revenue growing by 45 per cent while Wholesale Banking revenue grew by 55 per cent.
The Banks cost income ratio has decreased to 38 per cent in the first half of 2012 compared to 48 per cent in the same period in 2011.
On the outlook for the rest of the year, Etemesi said, both the businesses enter the second half with good momentum, but we remain vigilant about the global outlook and the uncertainties within the political and economic environment in Kenya. Therefore we will continue to look for opportunities and take advantage of these to build and grow our business. The Bank is in great shape, has good momentum, and is superbly positioned for the future.
You will recall that our financial results for the first half of 2011 were significantly impacted by the sharp rise in interest rates which resulted in the revaluation of our trading book and thereby causing mark to market unrealised losses in the bond trading portfolio and derivatives. At the time we had predicted that as the said instruments matured, the losses would unwind and be recognised as gains in our profit and loss. This has largely happened as anticipated. Further, we entered the year with a well positioned trading book that allowed us to recognise significant realised gains. It is against this backdrop that we are announcing a great set of results.
Cost Income ratio of 37.7% down from 48.1% in 2011
Positive Jaws of 33% (the difference between revenue growth and cost growth)
Return on equity of 39% up from 28% in 2011.
In 2012, the cross sell ratio improved to 3.31 up from 2.67 in 2011
Conclusions
These were simply outstanding Results. The Comparison was flattered a Little because in H1 2011 StanChart took a Big Mark on their Bond Portfolio. I think they have a Lock on some key Break Through Clients like Tullow Oil which is what is lifting Wholesale Banking. These are noteworthy Results and Richard Etemesis Comments have the Final Word.
The Bank is in great shape, has good momentum, and is superbly positioned for the future.
FY 2011 versus FY 2010
Total Interest Income 12.122717b versus 9.912435b
Customer Deposits 1.153556b versus 1.144871b
Total Interest Expenses 2.007681b versus 1.529125b
Foreign Exchange Trading 2.586397b versus 1.622154b
Total Operating Income 16.214267b versus 14.150088b
PBT 8.255135b versus 7.681884b +7.462%
PAT 5.836821b versus 5.376191b +8.567%
Kenya Government Securities 24.584908b versus 51.353787b -52.126%
Kenya Government Securities held for Dealing Purposes 0.468735b versus 4.0798b
Loans and Advances to Customers Net 96.097823b versus 60.336829b +59.268%
Final Dividend of 11.00 Shillings a share
Earnings Per Share 19.75
Conclusions
At the H1 Stage PAT was running 11.937% behind the Previous H1 2010 Stage. At FY PAT is 8.567% that represents a Noteworthy Swing. Standard Chartered have evidently cut their GOK Bond Position by 52.126% but increased their Net Loan Book by 59.268%. I thought these Results considerably more than respectable.
6 Months to June 2011 versus 6 months to June 2010
PAT 2.500116b versus 2.839024b -11.937%
Loans and Advances +67% 83.7b
Operating Costs +21.7% to 3.4b due to Goodwill Amortisation Re Custody Business
EPS 8.71 versus 10.13 -14.01%
Bonds hit StanChart Kenyas H1 profit Reuters
http://j.mp/r1UOdH
Standard Chartered Bank of Kenya posted a 14.6 percent fall in first-half profit, as operating costs rose and a jump in interest rates devalued its bond portfolio, it said on Wednesday.
Standard Chartered have marked their bond portfolio to market. This is something many of its peers avoided I thought the results were more than respectable, said Aly Khan Satchu, an independent analyst.
The bank said it was positive about the second half outlook as it unwinds corrosive trading positions in the bond market and increases lending to customers.
The overall financial results for the first half were significantly impacted by the sharp rise in interest rates, which resulted in the revaluation of our trading book, Chief Executive Richard Etemesi said in a statement.
The revaluation caused a mark to market unrealised loss in the banks bond trading portfolio and derivatives, leading to the drop in profit to 3.5 billion shillings ($37.8 million) from 4.1 billion shillings in the year earlier period.
During the period under review, the bank cut its investment in government securities by 39.6 percent to 31.5 billion shillings.
The bank has apparently repositioned its lending towards customers and the underlying organic growth metrics indicate a more forward posture, Satchu said.
The Star Mark your Bonds to Market May 30th
http://j.mp/kC1NpF
FY 2010 versus FY 2009
PBT and Exceptional Items 7.681844b versus 6.728441b
PAT 5.376191b versus 4.732754b
EPS 18.58 versus 16.45
Total Dividend Pay Out 13.50 Interim 5.00 Final 8.50
Conclusions
StanChart reported FY Earnings somewhat behind its Peer Group and this was signalled at the 3rd Quarter 2010 Point. At a PE of 14.8008, It looks squarely priced. |
