12th December 2017
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Company Data
 
Stanbic Holdings Plc
http://www.cfcstanbicbank.co.ke/Kenya/CfC-Stanbic-Bank
Par Value:                  5/-
Closing Price:           82.00
Total Shares Issued:          395321638.00
Market Capitalization:        32,416,374,316
EPS:             11.18
PE:                 7.335
 

The Kenyan Banc assurance model includes CFC Bank, CFC Financial Services and Heritage Assurance.

H1 Financial investments 68.571010b vs. 56.584125b +21.184%
H1 Loans and advances 133.516337b vs. 123.583059b +8.038%
H1 Total assets 234.258513b vs. 215.086376b +8.914%
H1 Deposits and current accounts 177.860070b vs. 158.033090b +12.546%
H1 Total equity 40.767786b vs. 38.327493b +6.367%
H1 Net interest income 5.012371b vs. 5.463276b -8.253%
H1 Non-interest income 4.156997b vs. 3.761122b +10.525%
H1 Total income 9.169368b vs. 9.224398b -0.597%
H1 Credit impairment charges [1.817986b] vs. [834.097m] +117.959%
H1 Income after impairment charges 7.351382b vs. 8.390301b -12.382%
H1 Total operating expenses [5.143485b] vs. [5.195869b] -1.008%
H1 Profit before taxation 2.207897b vs. 3.194432b -30.883%
H1 Profit for the period 1.737229b vs. 1.976643b -12.112%
EPS 4.39 vs. 5.00 -12.200%
Dividend per share 1.25 vs. 1.77 -29.379%
Cash and cash equivalents at period end 18.579702b vs. 31.393809b -40.817%

Conclusions

Solid set of results in the context of the new interest rate regime.

Full Year Earnings through 31st December 2016 versus through December 2015
FY Loans and advances 132.576604b vs. 128.163157b +3.444%
FY Total assets 214.682729b vs. 208.451915b +2.989%
FY Deposits with banks and customers 155.835043 vs. 153.670812b +1.408%
FY Total equity 40.140874b vs. 38.364829b +4.629%
FY Net interest income 10.860047b vs. 9.303047b +16.736%
FY Non interest revenue 7.657311b vs. 7.641228b +0.210%
FY Total income 18.517358b vs. 16.944275b +9.284%
FY Credit impairment charges [1.751812b] vs. [0.907305b] +93.079%
FY Total operating expenses [10.716460b] vs. [8.677556b] +23.496%
FY PBT 6.049086b vs. 7.359414b -2.419%
FY Profit for the year 4.418589b vs. 4.905734b -9.930%
EPS 11.18 vs. 12.41 -9.911%
Dividend per share 5.25 vs. 6.15 -14.634%
Cash and cash equivalents at 31st December 24.986005b vs. 39.588922b -36.886%
Final Dividend 3.48 [+1.77 Interim Dividend]

KES 1.8bn in credit impairment charges.
At bank level, net interest income grew 17.3% yy to KES 10.8bn driven by 10% yy growth in customer loans and advances
NIMs came in at 6.0% at the end of FY16. Group revenues increased by 9% yy to KES 18.5bn. Approximately 50.0% of deposits were said to be unaffected by the 7.0% floor as stipulated in the Banking (Amendment) Act 2015.
Non funded income, a key driver of Stanbics income, rose by 2.7% yy to KES 7.4bn.
The Groups CTI ratio increased to 58% driven largely by a 23% yy increase in operating costs.
However, management indicated that stripping out the hyper inflationary impact of South Sudan, costs increased by 10.0% yy representing at CTI ratio of 52%.
The groups NPL ratio stood at 5.0% at the end of FY16 up from 4.6% in FY15, with an NPL coverage ratio of 41.3% although Stanbic indicated that they continue to remain comfortable with the level of coverage given adequate collateralization of loans. (Source Company, Kestrel Research)

@StanbicKE As of December 31st, 2016, the Group profit after taxfor the year was Kshs 4.4 billion. Stanbic2016FYResults
https://twitter.com/StanbicKE/status/834997124492312577

Conclusions

Big increase in operating expenses.
On a PE Ratio of 5.992 it looks good value

CFC reports H116 Earnings here

H1 Total assets 212.343547b vs. 213.301434b -0.449%
H1 Loans and advances 120.878105b vs. 120.516613b +0.300%
H1 Deposits and current accounts 155.223353b vs. 159.553965b -2.714%
H1 Net interest income 5.463896b vs. 4.393121b +24.374%
H1 Non interest income 3.966033b vs. 3.339164b +18.773%
H1 Total income 9.429929b vs. 7.732285b +21.955%
H1 Credit impairment charges [834.097m] vs. [241.012m] +246.081%
H1 Total operating expenses [4.948595b] vs. [4.629899b] +6.883%
H1 PBT 3.647237b vs. 2.861374b +27.465%
H1 Profit for the period 2.393464b vs. 1.959395b +22.153%
EPS 6.05 vs. 4.96 +21.976%
DPS 1.77 vs. 0.75 +136.000%
Cash and cash equivalents at the end of the period 31.393809b vs. 23.673070b +32.614%

Conclusions

Impressive. They took South Sudan pain last year.

FY Loans and advances 128.163157b vs. 101.210110b +26.631%
FY Deposits and current accounts 153.670812b vs. 129.409143%
FY Total assets 208.451915b vs. 180.998985b +15.167%
FY Net interest income 9.303047b vs. 8.461945b +9.940%
FY Non interest revenue 7.641228b vs. 8.408553b -9.126%
FY Total income 16.944275b vs. 16.870498b +0.437%
FY Credit impairment changes [907.305m] vs. [702.822m] +29.095%
FY Operating expenses [8.677556b] vs. [8.467430b] +2.482%
FY Profit before taxation 7.359414b vs. 7.700246b -4.426%
FY Income tax expense [2.453680b] vs. [2.013585b] +21.856%
FY Profit for the year 4.905734b vs. 5.686661b -13.733%
FY Foreign currency translation differences for foreign operations [1.029308b] vs. [0.061538b] +1,572.638%
FY Total comprehensive income for the year 3.807794b vs. 5.425163b -29. 812%
EPS 12.41 vs. 14.38 -13.700%
Final Dividend 5.40 Total Dividend per share 6.15 vs. 6.15
Cash and cash equivalents at 31st December 39.588922b vs. 22.610152b +75.094%

CfC Stanbic Bank Unfavorable business condition in South Sudan and decrease in trading income affected our 2015 performance. Philip Odera
https://mobile.twitter.com/CfCStanbicKE/status/705264255055040512?s=03

CfC Stanbic Bank All things considered, given challenges and environment, it was a good performance. C.E Philip Odera CfCStanbic2016FYResults
https://mobile.twitter.com/CfCStanbicKE/status/705263483617673216?s=03

Conclusions

Its a cheap share on a PE Basis. Expanded the Loan Book +26.631% but evidently took a hit in South Sudan [as so many companies have apparently]

First Half Earnings through 30th June 2015 versus through 30th jUNE 2014
First Half Total Assets 213.301434b versus 165.729630b +28.7%
First Half Loans and Advances 120.516613b versus 97.486381b
Intangible Assets Goodwill 9.349759b unchanged
First Half Net Interest Income 4.393121b versus 4.302200b
First Half Non Interest Revenue 3.339164b versus 4.975205b
First Half Total Income 7.732285b versus 9.277405b -16.65%
Credit Impairment charges [241.012m] versus [273.758m]
Income after impairment charges 7.491273b versus 9.003647b
First Half Total operating expenses [4.629899b] versus [4.677951b]
First Half Profit before Tax 2.861374b versus 4.325696b -33.85%
First Half Profit after Tax 1.959395b versus 3.356701b -41.62%
First Half EPS 4.96 versus 8.49 -41.57%
First Half Dividend 0.75 versus 0.95 -21.05%

Conclusions

Notwithstanding a +28.7% expansion in Total Assets Total Income has declined 16.65%
I suspect this is South Sudan weakness seeping in.

Full Year Earnings through 31st Dec 2014 versus through 31st Dec 2013
Full Year Loans and Advances 101.210110b versus 103.847691b -2.5398%
Intangible Assets Goodwill 9.349759b versus 9.349759b
Full Year Total Assets 180.998985b versus 180.511797b +0.2698%
Full Year Net Interest Income 8.461945b versus 7.542114b +12.195%
Full Year Non Interest Revenue 8.408553b versus 8.660968b -2.29%
Full Year Total Income 16.870498b versus 16.203082b
Income after Impairment charges 16.167676b versus 15.436481b
Full Year Total operating Expenses [8.467430b] versus [8.212476b] +3.1044%
Full Year Profit before Taxation 7.700246b versus 7.224005b +6.59%
Full Year Profit after Tax 5.686661b versus 5.127156b +10.9125%
Full Year EPS 14.38 versus 12.97 +10.8712%
Final dividend of 5.20 per Ordinary share

Conclusions

Actually, I met Greg Breckenbridge just as he left the Office and he mentioned that South Sudan crimped Full Year Earnings.
Single Digit PE evidently played a defensive game in some ways in 2014 going by the Balance sheet which closed the Year +0.2698% Year on Year.
Lots of bench strength and I think it remains an attractive share.

First Half Earnings through 30th June 2014 versus through 30th June 2013
First Half Loans and Advances 97.486381b versus 79.052031b
First Half Net Interest income 4.302200b versus 3.619652b
First Half Non Interest Revenue 4.9725205b versus 4.467059b
First Half total Income 9.277405b versus 8.086711b
First Half income after credit impairment charges 9.003647b versus 7.689457b
First Half Total Operating Expenses [4.677951b] versus [4.453495b]
First Half Profit before Tax 4.325696b versus 3.235962b +33.675%
First Half Profit After Tax 3.356701b versus 2.202041b +52.435%
First Half Earnings per share 8.49 versus 5.57 +52.42%
First Half Dividend 0.95 versus 0.63 +50.79%

Conclusions

strong results following on strong FY 2013 Earnings. Momentum has carried through.
Its a cheap share on a single digit trailing PE

Full Year Results through 31st December 2013 versus Full Year Results through 31st December 2012
Total Assets 180.511797b versus 143.212155b +26.045%
Financial Investments 45.153463b versus 20.966076b +115.36%
FY Loans and Advances Net to Customers 103.847691b versus 78.483828b +32.317%
FY Customer Deposits 130.285985b versus 100.463247b +29.685%
FY Net Interest Income 7.542114b versus 6.542787b +15.273%
FY Non Interest Revenue 8.660968b versus 7.549557b +14.721%
Total Income 16.203082b versus 14.092344b +14.977%
Credit Impairment Charges [766.601m] versus [635.429m]
Income after Impairment 15.346481b versus 13.456915b
FY Total Operating Expenses [8.212476b] versus [8.868827b] -7.4006%
FY Profit before Taxation 7.224005b versus 4.588088b +57.45%
FY Profit After Tax 5.127156b versus 3.009891b +70.343%
FY Earnings per Share 12.97 versus 9.90 +31.01%
FY Dividend Pay Out 2.15 versus 0.73 +194.52%

Conclusions

Predictably and in fact predicted muscular FY Earnings. CFC StanBic is cheap versus its Peers on a PE of 8.172 and the Price has Headroom towards 130.00 and a PE of 10.00
CFC Stanbic has undertaken significant Transformation and I expect the Acceleration to gain more Earnings Traction going forward.
H1 through 30th June 2013 versus through June 2012
Cash, Banks and Central Bank balances 25.363922b versus 12.099035b +109.63%
Loans and Advances 79.052031b versus 97.431852b -18.864%
Total Assets 150.993174b versus 156.759539b
Deposits and current Accounts 106.470961b versus 115.208140b -7.583%
Net Interest Income 3.619652b versus 3.156315b
Non Interest Revenue 4.467059b versus 3.487157b +28.1003%
Total Income 8.086711b versus 6.643522b +21.72%
Total Operating Expenses 4.453495b versus 4.097564b +8.68%
H1 PBT 3.235962b versus 1.781145b +81.678%
H1 PAT 2.202041b versus 1.213687b +81.43%
Gain on Fair Value 0.569590b versus 1.412884b
H1 EPS 5.57 versus 4.43 +25.733%
Interim Dividend of 63cents a share

Conclusions

Predictable and predicted muscular Results.
Interesting Narratives in these results.
Loans and Advances saw a -18.864% Decline.
Non Interest Revenue at +28.1003% is commendable.
Trades on a Trailing PE of 7.222 [an unjustified discount] The Forward PE is compelling.

FY Earnings through Dec 2012 versus FY through Dec 2011
Total Assets 143.212155b versus 150.171015b -4.6339%
Derivative Assets 1.931831b versus 6.377410b -69.70822%
Loans and Advances 78.483828b versus 94.884596b -17.284%
Net Interest Income 6.542787b versus 6.042024b
Non Interest Revenue 7.549557b versus 4.756855b +58.708%
Total Income 14.092344b versus 10.842117b
Credit Impairment Charges [635.429m] versus [652.853m]
Income after Impairment Charges 13.456915b versus 10.189264b
Total Operating Expenses [8.868827b] versus [7.390363b]
FY PBT 4.588088b versus 2.798901b +63.924%
FY PAT 3.009891b versus 1.838992b +63.67%
FY EPS 9.90 versus 5.99 +65.275%

Conclusions

Really Strong Numbers.
PE less than 5.00
Total Non Interest Revenue +58.708% is an Outlier.
Interesting that They reduced the Loan Book.

H1 2012 versus H1 2011 Analysis here
Total Income 6.643522b versus 4.768960b +39.3075%
Credit Impairment Charges [764.813m] versus [240.386m]
Staff Costs [1.758120b] versus [1.433047b]
Profit Before Taxation 1.781146b versus 1.304750b +36.5124%
Profit After Tax 1.213688b versus 0.902233b
Earnings Per Share 4.43 versus 2.82 +57.092%
Gains on Fair Valuation of Available for Sale 1.412884b versus [1.368380b]

Conclusions

Strong Results. Forward PE is sub 5.00.

Analysis FY 2011 versus FY 2010
Total Assets 150.171015b versus 140.080202b
Profit Before Tax PBT 2.798901b versus 2.005967b +39.52%
Earnings Per Share 6.00 versus 5.1 +17.647%
Loss Gains on Fair Value of Available for Sale Securities -2.281412b versus +2.050231b
Total Comprehensive Income was 0.242004b versus +3.692066b
No Dividend Payment

Conclusions

I am not sure exactly What the Portfolio looks like but The Stock Market is on the Rebound and hence I am sure They will taking back the Entire Impairment, The Underlying Business has shown good Organic Growth. On a PE of 7.54 x 2011 FY Earnings, I think CFC Stanbic looks very squarely priced. They have invested in their Bench and that will surely pay off.

Swot Analysis H1 2011 versus H1 2010
PBT 1.304750b versus 0.937813b
PAT 902.232561m versus 823.310382m
EPS 2.82 versus 2.48

Conclusions

Looks an attractive Price

Swot Analysis FY 2010 versus FY 2009
Total Assets 140.080202b versus 127.690950b
Total Income 11.993171b versus 8.887784b
Staff Costs 3.49892b versus 2.306249b +51%
PBT 2.630825b versus 0.703201b +274%
EPS 5.86 versus (0.22)

Commentary

Enhanced Trading Volumes and Investment Income
Staff Costs +51%
Impairment of Available for sale Securities -95% to 32m
Final Dividend 0.804 per shares

Conclusions

Strong Results for FY 2010 putting the share on a PE of 13.481. I have noticed that the Bank has imported a materially upgraded Talent Pool here in Nairobi and the Spike in Staff Costs confirms that impression. I am in the same Offices and have a great deal of Interaction with their People. They have a Broad Piece of Real estate here and Standard Bank itself plugs in a unique Global and EM Franchise.
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: 11 Dec 2017
 
Downloads
 
  24-NOV-2017 ::  Quarterly Results
  Unaudited results for the quarter ended 30th September 2017.

Download N.S.E Announcement
   
  25-SEP-2017 ::  Public Announcement
  Appointment of a Non-Executive Director.

Download N.S.E Announcement
   
  14-AUG-2017 ::  Half Year Results
  Unaudited Results of the Group for the Half Year Ended 30th June 2017.

Download N.S.E Announcement
   
  06-MAY-2017 ::  Notice of the Annual General Meeting.
  Notice of the Annual General Meeting.

Download N.S.E Announcement
   
  07-APR-2017 ::  Notice of Annual General Meeting.
  Notice of Annual General Meeting.

Download N.S.E Announcement
   
  24-FEB-2017 ::  Audited Financial Results for the Year Ended 31st December 2016.
  Audited Financial Results for the Year Ended 31st December 2016.

Download N.S.E Announcement
   
  24-FEB-2017 ::  Resignation of a Director.
  Resignation of a Director.

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