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Company Data
 
I & M Holdings Ltd
http://www.imbank.com/
Par Value:                  
Closing Price:           21.00
Total Shares Issued:          826810738.00
Market Capitalization:        17,363,025,498
EPS:             9.77
PE:                 2.149
 

I&M Group reports Half Year Earnings through 30th June 2021 versus 30th June 2020
HY Total Assets 382.571201b versus 340.639912b +12.31%
HY Loans and Advances to Customers 204.457979b versus 184.564775b +10.778%
HY Deposits from Customers 276.755255b versus 252.483719b
HY Interest Income 14.635382b versus 13.116189b
HY Interest Expense [5.769826b] versus [6.196884b]
HY Net Interest Income 8.865556b versus 6.919305b
HY Net Fees and Commission Income 1.996570b versus 1.893220b
HY Revenue 10.862126b versus 8.812525b
HY Net Trading Income 1.530306b versus 2.019672b
HY Net Operating Income before change in expected credit losses and other credit impairment [1.052772b] versus [1.030628b]
HY Net Operating Income 11.547520b versus 9.935799b
HY Staff Costs [2.765439b] versus [2.357615b]
HY Other Expenses [2.017202b] versus [1.633303b]
HY Operating Expenses [5.945983b] versus [4.858918b]
HY Operating Profit 5.601537b versus 5.076881b
HY Profit before income Tax 5.869460b versus 4.497335b +30.509%
HY Profit after Tax 4.249653b versus 3.190068b
HY Total comprehensive income for the period 3.426177b versus 3.347876b
HY EPS 2.44 versus 1.85 +31.89%
HY Cash and Cash Equivalents 19.904152b

I&M Bank Ltd [@imbankke] H1 2021 results: @MwangoCapital
https://twitter.com/MwangoCapital/status/1432196681576206337?s=20

Total assets up 4% to Ksh 305B
Customer deposits up 0.9%
Loan book up 7.7%
Net interest income up 28.2%
Loan loss provisions up 46.4%
PAT down 6.4% to Ksh 3.2B
Interest income [loans] down 6.4%
Interest income [govt. sec] up 91.2%
Non interest income down 11.6%
Total operating expenses up 25.2%
Gross NPLs up 10.4% to Ksh 21B

Conclusions

Trades on an implied Forward PE of 4.702 which is inexpensively priced versus its Peer Group
I&M Holdings Plc reports FY Earnings through 31st Dec 2020 versus through Dec 2019
FY Assets 358.099793b versus 315.290674b
FY Kenya Government Securities [held at amortised cost 36.732012b versus 18.925430b
FY Kenya Government Securities [FVOCI] 36.635314b versus 10.757407b
FY Loans and Advances to Customers [net] 187.301266b versus 175.329426b
FY Customer Deposits 262.681402b versus 229.736509b
FY Total Interest Income 27.848575b versus 27.163847b
FY Total Interest Expense 12.248980b versus 11.654006b
FY Net Interest Income 15.599595b versus 15.509841b
FY Total Non Interest Income 8.637753b versus 8.285541b
FY Total Operating Income 24.237348b versus 23.795382b
FY Loan Loss Provision 2.472836b versus 0.636455b
FY Staff Costs 4.464503b versus 4.662868b
FY Other Operating Expenses 3.623504b versus 3.143687b
FY Total Operating Expenses 12.606382b versus 10.097311b
FY Exceptional Item [share of Profit of Joint venture] [678.962m] versus 905.037m
FY Profit [Loss] after Exceptional Items 10.952004b versus 14.603108b
FY Profit [Loss] after Tax and exceptional items and non controlling interest 8.073855b versus 10.309038b
FY EPS 9.77 versus 12.47
FY Dividend 2.25 versus 2.55
FY Loan Loss Provisions 10.841449b versus 8.625013b

I&M Holdings Plc Audited financial results for the FY2020. @tradingroomke
https://twitter.com/tradingroomke/status/1377085298182664192?s=20

The Groups PAT down 21% to Kes 8.41 Bn from Kes 10.77Bn in 2019.
Board recommends Kes 2.25 dividend per share & bonus issue of 1:1

Conclusions

Trailing PE is 4.3909 which is cheap versus its Peers
Bonus share will also underpin the price as will 5.244% dividend Yield

Half Year 2020 Results
-3.6% yoy decline in total income to KES 11.1 BN and an
+8.5% yoy increase in operating expenses to KES 5.0 BN
The EPS KES 3.69.
Net interest income declined 1.4% yoy to KES 6.9 BN
a 3.4% yoy increase in interest income to KES 13.1 BN
9.4% yoy increase in interest expense to KES 6.2 BN.
Non funded income declined 7.1% yoy to KES 4.2 BN
Other operating income saw a 7.4% yoy increase to KES 1.2 BN.
Operating expenses (less loan loss provisions) rose 8.5% yoy to KES 5.0 BN mainly on the back of a 21.9% yoy increase in other operating expenses to KES 1.8 BN.
Staff costs for the period remained flat at KES 2.3 BN.
Pre provision operating profit declined 11.8% yoy to KES 6.1 BN.
I&Ms loan loss provision expense saw a 7.0% yoy decline to KES 1.0 BN.
profit before tax -27.7% yy to KES 4.5 BN.
Profit after tax (PAT) saw a 29.5% yoy decline to KES 3.2 BN.
On a trailing basis, I&M is trading at a P/E ratio of 3.8x and a P/B of 0.6x

Conclusions

In Line with its Peers

I&M Holdings Plc FY 2019 results through 31st December 2019 vs. 31st December 2018

FY Financial assets at fair value through profit or loss 13.744048b vs. 13.145126b +4.556%
FY Loans and advances to customers (net) 175.329426b vs. 166.736729b +5.153%
FY Total assets 315.290674b vs. 288.522049b +9.278%
FY Customer deposits 229.736509b vs. 213.139370b +7.787%
FY Total shareholders equity 57.738609b vs. 47.869031b +20.618%
FY Interest income 27.163847b vs. 25.998868b +4.481%
FY Interest expense [11.654006b] vs. [10.404686b] +12.007%
FY Net interest income 15.509841b vs. 15.594182b -0.541%
FY Fee and commission income 3.993648b vs. 3.936092b +1.462%
FY Fee and commission expense [313.915m] vs. [258.305m] +21.529%
FY Net fee and commission income 3.679733b vs. 3.677787b +0.053%
FY Revenue 19.189574b vs. 19.271969b -0.428%
FY Net trading income 3.835815b vs. 3.107748b +23.427%
FY Net operating income before change in expected credit losses and other credit impairment charges 23.481467b vs. 22.933218b +2.391%
FY Change in expected credit losses and other credit impairment charges [636.455m] vs. [3.807345b] -83.283%
FY Net operating income 22.845012b vs. 19.125873b +19.446%
FY Staff costs [4.727698b] vs. [4.108876b] +15.061%
FY Other expenses [2.829772b] vs. [2.769620b] +2.172%
FY Operating expenses [9.146941b] vs. [8.223403b] +11.231%
FY Operating profit 13.698071b vs. 10.902470b +25.642%
FY Profit before income tax 14.603108b vs. 11.497780b +27.008%
FY Profit for the period 10.768614b vs. 8.503357b +26.640%
FY Profit attributable to equity holders of the company 10.309038b vs. 7.950819b +29.660%
Basic and diluted EPS 12.47 vs. 9.62 +29.626%
Dividend per share 2.55 vs. 1.95 +30.769%
Cash and cash equivalents at end of year 41.149416b vs. 33.957996b +21.177%

I&M Holdings Limited HY 2019 results through 30th June 2019 vs. 30th June 2018
HY Financial assets at fair value through other comprehensive income 13.702006b vs. 8.064426b +69.907%
HYOtherfinancialassetsatamortisedcosts32.713386b vs. 28.066861b +16.555%
HY Loans and advances to customers 172.163870b vs. 162.823320b +5.737%
HY Total assets 317.053693b vs. 283.070163b +12.005%
HY Deposits from customers 237.242298b vs. 210.897814b +12.492%
HY Total shareholders equity 55.434479b vs. 47.814506b +15.937%
HY Net interest income 7.017658b vs. 6.865763b +2.212%
HY Net fee and commission income 1.993989b vs. 1.884038b +5.836%
HY Revenue 9.011647b vs. 8.749801b +2.993%
HY Net trading income 2.042071b vs. 1.477452b +38.216%
HY Change in expected credit losses and other credit impairment charges [1.108719b] vs. [1.411851b] -21.471%
HY Net operating income 10.321513b vs. 9.060399b +13.919%
HY Operating expenses [4.505942b] vs. [4.161836b] +8.268%
HY Operating Profit 5.815571b vs. 4.898563b +18.720%
HY Share of profit of joint venture 404.069m vs. 499.477m -19.102%
HY Profit before income tax 6.219640b vs. 5.398040b +15.220%
HY Profit for the period 4.525867b vs. 3.868111b +17.005%
Basic and diluted EPS 10.38 vs. 8.78+18.223%
No interim dividend

Conclusions

Whats interesting [versus its Tier 1 Piers] is that they are much lighter GOK securities.
Price to Book is around 1.00
Attractive on any further price reverses

I&M Holdings Limited FY 2018 results through 31st December 2018 vs. 31st December 2017
FY Kenya government securities held to maturity 18.306701b vs. 20.747773b -11.765%
FY Loans and advances to customers net 166.736729b vs. 153.018152b +8.965%
FY Total assets 288.522049b vs. 240.110741b +20.162%
FY Customer deposits 213.139370b vs. 169.282314b +25.908%
FY Total shareholders equity 47.869031b vs. 44.319853b +8.008%
FY Loans and advances interest income 20.673770b vs. 18.879611b +9.503%
FY Government securities interest income 4.964391b vs. 5.360089b -7.382%
FY Total interest income 25.998868b vs. 24.423762b +6.449%
FY Customer deposit interest expense [8.800765b] vs. [7.571926b] +16.229%
FY Total interest expense [10.404686b] vs. [8.869275b] +17.312%
FY Net interest income/ [loss] 15.594182b vs. 15.554487b +0.255%
FY Fees and commission on loans and advanced 1.777524b vs. 1.117082b +59.122%
FY Foreign exchange trading income/ [loss] 2.567418b vs. 1.828903b +40.380%
FY Total Non interest expense 7.597341b vs. 5.762826b +31.834%
FY Total operating income 23.191523b vs. 21.317313b +8.792%
FY Loan loss provision [3.807345b] vs. [4.143521b] -8.113%
FY Staff costs [4.051835b] vs. [3.694803b] +9.663%
FY Other operating expenses [3.027925b] vs. [2.826885b] +7.112%
FY Total other operating expenses [12.289053b] vs. [11.977704b] +2.599%
FY Profit/ [loss] before tax and exceptional items 10.902470b vs. 9.339609b +16.734%
FY Profit/ [loss] after tax and exceptional items 8.503357b vs. 7.264249b +17.058%
Basic and diluted EPS 19.23 vs. 16.37 +17.471%
Dividend per share 3.90 vs. 3.50 +11.429%
Net NPL and Advances 10.377431b vs. 11.693109b -11.252%
Liquidity ratio 46.99% vs. 35.67% +11.320%
Bonus issue
1 1 ratio
The Board has resolved to recommend the issuance of bonus share of one new fully paid up bonus share of a par value KShs 1.00 for every one ordinary shares of par value KShs 1.00 to be issued to the shareholders registered on the Companys register at the close of business on 10 May 2019.

Conclusions

The 1 1 Bonus will create an upwards Price bias assisted by an above Industry wide FY EPS gain

FY Kenya government securities 21.592575b vs. 15.670421b +37.792%
FY Loans and advances to customers (net) 134.675332b vs. 127.823778b +5.360%
FY Total assets 210.542393b vs. 191.656837b +9.854%
FY Customer deposits 146.514406b vs. 132.980678b +10.177%
FY Total shareholders equity 37.029748 vs. 31.448133b +17.749%
FY Loans and advances to customers (net) 19.217129b vs. 17.742321b +8.312%
FY Total interest income 24.451398b vs. 21.869337b +11.807%
FY Customer deposit interest expense [7.712342b] vs. [8.017621b] -3.808%
FY Total interest expense [8.929722b] vs. [9.222172b] -3.171%
FY Net interest income [loss] 15.521676b vs. 12.647165b +22.729%
FY Fees and commission on loans and advanced 1.669783b vs. 1.646458b +1.417%
FY Foreign exchange trading income/ [loss] 1.797461b vs. 1.852429b -2.967%
FY Total Non interest expense 5.234287b vs. 4.915239b +6.491%
FY Total operating income 20.755963b vs. 17.562404b +18.184%
FY Loan loss provision [2.956979b] vs. [0.982495b] +200.966%
FY Staff costs [3.595375b] vs. [3.266810b] +10.058%
FY Other operating expenses [2.493228b] vs. [2.078688b] +19.942%
FY Total other operating expenses [10.152775b] vs. [7.394743b] +37.297%
FY Profit [loss] before tax and exceptional items 10.603188b vs. 10.167661b +4.283%
FY Profit [loss] after tax and exceptional items 7.760162b vs. 7.144411b +8.619%
Basic and diluted EPS 18.56 vs. 17.12 +8.411%
Dividend per share 3.50 vs. 3.50
Cash and cash equivalents at the end of the period 11.868769b vs. 4.378074b

Commentary

Final Dividend 3.50 unchanged from FY 15

Conclusions

On a PE pf 5.00 its inexpensive.

Loans and advances to customers 132.463686b vs. 123.121122b +7.588%
Total assets 210.337904b vs. 189.300939b +11.113%
Deposits from customers 146.416925b vs. 129.496175b +12.835%
Total shareholders equity 36.531292b vs. 30.186506b +21.019%
H1 Interest income 11.826385b vs. 10.107376b +17.007%
H1 Interest expense [4.647603b] vs. [4.216389b] +10.227%
H1 Net interest income 7.178782b vs. 5.890987b +21.860%
H1 Net fee and commission income 1.174418b vs. 1.143788b +2.678%
H1 Revenue 8.353200b vs. 7.034775b +18.742%
H1 Operating income 9.586654b vs. 8.205039b +16.839%
H1 Operating expenses [3.281678b] vs. [3.037467b] +8.040%
H1 Operating profit before impairment, losses and taxation 6.304976b vs. 5.167572b +22.010%
H1 Net impairment losses on loans and advances [719.743m] vs. [467.278m] +54.029%
H1 Profit before income tax 5.825294b vs. 4.837404b +20.422%
H1 Profit for the period 4.176807b vs. 3.396307b +22.981%
EPS 9.95 vs. 8.12 +22.537%
Dividends per share
Cash and cash equivalents at the end of the period 12.217230b vs. 11.176111b +9.316%
Investment Securities 48.605745b versus 38.185217b

Strong contribution from regional subsidiaries (18% of the overall group). Looking ahead, we expect this segment to be the key driver of earnings given the uncertainty in the Kenyan market. The improved earnings were attributed to improvements in the Companys NIMS by 50bps yy to 7.6%, resulting from lower cost of funds which were stable, though yields grew by 50bps to 12.5%. This was coupled with a 5.4% yy growth in other operating income to KES 1.2bn. Net interest income also increased by 21.9% yy to KES 7.2bn, though decreased by 43.2% ytd. The Companys investment securities increased by 1.3x to KES 48.6bn and placements with financial institutions increased by 1.6x to KES 8.1bn. Customers deposits with the bank increased by 13.1% yy to KES 146.4bn and loans and advances also grew by 7.6% yy to KES 132.5bn. Cost to income ratio improved by 280bps yy to 34.2%, mainly on account of operating income growing by 16.8% yy compared to operating expenses growing by 8.0% yy. Please find attached the Companys financial statement. (Source Company, Kestrel Research)

Conclusions

On a Trailing PE of 4.585 and having accelerated H1 16 EPS +22.537% This looks a good price.

FY Loans and advances to customers 127.823778b vs. 112.491329b +13.630%
FY Investment securities 39.135807b vs. 38.461486b +1.753%
FY Total assets 191.723542b vs. 176.464451b +8.647%
FY Deposits from customers 132.980678b vs. 114.201280b +16.444%
FY Net interest income 12.647165b vs. 10.404084b +21.560%
FY Operating income 17.238941b vs. 14.252432b +20.252%
FY Operating expenses [6.412248b] vs. [5.332354b] +20.954%
FY Net impairment losses on loans and advances [982.495m] vs. [857.788] +14.538%
FY Profit before income tax 10.167661b vs. 8.229894b +23.545%
FY Profit for the year 7.144411b vs. 5.734013b +24.597%
EPS 17.12 vs. 13.56 +26.254%
Dividend per share 3.50 vs. 2.90 +20.690%
Cash and cash equivalents at end of the year 4.378074b vs. [4.906044b]

Conclusions

Strong Earnings. Cheap PE Ratio. Has room to the topside

Group First Half Earnings through 30th June 2015 versus 6 months through 30th June 2014
First Half Total Assets 189.300939b versus 158.197690b +19.66%
First Half Loans and Advances Net to Customers 123.121122b versus 102.095020b +20.594%
First Half Net Income 5.890987b versus 4.975389b
First Half Net Fee and commission income 1.194522b versus 0.964673b
First Half Revenue 7.085509b versus 5.940061b
First Half Other Operating Income 1.170264b versus 0.687841b +70.13%
First Half Operating Income 8.255773b versus 6.627902b
First Half Staff Costs [1.651929b] versus [1.398208b]
First Half General administrative expenses [1.033987b] versus [0.789954b] +30.89%
First Half Operating Expenses [3.088200b] versus [2.547828b]
First Half Net Impairment Losses on Loans and Advances [467.278m] versus [373.786m]
First Half Profit before Income Tax 4.837405b versus 3.796185b +27.42%
First Half Profit after Tax 3.396308b versus 2.621765b +29.54%
First Half EPS 8.12 versus 6.18 +31.39%
No Interim dividend

From the Notes
The Group I&M Bank Limited [compromising I&M Bank Kenya limited, I&M Bank [T] Limited and I&M Capital Limited and Bank One Limited Mauritius
Company has 55.03% shareholding in I&M Bank [T] limited
I&M Realty
an Insurance Agency
50% interest in Bank One Limited a joint venture in a Bank licensed in Mauritius
effective interest in I&M Bank [Rwanda] 54.99%

Conclusions

Interesting geographical spread. Has a lower Base effect which probably supports this shape of Earnings Trajectory for more than 24 months.
Looks a cheap share on a Forward Price Earnings Ratio Basis

I&M reports 11 Month Earnings through June 2013 here
http://www.rich.co.ke/media/docs/I_M%20Holdings%20Ltd%20-%20unaudited%20interim%20financial%20results.pdf

FY Earnings through 31st December 2014 versus through 31st December 2013
FY Total Assets 176.464451b versus 141.200545b +24.97%
FY Interest Income 17.591479b versus 14.483258b
FY Interest Expense [7.187395b] versus [5.595544b]
FY Net Interest Income 10.404084b versus 8.887714b
FY Fees and Commissions Net 2.139456b versus 1.895754b
FY Revenue 12.543540b versus 10.783468b +16.32%
FY Other Operating Income 1.708892b versus 1.542237b
FY Operating Income 14.252432b versus 12.325705b
FY Operating Expenses [5.332354b] versus [4.672154b] +14.13%
FY Operating Profit before Impairment losses and Taxation 8.920078b versus 7.653551b
FY Net Impairment losses on Loans and Advances [857.788m] versus [472.089m] +81.700%
FY Profit before Tax 8.229894b versus 7.257794b +13.393%
FY Profit after Tax 5.734013b versus 4.974956b +15.25%
Full Year Earnings Per Share 13.56 versus 11.75 +15.404%
Final Dividend 2.90 a share

Conclusions

Strong Headline Growth FY Total Assets +24.97% Year on Year
Single Digit PE
Strong and growing Franchise

I M Holdings reports First Half Earnings through 30th June 2014 versus through 30th June 2013
First Half Loans and Advances Net to Customers 102.095020b versus 83.986547b +21.561%
First Half Total Assets 158.197690b versus 134.357888b +17.743%
First Half Net Interest Income 4.975389b versus 4.140039b
First Half net Fee and commission income 964.673m versus 913.542m
First Half other operating Income 687.841m versus 841.605m
First Half Operating Income 6.627902b versus 5.895186b
First Half Operating Expenses [2.547828b] versus [2.235674b]
First Half Net Impairment [373.786m] versus [161.362m] +131.644%
First Half Profit before Tax 3.796185b versus 3.477815b +9.1543%
First Half profit after Tax 2.621765b versus 2.390520b +9.6743%
First Half Earnings Per Share 12.46 versus 12.21

Conclusions

Fairly priced.

FY Earnings through 31st December 2013 versus FY through December 2012
Full Year Loans and advances to Customers 91.882664b versus 71.012960b +29.388%
FY Total Assets 141.200545b versus 119.233345b +18.423%
FY Deposits from Customers 97.145568b versus 87.774149b
FY Net Interest Income 8.887714b versus 5.995006b +48.25%
Net Fee and Commission Income 1.895754b versus 1.511564b +25.416%
FY Other Operating Income 1.542237b versus 1.477393b
FY Operating Income 12.325705b versus 8.983963b +37.196%
FY Operating Expenses [4.672154b] versus [3.576541b] +30.633%
FY Profit Before Tax 7.257794b versus 5.702304b +27.27%
FY Profit After Tax 4.974956b versus 4.119557b +20.764%
FY Earnings Per Share 11.75 versus 9.84 +19.41%
Interim Dividend 2.50 a share

Conclusions

Fairly priced versus its Peers.

11 Months through 30th June 2013 versus 12 months through June 2012
Total Operating Income 758.829m versus 57.465m +1,320%
Admin and Operating Expenses [16.713m] versus [5.508m]
11 Months PBT 742.116m versus 51.957m
11 Months PAT 741.646m versus 48.420m +1,531%
EPS 1.89 versus 1.69 +11.834%

Conclusions

On a Trailing PE of 60.355, Investors are taking a lot of the Growth Story on Trust.
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: 29 Nov 2021
 
Downloads
 
  30-AUG-2021 ::  Half Year Results
  Unaudited Financial Statements for the Period Ended 30th June 2021.

Download N.S.E Announcement
   
  31-MAR-2021 ::  Full Year Results
  Audited Financial Statements for the Year Ended 31st December 2020.

Download N.S.E Announcement
   
 
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