18th November 2017
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Company Data
 
Diamond Trust Bank (Kenya) Ltd.
http://www.diamondtrust-bank.com/
Par Value:                  4/-
Closing Price:           187.00
Total Shares Issued:          266321115.00
Market Capitalization:        49,802,048,505
EPS:             26.94
PE:                 6.941
 

Prominent Kenyan commercial bank

H1 Government securities 105.408678b vs. 78.603059b +34.103%
H1 Loans and advances to customers 191.469262b vs. 178.526591b +7.250%
H1 Total assets 343.710264b vs. 301.915966b +13.843%
H1 Customer deposits 256.338364b vs. 216.114485b +18.612%
H1 Total equity 48.545220b vs. 40.904423b +18.680%
H1 Cash and cash equivalents at the end of period 1.884997b vs. 3.213457b -41.341%
H1 Interest income 16.851275b vs. 16.729801b +0.726%
H1 Interest expense [7.357449b] vs. [7.161738b] +2.733%
H1 Net interest income 9.493826b vs. 9.568063b -0.776%
H1 Net fees and commission income 1.623847b vs. 1.513173b +7.314%
H1 Foreign exchange income 793.840m vs. 895.683m -11.370%
H1 Operating income 12.032853b vs. 12.077567b -0.370%
H1 Operating expenses [5.279977b] vs. [4.630116b] +21.679%
H1 Impairment loss on loans and advances [1.715759b] vs. [2.190674b] -21.679%
H1 Profit from operations 5.037117b vs. 5.256777b -4.179%
H1 Profit before income tax 5.045547b vs. 5.259935b -4.076%
H1 Profit for the period 3.412475b vs. 3.621869b -5.781%
Basic and diluted EPS 12.00 vs. 12.68 -5.363%
No interim dividend

Conclusions

+34.103% Expansion in GOK Bond positions
Customer loan Book +7.25%
Operating Expenses +21.679%
Looks a value proposition at a Trailing PE of 7.053

FY Kenya government securities 74.311860b vs. 34.310709b +116.585%
FY Loans and advances to customers (net) 186.303191b vs. 177.544871b +4.933%
FY Total assets 328.044501b vs. 271.608597b +20.778%
FY Customer deposits 238.103640b vs. 194.051857b +22.701%
FY Total shareholders equity 41.029313b vs. 34.134437b +20.199%
FY Loans and advances interest income 23.917030b vs. 21.347025b +12.039%
FY Government securities interest income 9.598968b vs. 4.213348b +127.823%
FY Total interest income 33.812876b vs. 25.825179b +30.930%
FY Customer deposits expense [12.942194b] vs. [9.674934b] +33.770%
FY Total interest expenses [14.427599b] vs. [10.634972b] +35.662%
FY Net interest income 19.385277b vs. 15.190207b +27.617%
FY Fees and commissions on loans and advances 1.096734b vs. 0.993053b +10.441%
FY Foreign exchange trading income 1.745734b vs. 1.763096b -0.985%
FY Total non interest income 5.068737b 4.725826b +7.256%
FY Total operating income 24.454014b vs. 19.916033b +22.786%
FY Loan loss provision [4.269537b] vs. [2.178175b] +96.014%
FY Staff costs [3.356651b] vs. [3.261135b] +2.929%
FY Other operating expenses [3.880463b] vs. [3.282087b] +18.232%
FY Total operating expenses [13.464806b] vs. [10.349398b] +30.102%
FY Profit before tax and exceptional items 10.989208b vs. 9.566635b +14.870%
FY Profit before tax 10.995696b vs. 9.565192b +14.955%
FY Profit after tax and exceptional items 7.728140b vs. 6.599806b +17.096%
EPS 26.94 vs. 22.20 +21.351%
Dividend per share 2.60 vs. 2.50 +4.000%
Total NPL and advances 6.052824b vs. 4.274897b +41.590%
Liquidity ratio 50.2% vs. 39.0% +11.200%
Cash and cash equivalents at the end of the year 2.865866b vs. 15.269755b -81.232%
No. Of outstanding shares 266,321,115

DTB Bank published its FY 16 results after market close. EPS was up 21% yy to KES 26.94, largely attributable to net interest income growth (+28% yy). DPS has been increased to KES 2.60 from KES 2.50 the prior year. The Bank has entered into a definitive agreement to acquire Habib Bank Limited (HBL) by issuance of 13,281,105 ordinary new shares of DTB Bank at a price of KES 137.39 per share to HBL, resulting in a 4.75% dilution to existing shareholders of DTB Bank. KESTREL

@DTBKenya Our loan book growth has grown by 9% from Dec 2015 to stand at Shs 137 billion.
@DTBKenya Our customer deposits have grown by 34% from Dec 2015 to close at Shs 170 billion.
@DTBKenya Our total assets have grown by 28% from Dec 2015 to close at Shs 244 billion.
@DTBKenya Our bank pre tax profit has grown by 26% from 2015 to close at Shs 8.9 billion.
@DTBKenya At group level, the loan book growth from Dec 2015: 5% to close at Shs 186 billion
@DTBKenya At group level, pre tax profit growth from 2015: 15% to close at Shs 11 billion
@DTBKenya At group level, Total assets growth from Dec 2015: 21% to close at Shs 328 billion
@DTBKenya At group level, Deposit book and growth from Dec 2015: 23% to close at Shs 238billion

Conclusions

Strong results and at a PE of less than 4 This is a screaming Buy
Nasim [who was an old friend of my Mothers] conserves cash [look at Dividend Pay Out Ratio] and compounds the cash as equity.
DTB is well organised and well run and ambitious regionally as well.

Loans and advances to customers (net) 178.526591b vs. 161.988598b +10.209%
Customer deposits 216.114485b vs. 173.303867b +24.703%
Total shareholders equity 36.345246b vs. 31.003731b +17.229%
H1 Loans and advances income 12.329511b vs. 9.593514b +28.519%
H1 Total interest income 16.729801b vs. 11.711025b +42.855%
H1 Customer deposits expense [6.478444b] vs. [4.462948b] +45.161%
H1 Total interest expenses [7.161738b] vs. [4.843487b] +47.863%
H1 Net interest income 9.568063b vs. 6.867538b +39.323%
H1 Total Non interest income 2.509504b vs. 2.368534b +5.952%
H1 Total operating income 12.077567b vs. 9.236072b +30.765%
H1 Loan loss provision [2.190674b] vs. [0.626616b] +249.604%
H1 Total operating expenses [6.820790b] vs. [4.569595b] +49.265%
H1 Profit before tax and exceptional items 5.256777b vs. 4.666477b +12.650%
H1 Profit before tax 5.259935b vs. 4.669805b +12.637%
H1 Profit after tax and exceptional items 3.621869b vs. 3.254476b +11.289%
EPS 13.95 vs. 13.95
Gross NPL and advances 7.402105b vs. 2.355268b +214.279%
Total NPL and advances 6.317767b vs. 2.020111b +212.744%
Liquidity ratio 47.8% vs. 31.7% +16.100%
No interim dividend
Cash and cash equivalents at the end of the period 3.213457b vs. 13.978726b -77.012%

Conclusions

Strong Earnings. Nasim runs a real solid operation

Conclusions

Strong Earnings. Nasim runs a real solid operation

FY Kenya government securities 34.310709b vs. 22.725437b +50.979%
FY Loans and advances to customers (net) 177.544871b vs. 137.654551b +28.979%
FY Customer deposits 194.051857b vs. 160.955609b +20.562%
FY Loans and advances income 21.347025b vs. 17.290845b +23.459%
FY Customers deposits expense [9.674934b] vs. [7.542290b] +28.276%
FY Foreign exchange trading income 1.763096b vs. 1.361732b +29.475%
FY Loan loss provision [2.178175b] vs. [0.871089b] +150.052%
FY Staff costs [3.261135b] vs. [2.863885b] +13.871%
FY Other operating expenses [3.282087b] vs. [2.881836b] +13.889%
FY Profit before tax and exceptional items 9.566635b vs. 8.516725b +12.328%
FY Profit after tax and exceptional items 6.599806b vs. 5.708430b +15.615%
EPS 24.42 vs. 21.92 +11.405%
Dividend per share 2.50 vs. 2.40 +4.167%
Bonus share 1:10
Total non performing loans and advances 4.274897b vs. 1.603182b +166.651%
Cash and cash equivalents at the end of the year 21.918487b vs. 17.777150b +23.296%

Commentary

Bonus Issue in the proportion of 1 new ordinary share for every 10 fully paid up Ordinary shares

Conclusions

Very solid Franchise.

First Half Earnings through June 2015 versus through June 2014
Total Assets 234.053606b versus 179.664371b +30.27%
Loans and Advances [net] to Customers 161.988598b versus 120.201701b
First Half Total Interest Income 11.711025b versus 9.851440b
First Half Net Interest Income 6.867538b versus 6.061772b
First Half Foreign Exchange Trading Income 960.562m versus 677.201m +41.84%
Total Non Interest Income 2.368534b versus 1.844421b
First Half Total Operating Income 9.236072b versus 7.906193b
First Half Loan Loss provision 626.616m versus 265.651m +135.87%
First half Staff costs 1.577593b versus 1.376766b
First Half Total Operating Expenses 4.569595b versus 3.802918b
First Half Profit before Tax 4.666477b versus 4.103275b +13.72%
First Half Profit after Tax 3.254476b versus 2.940691b +10.67%
First Half EPS 11.92 versus 11.58 +2.936%

Conclusions

solid franchise. solid results

Full Year Earnings through December 2014 versus Full Year Through December 2013
Full Year Total Assets 211.539412b versus 166.520351b +27.03%
Full Year Loans and Advances [Net] to Customers 137.654551b versus 110.945439b +24.074%
Full Year Total Interest Income 20.808016b versus 17.179061b
Full Year Total Interest expenses 8.020415b versus 6.176423b
Full Year Net Interest Income 12.787601b versus 11.002638b
Full Year Non-Interest income 3.796730b versus 3.377754b
Full Year Total Operating Income 16.584331b versus 14.380392b
Full Year Total Operating Expenses 8.067606b versus 7.149353b
Full Year Profit before Tax 8.521286b versus 7.231039b +17.843%
Full Year Profit after Tax 5.708430b versus 5.230754b +9.132%
Full Year Earnings Per share 21.92 versus 20.97 +4.53%
Full Year Dividend 2.40 versus 2.10 +14.285%

Conclusions

Well managed, has a regional Footprint. EPS suppressed because of the Rights Issue last year

First Half Earnings through 30th June 2014 versus through 30th June 2013
First Half Loans and Advances to Customers [net] 120.201701b versus 94.816302b +26.773%
First Half Total Assets 179.644371b versus 142.713801b +25.877%
First Half Interest Income 9.851440b versus 8.013821b +22.93%
First Half Interest Expense [3.689261b] versus [2.874834b] +28.32%
First Half Net Interest Income 6.162179b versus 5.138987b
Net Fee and Commission Income 1.076191b versus 0.997874b
First Half Operating Income 8.006600b versus 6.844208b +16.983586%
First Half Operating Expenses [3.537267b] versus [2.948815b] +19.9555%
First Half Profit before Income Tax 4.105257b versus 3.501716b +17.2355%
First Half Profit After Tax 2.940691b versus 2.667544b +10.23964%
First Half Earnings Per Share 11.93 versus 11.14 +7.091%
Net Decrease in cash and cash equivalents [7.312321b]
Cash and cash equivalents at the end of the period 2.186758b versus 9.886704b

Conclusions

Its a well organised Bank.
The Rights Issue was subscribed 440.27%.
Earnings have decelerated a little, however.

Diamond Trust Bank 13 AUG 2014 2014 Rights Issue Results
http://www.rich.co.ke/media/docs/Diamond%20Trust%20Bank%20-%202014%20Rights%20Issue%20results.pdf

The View of Nairobi from Diamond Trust MD Nasim Devjis Office 153 days ago
http://www.twitpic.com/dy6w0y
FY Earnings through 31st December 2013 versus through 31st December 2012
FY Loans and Advances Net to Customers 110.945439b versus 87.707243b +26.495%
FY Total Assets 166.520351b versus 135461412b
FY Total Interest Income 17.179061b versus 16.579014b
FY Total Interest Expenses 6.176423b versus 7.453923b
FY Net Interest income 11.002638b versus 9.125091b
Total Non Interest Income 3.377754b versus 3.115254b
FY Total Operating Income 14.380392b versus 12.240345b
FY Total Operating Expenses 7.149353b versus 6.214595b +15.041%
FY Profit Before Tax 7.235003b versus 6.027899b +20.025%
FY Profit After Tax 5.230754b versus 4.067978b +28.58%
FY Earnings Per Share 21.61 versus 17.44 +23.91%
FY Dividend 2.10 versus 1.90 +10.526%

Conclusions

Its a very well managed Bank, has a regional Footprint and a lower base Effect. At 235.00 and +22.395% in 2014, it looks fairly priced.


H1 Earnings through June 2013 versus through June 2012
Loans and Advances to Customers Net 94.816302b versus 81.001134b
Total Assets 142.713801b versus 117.457556b
Customer Deposits 113.064440b versus 95.126053b +17.0555%
Total Interest Income 8.013821b versus 8.118492b
Total Interest Expenses 2.931056b versus 3.783003b -22.52%
Net Interest Income 5.082765b versus 4.335489b
Total Non Interest income 1.705221b versus 1.528921b
Total Operating Income 6.787986b versus 5.864410b
Staff Costs 1.298383b versus 1.150457b +12.858%
Total Operating Expenses 3.287777b versus 3.001850b
H1 PBT 3.501716b versus 2.863542b +22.286%
H1 PAT 2.667544b versus 1.926997b +38.43%
H1 EPS 12.12 versus 9.26 +30.885%
No interim Dividend

Conclusions

Strong numbers in part brought about by a -22.52% Reduction in Total Interest Expenses.
DTB is very well managed and on a Trailing PE of 9.633 and having accelerated H1 EPS +30.885% it remains an inexpensive share.

FY 2012 Earnings versus FY 2011 Earnings
Kenya Government Securities 18.402894b versus 8.086583b +127.57%
0 Kenya Government Securities held for dealing Purposes
Loans and Advances to Customers [Net] 87.707243b versus 71.297721b +23.015%
Total Assets 135.461412b versus 107.759818b +25.706%
Customer Deposits 106.975254b versus 85.986399b +24.409%
Total Interest Income 16.579014b versus 10.039098b +65.1444%
Total Interest Expenses 7.453923b versus 3.304202b +125.58%
Net Interest Income 9.125091b versus 6.734896b +35.489%
Total Non Interest Income 3.115254b versus 2.787393b +11.7622%
Total Operating Income 12.240345b versus 9.522289b +28.544%
loan Loss provision 1.025909b versus 0.631314b
Staff Costs 2.288953b versus 2.030428b
Total Operating Expenses 6.214595b versus 5.214393b
FY PBT 6.025750b versus 4.307896b +39.876%
FY PAT 3.627766b versus 2.656797b +36.5466%
FY EPS 17.44 versus 13.15 +32.62%
Final Dividend 1.90 versus 1.70 +11.764%

Conclusions

Strong Results
Nasim is evidently hoarding her Cash The Dividend Pay Out Ratio is 10.89%
Its well managed has an expanding Regional Footprint.

Q3 2012 versus Q3 2011
Total Assets 129.773309b versus 107.196377b
Kenya Government Securities 16.084235b versus 8.249652b
Loans and Advances to Customers [Net] 85.524765b versus 74.646130b
Net Interest Income 6.615045b versus 4.677137b
Total Non Interest Income 2.377731b versus 2.018353b
Total Operating Income 8.992776b versus 6.695490b
Total Operating Expenses 4.624449b versus 3.586555b
Q3 PBT 4.370338b versus 3.109545b
Q3 PAT 2.911070b versus 2.174537b
Q3 PAT and Controlling Interests 2.588223b versus 1.949708b +32.749%
Q3 Earnings Per Share 12.69 versus 9.65 +31.5025%

Conclusions

Maintaining Strong Momentum.

H1 Through June 2012 versus H1 through 2011
Loans and Advances Net to Customers 81.001134b versus 71.297721b End December +13.609%
Total Assets 117.457556b versus 107.765064b End December
Total Interest Income 8.118492b versus 4.129245b
Total Interest Expenses 3.783003b versus 1.180586b
Total Non Interest Income 1.528921b versus 1.279241b
Total Operating Income 5.864410 versus 4.227900b
Profit Before Tax 2.863542b versus 2.055937b +39.281%
Profit After Tax 1.926997b versus 1.477667b +30.408%
Earnings Per Share EPS 8.68 versus 6.84 +26.9005%

Conclusions

Strong H1 Results.

Group Full Year 2009 versus Full Year 2008
Loans and Advances Net 42.451881b versus 34.063359b +24.626%
Total Assets 66.679080b versus 56.145697b +18.76%
Interest Income 5.306113b versus 3.874004b +36.96%
Foreign Exchange 610.574m versus 487.934m +25.13%
Loan Loss Provision 298.917m versus 196.939m +51.781%
Staff Costs 1.281263b versus 862.425m +48.56% NB
Other Operating Expenses 942.187m versus 647.267m +45.56%
PAT 1.354435b versus 1.126465b +20.22%
EPS 7.67 versus 6.28 +22.133%
Dividend 1.55 versus 1.40 +10.71%
Dividend Yield 2.0666%

Conclusions

At 75 it trades on a PE of less than 10.00. The Dividend raise and structure looks a little meagre. They have a Low Base Effect and an expanding Foot Print but have loaded Staff cost +48.56% onto the Platform 2009.
Average Price Over the last 5 Weeks
Average Price Over the last 5 Months
No. Of Shares Traded Over the last 5 Weeks
No. Of Shares Traded Over the last 5 Months
Market Capitalization Over the last 5 Weeks
Market Capitalization Over the last 5 Months
Data Source: Nairobi Stock Exchange
Trading Day: 17 Nov 2017
 
Downloads
 
  15-NOV-2017 ::  Quarterly Results
  Unaudited Group and Bank Results For the Period Ended 30th September 2017.

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  25-AUG-2017 ::  HALF YEAR RESULTS
  Unaudited Group and Bank Results for the Period Ended 30th June 2017.

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  25-AUG-2017 ::  Half Year Results (Additional Information)
  Unaudited Group and Bank Results for the Period Ended 30th June 2017. (Additional Information)

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  02-AUG-2017 ::  PUBLIC ANNOUNCEMENT
  Completion of acquisition of the Business, Assets and Liabilities of Habib Bank Limited Kenya Branches by Diamond Trust Bank Kenya Limited.

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  26-MAY-2017 ::  AGM Resolutions
  Annual General Meeting Resolutions.

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  12-MAY-2017 ::  PUBLIC ANNOUNCEMENT
  Intention to acquire the Business Assets & Liabilities of Habib Bank Limited Kenya Branches.

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  12-MAY-2017 ::  Circular to Shareholders
  Circular to Shareholders

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  02-MAY-2017 ::  Notice of Annual General Meeting.
  AGM notice.

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  02-MAY-2017 ::  2016 Abridged audited group and bank financial statements
  2016 Abridged audited group and bank financial statements

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  06-APR-2017 ::  Appointment of Additional Non- Executive Directors
  Appointment of Additional Non- Executive Directors

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  21-MAR-2017 ::  Full Year Results
  Audited Financial Results for the Year Ended 31st December 2016.

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  21-MAR-2017 ::  Cautionary Notice
  Cautionary Notice by Diamond Trust Bank Kenya Limited of intention to acquire the Business, Assets and Liabilities of Habib Bank Limited Kenya Branches, as a going concern from Habib Bank Limited.

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  01-DEC-2016 ::  Resignation of Mr. Amin Merali as a non-executive director
  Resignation of Mr. Amin Merali as a non-executive director

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