Par Value: 1/-
Closing Price: 13.50
Total Shares Issued: 5867179554.00
Market Capitalization: 79,206,923,979
EPS: 1.98
PE: 6.818
COOP Group reports HY Earnings through 30th June 2021 versus 6 months through 30th June 2020
HY Total Assets 573.008622b versus 513.923987b +11.496%
HY Loans & Advances to Customers [Net] 301.191046b versus 272.156870b +10.668%
HY Investment Securities held at amortised Cost 82.620456b versus 70.876642b
HY Investment Securities Fair Value through other comprehensive income 99.332570b versus 51.491270b
HY Customer Deposits 407.686001b versus 384.636644b
HY Total Interest Income 25.959937b versus 21.811118b
HY Total Interest Expenses 7.128241b versus 5.897391b
HY Net Interest Income 18.831696b versus 15.913727b
HY Total Non Interest Income 10.323593b versus 8.307302b
HY Total Operating Income 29.155289b versus 24.221029b
HY Loan Loss Provision 4.158258b versus 1.864902b
HY Staff Costs 6.506281b versus 6.591924b
HY Other Operating Expenses 5.812365b versus 3.957781b
HY Total other operating expenses 18.695896b versus 14.567856b
HY Profit before Tax 10.524296b versus 9.599297b
HY Profit after Tax 7.365580b versus 7.197918b
HY EPS 1.26 versus 1.23 +2.439%
HY Gross NPLS 50.845898b versus 34.300888b
HY Loan Loss Provisions 25.478371b versus 13.062926b
HY Net NPLs exposure 1.124233b versus 3.802361b
Cooperative Bank of Kenya Ltd Unaudited Results of the Group & Bank for the Period Ended 30 Jun 2021 @tradingroomke
https://twitter.com/tradingroomke/status/1427867972798984195?s=20
Conclusions
Significantly underperforming its Peer Group [in part because they have increased Loan Loss Provisions where others have released provisions back
COOP GROUP FY Earnings through 31st Dec 2020 versus 31st Dec 2019
FY Assets 536.945b versus 457.008b
FY Investment Securities held at Amortised Cost Kenya Government Securities 98.167673b versus 76.871525b
FY Investment Securities Fair Value through other comprehensive Income 63.718146b versus 40.931155b
FY Loans and Advances [net] to Customers 286.634b versus 266.712b
FY Customer Deposits 378.630453b versus 332.823917b
FY Total Interest Income 48.840645b versus 43.639479b
FY Total Interest Expenses 12.491679b versus 12.236147b
FY Net Interest Income 36.348966b versus 31.303331b
FY Total Non Interest Income 17.480723b versus 17.156662b
FY Total Operating Income 53.829689b versus 48.459993b
FY Loan Loss Provision 8.111824b versus 2.539071b
FY Staff Costs 13.421b versus 12.374217b
FY Other Operating Expenses 12.621578b versus 8.717b
FY Operating Expenses 39.397b versus 27.794b
FY Profit before Tax 14.281861b versus 20.705753b
FY Profit after Tax 10.812876b versus 14.311247b
FY EPS 1.98 versus 2.48
FY Dividend 1.00 unchanged
Cash and Cash Equivalents 22.033b
Conclusions
They lifted their loan Loss Provision sharply.
Would be interesting to know more detail around ''Other Operating Expenses''
The Dividend equates to a 7.78% Yield which will underpin te price
Its in an interesting niche wit has plenty of room to leverage further
COOP Bank Half Year through 30th June 2020
HY Total Assets 513.923987b versus 429.591235b
HY Loans and Advances [Net] 272.156870b versus 257.563635b
HY Customer Deposits 384.636644b versus 323.599694b
HY Total Interest Income 15.913727b versus 14.253768b
HY Total Operating Income 24.221029b versus 23.005277b
Total Operating expenses 14.567856b versus 12.595406b
HY Loan Loss Provision 1.864902b versus 1.181163b
Gross Non Performing loans 34.300888b versus 30.555911b
HY Net NPLS 3.802361b versus 154.012m
HY Profit before Tax 9.599297b versus 10.436607b
HY Profit after Tax 7.197918b versus 7.469480b
HY EPS 1.23 versus 1.27
Conclusions
COOP net NPLSs exposure as a % of the Loan Book is an Outlier
Cooperative Bank of Kenya FY 2019 results through 31st December 2019 vs. 31st December 2018
FY Investment securities held to maturity Kenya Govt 76.871525b vs. 49.701030b +54.668%
FY Loans and advances to customers (net) 266.712696b vs. 245.410302b +8.680%
FY Total Assets 457.008946b vs. 413.413215b +10.545%
FY Customer deposits 332.823917b vs. 306.117046b +8.724%
FY Total shareholders funds 79.335183b vs. 69.864008b +13.557%
FY Loans and advances income 31.778944b vs. 32.946490b -3.544%
FY Government securities income 11.354128b vs. 9.789407b +15.984%
FY Total interest income 43.639479b vs. 43.024863b +1.429%
FY Customer deposits expenses [10.661045b] vs. [10.890477b] -2.107%
FY Total interest expenses [12.336147b] vs. [12.240115b] +0.785%
FY Net interest income/ [loss] 31.303331b vs. 30.784748b +1.685%
FY Fees and commissions on loans and advances 3.228648b vs. 575.852m +460.673%
FY Other fees and commissions 9.588986b vs. 8.941686b +7.239%
FY FX Trading income 2.148844b vs. 2.284887b -5.954%
FY Other income 2.103429b vs. 1.007790b +108.717%
FY Total non interest income 17.156662b vs. 12.893502b +33.064%
FY Total operating income 48.459993b vs. 43.678250b +10.948%
FY Loan loss provision [2.539071b] vs. [1.840728b] +37.938%
FY Total other operating expenses [27.794275b] vs. [25.692535b] +8.180%
FY Profit/ [Loss] before tax and exceptional items 20.665718b vs. 17.985715b +14.901%
FY Profit/ [Loss] before tax 20.705753b vs. 18.157131b +14.036%
FY Profit/ [Loss] after tax and exceptional items 14.311247b vs. 12.732487b +12.399%
Basic and diluted EPS 2.48 vs. 2.18 +13.761%
Dividend per share 1.00 vs. 1.00
Total NPL and Advances 26.514561b vs. 25.202025b +5.208%
Net NPL 15.252558b vs. 15.256765b -0.028%
Conclusions
Solid FY 2019 results.
Inexpensive share on a PE of 5.1411
Cooperative Bank of Kenya HY 2019 results through 30th June 2019 vs. 30th June 2018
HY Investment securities held at amortised costs Kenya Govt 63.795154b vs. 51.716232b +23.356%
HY Loans and advances to customers (net) 257.563635b vs. 251.110256b +2.570%
HY Total Assets 429.591235bvs.398.426995b +7.822%
HY Customer deposits 323.599694bvs.296.964959b +8.969%
HY Total shareholders funds 71.006297b vs. 68.018281b +4.393%
HY Total interest income 20.425448b vs. 20.779695b -1.705%
HY Total interest expenses [6.171680b] vs. [5.965784b] +3.451%
HY Net interest income/ [loss] 14.253768b vs. 14.057154b +1.399%
HY Fees and commissions on loans and advances 1.069094b vs. 802.720m +33.184%
HY Other fees and commissions 6.005175b vs. 4.321378b +38.964%
HY FX Trading income 952.441m vs. 1.222313b -22.079%
HY Total non interest income 8.751509b vs. 6.995115b +25.109%
HY Total operating income 23.005277b vs. 21.809026b +5.485%
HY Loan loss provision [1.181163b] vs. [1.093122b] +8.054%
HY Total other operating expenses [12.595406b] vs. [11.974515b] +5.185%
HY Profit/ [Loss] before tax and exceptional items 10.409871b vs. 9.834512b +5.850%
HY Profit/ [Loss] before tax 10.436607b vs. 9.834512b +6.122%
HY Profit/ [Loss] after tax and exceptional items 7.469480b vs. 7.140160b +4.612%
Basic and diluted EPS 1.27 vs. 1.22 +4.098%
Total NPL and Advances 25.728533b vs. 27.354007b -5.942%
Net NPL 14.859476b vs. 19.465718b -23.663%
Cooperative Bank of Kenya FY 2018 results through 31st December 2018 vs. 31st December 2017
FY Investment securities held to maturity Kenya Govt 49.701030b vs. 43.983288b +13.000% FY Loans and advances to customers (net) 245.410302b vs. 253.861644b -3.329%
FY Total Assets 413.413215b vs. 386.857657b +6.864%
FY Customer deposits 306.117046b vs. 287.371708b +6.523%
FY Total shareholders funds 69.864008b vs. 69.564967b +0.430%
FY Loans and advances income 32.946490b vs. 31.942067b +3.145%
FY Government securities income 9.789407b vs. 8.213551b +20.507%
FY Total interest income 43.024863b vs. 40.373188b +6.568%
FY Customer deposits expenses [10.890477b] vs. [10.846272b] +0.408%
FY Total interest expenses [12.240115b] vs. [12.269219b] -0.237%
FY Net interest income/ [loss] 30.784748b vs. 28.103969b +9.539%
FY Fees and commissions on loans and advances 575.852m vs. 2.599698b -77.849%
FY Other fees and commissions 8.941686b vs. 7.215713b +23.920%
FY FX Trading income 2.284887b vs. 2.230910b +2.420%
FY Other income 1.007790b vs. 1.372843b -26.591%
FY Total non interest income 12.893502b vs. 13.492040b -4.436%
FY Total operating income 43.678250b vs. 41.596009b +5.006%
FY Loan loss provision [1.840728b] vs. [3.601252b] -48.886% [cut its loan loss provision by half to Sh1.84 billion even as non performing loans rose by 56.7 per cent or Sh10.6 billion to Sh29.4 billion]
FY Total other operating expenses [25.692535b] vs. [25.327275b] +1.442%
FY Profit/ [Loss] before tax and exceptional items 17.985715b vs. 16.268734b +10.554%
FY Profit/ [Loss] before tax 18.157131b vs. 16.398638b +10.723%
FY Profit/ [Loss] after tax and exceptional items 12.732487b vs. 11.405065b +11.639%
Basic and diluted EPS 2.18 vs. 1.99 +9.548% Dividend per share 1.00 vs. 0.80 +25.000%
Total NPL and Advances 25.202025b vs. 17.812836b +41.482%
Net NPL 15.256765b vs. 11.710787b +30.280%
Conclusions
Total Assets +6.864% was marginally above Trend.
Trailing PE Ratio of 6.903 leaves room to the upside for the Price
H1 2018 Earnings through 30th June 2018 versus through 30th June 2017
H1 Loans and Advances [net] to Customers 251.110256b versus 252.612566b
H1 Total Assets 398.426995b versus 383.326294b +3.93%
H1 Total Interest 20.779695b versus 19.257831b
H1 Net Interest Income 14.813911b versus 13.418210b
H1 Non-Interest Income 6.995115b versus 7.106144b
H1 Total Operating Income 21.809026b versus 20.524354b
H1 Loan Loss Provision 1.093122b versus 1.509311b -27.57%
H1 Staff costs 5.343888b versus 4.728822b
H1 Total Operating Expenses 11.974515b versus 11.347233b +5.52%
H1 Profit before Tax 9.834512b versus 9.269421b
H1 Profit After Tax 7.140160b versus 6.637412b +7.57%
H1 EPS 1.22 versus 1.13 +7.96%
Conclusions
Balance sheet growth at +3.93% signals a defensive Game is being played.
Cooperative Bank of Kenya FY 2017 results through 31st December 2017 vs. 31st December 2016
FY Investment securities held to maturity Kenya Govt 43.983288b vs. 37.158762b +18.366%
FY Loans and advances to customers (net) 253.861644b vs. 236.935564b +7.144%
FY Total Assets 386.857657b vs. 351.856250b +9.948%
FY Customer deposits 287.371708b vs. 260.153437b +10.462%
FY Total shareholders funds 69.564967b vs. 61.314523b +13.456%
FY Loans and advances income 31.942067b vs. 33.378181b -4.303%
FY Government securities income 8.213551b vs. 8.495221b -3.316%
FY Total interest income 40.373188b vs. 42.264721b -4.461%
FY Customer deposits expenses [10.846272b] vs. [11.658414b] -6.966%
FY Other interest expenses [12.269219b] vs. [12.768300b] -3.909%
FY Net interest income/ [loss] 28.103969b vs. 29.496421b -4.721%
FY Fees and commissions on loans and advances 2.599698b vs. 2.330859b +11.534%
FY Other fees and commissions 7.215713b vs. 7.456650b -3.231%
FY FX Trading income 2.230910b vs. 1.804344b +23.641%
FY Other income 1.372843b vs. 1.109655b +23.718%
FY Total non interest income 13.492040b vs. 12.774510b +5.617%
FY Total operating income 41.596009b vs. 42.270931b -1.597%
FY Loan loss provision [3.601252b] vs. [2.599671b] +38.527%
FY Staff costs [10.100351b] vs. [9.933704b] +7.454%
FY Total other operating expenses [25.327275b] vs. [24.641207b] +2.874%
FY Profit/ [Loss] before tax and exceptional items 16.268731b vs. 17.629724b -7.720%
FY Profit/ [Loss] before tax 16.398638b vs. 17.723532b -7.475%
FY Profit/ [Loss] after tax and exceptional items 11.405065b vs. 12.676210b -10.028%
Basic EPS 1.99 vs. 2.64 -24.624%
Diluted EPS 1.99 vs. 2.20 -9.545%
Dividend per share 0.80 vs. 0.80
Gross NPL and Advances 18.761317b vs. 11.274174b +66.410%
Total NPL and Advances 17.812836b vs. 10.145240b +75.578%
Liquidity ratio 33.8% vs. 33.7% +0.100%
Total operating income was marginally lower than estimates KES 41.8bn expected against KES 41.6bn reported [Kestrel]
Operating expenses excluding provisions were higher than expected (KES 21.7bn) mainly due to one offs impacting the other operating expenses line item, which was driven by fraud payments to customers and also due to an ERP software that was booked.
Loan book growth stood at 7.1% y/y to KES 253.9bn, lower than our expected 11.5% growth, while deposits were up 9.2% y/y to KES 287.4bn, lower than our estimates of a 13.3% growth.
Interest income declined by 4.5% y/y to KES 40.4bn while net interest income was down 4.7% y/y to KES 28.1bn.
Operating income was down 1.6% y/y to KES 41.5bn.
Loan loss provision increased by 38.5% y/y to KES 3.6bn, higher than anticipated. Staff costs were up 7.4% y/y to KES 10.1bn.
PBT declined by 7.5% y/y to KES 16.3bn.
The Bank recorded a KES 600m loss in South Sudan, attributed to hyperinflation accounting.
EPS declined by 9.5% y/y to KES 1.99 from diluted EPS of KES 2.20 reported in FY16.
Dividend remained flat at KES 0.80 per share.
Excluding the oneoffs, results were marginally below our expectations.
Conclusions
Little behind the street Estimates.
However, its a strong Tier 1 Franchise and is a Buy on dips.
H1 Kenya government Securities held to maturity 47.617600b vs. 41.674100b +14.262%
H1 Loans and advances to customers (net) 252.612566b vs. 221.288801b +14.155%
H1 Total Assets 383.326294b vs. 363.008665b +5.597%
H1 Customer deposits 285.753364b vs. 278.252423b +2.696%
H1 Total shareholders funds 64.477546b vs. 57.936673b +11.290%
H1 Total interest income 19.257831b vs. 21.472095 -10.312%
H1 Net interest income 13.418210b vs. 14.462694b -7.222%
H1 Total non interest income 7.106144b vs. 6.849420b +3.696%
H1 Total operating income 20.524354b vs. 21.312114b -3.696%
H1 Loan loss provision [1.509311b] vs. [1.310000b] +15.215%
H1 Total other operating expenses [11.347233b] vs. [10.963659b] +3.499%
H1 Profit/ [Loss] before tax and exceptional items 9.177121b vs. 10.348456b -11.319%
H1 Profit/ [Loss] before tax 9.269421b vs. 10.445933b -11.263%
H1 Profit/ [Loss] after tax and exceptional items 6.637412b vs. 7.410084b -10.427%
Basic & diluted EPS 1.13 vs. 1.52 -25.658%
No interim dividend
Gross NPL and Advances 12.222665b vs. 10.253392b +19.206%
Total NPL and Advances 11.251117b vs. 9.037452b +24.494%
Liquidity ratio 35.3% vs. 41.6% -6.300%
Cash and cash equivalents 16.362935b
Number of Shares 5,867,179,554
Bank Commentary
a commendable performance against the backdrop of a tight operating environment especially with the capping of interest rates, general economic slowdown in an election year, currency devaluation and hyperinflation in South Sudan.
Cost to income ratio at 47.9% H1 2017 versus 52.1% in FY 2016
6.53m account Holders, 8,000 Banking Agents 580 ATMs
3.33m customers all telco Mco op Cash Mobile Wallet
90% of customer transactions via alternative delivery channels
Conclusions
Better than respectable Earnings in a challenging environment and they have a largely captive Customer Base which is a significant area of leverage.
FY Kenya government securities 37.158762b vs. 36.154555b +2.778%
FY Loans and advances to customers (net) 236.935564b vs. 213.383555b +11.037%
FY Total assets 351.856250b vs. 342.518187b +2.726%
FY Customer deposits 260.153437b vs. 265.398587b -1.976%
FY Total shareholders funds 351.856250b vs. 342.518187b +2.726%
FY Loan and advances interest income 33.378181b vs. 30.039822b +11.113%
FY Government securities interest income 8.495221b vs. 6.086562b +39.573%
FY Total interest income 42.264721b vs. 36.791204b +14.877%
FY Customer deposits expense [11.658414b] vs. [12.183736b] -4.312%
FY Total interest income [12.768300b] vs. [13.586911b] -4.312%
FY Net interest income [Loss] 29.496421b vs. 23.204293b +27.116%
FY Foreign exchange trading income 1.804344b vs. 3.192469b -43.481%
FY Other fees and commissions 7.456650b vs. 7.162155b +4.122%
FY Total Non interest income 12.774510b vs. 13.185486b -3.117%
FY Total operating income 42.270931b vs. 36.389778b +16.162%
FY Loan loss provision [2.599671b] vs. [2.019295b] +28.742%
FY Staff costs [9.399704b] vs. [8.925220b] +5.316%
FY Total other operating expenses [24.641207b] vs. [21.389770b] +15.201%
FY Profit [Loss] before tax and exceptional items 17.629724b vs. 15.000008b +17.531%
FY Profit [Loss] before tax 17.723532b vs. 15.383092b +15.214%
FY Profit [Loss] after tax and exceptional items 12.676210b vs. 11.705558b +8.292%
Basic EPS 2.64 vs. 2.31 +14.286%
Diluted EPS 2.20 vs. 1.92 +14.583%
Dividend per share 0.80 vs. 0.80
Total NPL and Advances 10.145240b vs. 7.130565b +42.278%
Liquidity ratio 33.7% vs. 37.1% -3.400%
Commentary
Note that Co operative Bank of South Sudan a Joint Venture partnership with Government of South Sudan (Co op Bank 51% and GOSS 49%) made a monetary loss of Ksh.498.3 million in 2016 mainly attributable to hyperinflation due to the currency devaluation. Kenya Wallstreet
0.80 cents Final Dividend
Bonus share 1 for every 5 held
Conclusions
Strong results.
H1 2016 Earnings here
H1 Loans and advances to customers (net) 221.288801b vs. 204.839981b +8.030%
H1 Total assets 363.008665b vs. 325.076787b +11.669%
H1 Customer deposits 278.252423b vs. 248.347164b +12.042%
H1 Loans and advances income 16.776762b vs. 13.560507b +23.718%
H1 Total interest income 21.472095b vs. 16.683949b +28.699%
H1 Customer deposit expense [6.488666b] vs. [4.368245b] +48.542%
H1 Total interest expense [7.009402b] vs. [4.909671b] +42.767%
H1 Net interest income [loss] 14.462694b vs. 11.774278b +22.833%
H1 Total operating income 6.849420b vs. 5.970216b +14.727%
H1 Loan loss provision [1.310000b] vs. [667.000m] +96.402%
H1 Total other operating expenses [10.963659b] vs. [9.058693b] +21.029%
H1 Profit [loss] before tax and exceptional items 10.348456b vs. 8.685801b +19.142%
H1 Profit [loss] after tax and exceptional items 7.410084b vs. 6.240278b +18.746%
EPS 1.52 vs. 1.28 +18.750%
No dividend
Gross NPL and advances 10.253392b vs. 8.324335b +23.174%
Total NPL and advances 9.037452b vs. 8.141252b +11.008%
Liquidity ratio 41.6% vs. 33.7% +7.900%
Cash and cash equivalents at 30th June 2016 21.403488b
The loan loss provision almost doubled (+96.4% yy) which was significantly ahead of growth in the non performing loans of 23.1% yy.
Cost to income ratio improved significantly to 45.3% from 47.3%. The improvement was attributed to stable costs following the restructuring programme the bank has been undertaking and the faster growth in revenues of 20.1% yy.
Conclusions
Strong Earnings
FY Loans and advances to customers 208.571920b vs. 179.486355b +16.205%
FY Customer deposits 265.398587b vs. 217.698323b +21.911%
FY Loans and advances income 30.039822b vs. 24.713355b +21.553%
FY Total interest income 36.791204b vs. 29.352011b +25.345%
FY Customer deposit expense [12.183736b] vs. [5.957719b] +104.503%
FY Net interest income [loss] 23.204293b vs. 21.275858b +9.064%
FY Other fees & commission 7.162155b vs. 6.565180b +9.093%
FY Total operating income 36.389778b vs. 32.085762b +13.414%
FY Loan loss provision [2.019295b] vs. [1.175598b] +71.767%
FY Staff costs [8.925220b] vs. [8.438158b] +5.772%
FY Other operating expenses [6.543423b] vs. [6.722174b] -2.659%
FY Profit before tax 15.38302b vs 10.916210b +40.920%
FY Profit after tax and exceptional items 11.705558b vs. 8.014997b +46.046%
FY Gains[losses] from translating the financial statements of foreign operations [979.654m] vs 30.384m -3,324.243%
EPS 2.31 vs. 1.69 +36.686%
Dividend per share 0.80 vs. 0.50 +60.000%
Liquidity ratio 37.1% vs. 35.3% +1.800%
Total NPL 7.130565b vs. 7.669784b -7.030%
Conclusions
Strong Numbers. Navigated South Sudan apparently. +60% Dividend Hike will go down well
First Half Earnings through 30th June 2015 versus through 30th June 2014
First Half Total Assets 325.076787b versus 266.672685b +21.9%
First Half Loans and Advances [Net] to Customers 204.839981b versus 165.759035b +23.57%
First Half Total Interest Income 16.683949b 13.651045b
First Half Net Interest Income 11.774278b versus 9.930198b
First Half Total Non Interest Income 5.970216b versus 6.238414b -4.299%
First Half Total Operating income 17.744494b versus 16.168612b
First Half Total Operating Expenses 9.058693b versus 9.440957b -4.04%
First Half Profit before Tax 8.752912b versus 6.755655b +29.56%
First Half Profit after Tax 6.240278b versus 4.715331b +32.34%
First Half EPS 1.28
Conclusions
Really sparking H1 Earnings. Costs down 4.04% is commendable.
Group Full Year Earnings through 31st December 2014 versus through December 2013
Full Year Total Assets 285.396067b versus 231.215359b +23.433%
Full Year Loans and Advances to Customers [net] 179.846355b versus 137.087227b +31.19%
Full Year Total Interest Income 29.352011b versus 24.541725b
Full Year Total Interest Expenses 8.076154b versus 5.915815b
Full Year Net Interest Income 21.275858b versus 18.625910b
Full Year Total Non Interest Income 10.809905b versus 9.263893b
Full Year Total Operating Income 32.085762b versus 27.889803b
Full Year Loan Loss Provision 1.175598b versus 0.778157b
Full Year Total Operating Expenses 20.098019b versus 17.382727b
Profit before Tax and Exceptional Items 11.987743b versus 10.507075b +14.092%
FY Exceptional items Early Retirement Costs [1.342509b] versus 0.00
Share of profit of Associate 270.976m
Full Year Profit Before Tax 10.916210b versus 10.872444b +0.4025%
Full Year Tax 3.453288b versus 1.996713b +72.94%
Full Year Profit after Tax 8.014997b versus 9.108185b -12.002%
Full Year Earnings Per Share 1.64 versus 2.17 -24.42%
Final Dividend 0.50cents a share unchanged
The lender, which serves individuals and co operatives in the east African nation, said it incurred a one off payment of 1.34 billion shillings to cut staffing as part of its restructuring programme, and projected a 30 percent growth in profitability in 2015 resulting from the restructuring
Conclusions
The One Off Redundancy Charge crimped Earnings.
Has a Strong franchise.
Group First Half Earnings through 30th June 2014 versus through 30th June 2013
Loans and Advances [Net to Customers] 165.759035b versus 124.922159b +32.689%
First Half Total Assets 266.672685b versus 225.252258b
First Half Total Interest Income 13.651045b versus 11.743502b
First Half Total Interest Expenses 3.720848b versus 2.881310b
First Half Net Interest income 9.930198b versus 8.862192b
First Half Fees and commissions on Loans and Advances 1.028917b versus 0.868748b
First Half other Fees and Commissions 3.869909b versus 2.434541b
First Half Total Non Interest Income 6.238414b versus 4.498174b
First Half Total Operating Income 16.168612b versus 13.360366b
First Half total Staff Costs 4.037123b versus 3.286978b
First Half Profit before Tax 6.755168b versus 5.870886b +15.062%
First Half Profit After Tax 4.715331b versus 4.714073b +0.266%
First Half Earnings Per share 1.13 versus 1.12 +0.89%
Conclusions
an increase in its effective tax rate (+1,050 bps yy to 30.2%) informs us why PBT was +15.062% versus PAT +0.266%
The effective tax rate increased following the expiry of the banks grant of a lower tax rate for the 5 year period between 2008 and 2013, as a benefit following its listing on the NSE in 2008.
Not factoring in the higher effective tax rate, the banks performance improved, with its PBT growing 15.1% yy to KES 6.8bn.
FY Earnings through Dec 2013 versus FY through December 2012
FY Loans and Advances to customers [net] 137.087227b versus 119.087748b
+15.1144%
FY Total Assets 231.215359b versus 200.886582b
FY Customer Deposits 175.425121b versus 162.083580b +8.231%
FY Total Interest Income 24.541725b versus 24.356127b
FY Total Interest Expenses 5.915815b versus 8.680008b -31.8455%
FY Net Interest Income 18.625910b versus 15.676118b
FY Total Non Interest Income 9.263893b versus 8.169217b
FY Total Operating Income 27.889803b versus 23.845336b
OTHER OPERATING EXPENSES
Loan Loss Provision 778.157m versus 999.882m
Staff Costs 8.013780b versus 6.096093b +31.457%
FY Total Operating Expenses 17.382727b versus 14.235196b +22.11090%
FY Profit Before Tax 10.872444b versus 9.983772b +8.901%
FY Profit After Tax 9.108185b versus 7.723858b +17.922%
FY Earnings Per share 2.17 versus 1.84 +17.934%
Full Year Dividend 50 cents a share and unchanged
Company Commentary
Bonus Share of 1 for every 6 held.
Conclusions
Probably aims higher and through 21.70 on some bonus Euphoria. More than
solid Earnings.
The Co operative Bank of Kenya Limited (the Bank) is incorporated in Kenya under the Companies Act and is licensed to do the business of banking under the Banking Act.
FY Earnings through December 2012
Total Assets 200.773298b versus 168.311601b +19.2866%
Total Interest Income 24.627027b versus 16.390715b
Customer Deposits Interest Expense 8.013587b 3.851297b
Total Interest Expense 8.680008b 4.505915b
Net Interest Income 15.947019b versus 11.884801b
Total Non Interest Income 7.812677b versus 6.451051b
Total Operating Income 23.759696b versus 18.335851b
Loan Loss 999.882m versus 709.903m
Staff Costs 6.118728b versus 5.511355b
Other Operating Expenses 4.701362b versus 3.873854b
FY PBT 9.970537b versus 6.362562b +56.7062%
FY PAT 7.707986b versus 5.362602b +43.735%
FY EPS 1.84 versus 1.54 +19.4.085%
Final Dividend 0.50 versus 0.40 +25%
Conclusions
Strong Results. Dividend lifted 25%. PE Ratio of 7.255 means There is Head Room.
Q3 2012 versus Q3 2011
Total Assets 197.671556b versus 166.937290b
Loans And Advances net to Customers 118.350779b versus 106.443801b +11.186%
Profit and Loss Before Tax 7.490112b versus 5.452809b +37.362%
Profit and Loss After Tax 5.915956b versus 4.362247b +35.617%
Q3 Earnings Per Share 1.41 versus 1.25 +12.8%
H1 through June 2012 compared with H1 through June 2011
Loans and Advances Net to Customers 112.605b versus 109.408815b End Dec 2011+2.922%
Customer Deposits 145.682875b versus 130.711834b and [versus 142.632308b End Dec 2011]
Total Operating Income 11.482376b versus 9.331292b +23.052%
Staff Costs 3.066664b versus 2.549525b +20.283%
Profit Before Tax 5.006698b versus 4.145107b +20.785%
Profit After Tax 4.025372b versus 3.298420b +22.03%
Earnings Per Share 0.96 versus 0.95 +1.0526%
Conclusions
Earnings Per Share 1.0526% versus PBT +20.785% is because of the 1 for 5 Bonus that was effected in 2012.
FY Results 2011 versus FY Results 2010
Total Assets 168.311601b versus 154.339991b
Customer Deposits 142.632308b versus 123.878422b +15.14183%
Interest Income Loan and Advances 13.292373b versus 9.274912b
Interest Income Government Securities Interest 3.005299b versus 2.519198b
Total Interest Income 16.390715b versus 11.826746b
Total Interest Expense 4.505915b versus 2.638132b
Foreign Exchange Trading 1.013213b versus 0.621201b +63.1055%
Operating Income 18.335851b versus 15.671914b
Other Operating Expenses 3.873854b versus 3.144511b Not Sure what comprises this Genre
Total Operating Expenses 12.127233b versus 10.029273b
PBT 6.362562b versus 5.772618b 10.219696%
PAT 5.362602b versus 4.580698b 17.069538%
EPS 1.53 versus 1.31 16.793%
Dividend 40 Cents a Share
Bonus Share of 1 for Every 5 held
Conclusions
PAT was 41.34% at H1 2011 versus 17.069538% FY 2011. COOP has clearly decelerated through H2. It trades on a PE 8.62745 2011 FY.
Swot Analysis 6 months to June 2011 versus six Months to June 2010
PBT 4.145107b versus 2.910854b
PAT 3.305483b versus 2.338512b +41.34%
EPS 0.95 versus 0.67 +.41.79%
Conclusions
At 40% and change and on a straight Line basis the Forward Implied PE is sub 8. The Regional Play is also interesting.
FY Results 2010 versus FY 2009
Total Assets 154.399b versus 110.678b
PAT 4.580698B versus 2.967962B
Fist and Final Dividend 0.40
4.580698B 3,492,369,920 1.311 Eps versus 0.85 last time +54.235%
Conclusions
COOP Bank reported EPS of 1.311 per shares versus 0.85 last time +54.235%.
The Dividend is 0.40. |
