12th December 2017
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Company Data
 
National Bank of Kenya Ltd.
http://www.nationalbank.co.ke/
Par Value:                  5/-
Closing Price:           10.20
Total Shares Issued:          308000000.00
Market Capitalization:        3,141,600,000
EPS:             0.53
PE:                 19.245
 

National Bank of Kenya H1 2017 results through 30th June 2017 vs. 30th June 2016
H1 Investment securities 37.622418b vs. 28.199452b +33.415%
H1 Loans and advances to customers (net) 57.023483b vs. 64.782208b -11.977%
H1 Total assets 116.628892b vs. 116.522007b +0.092%
H1 Customer deposits 98.785964b vs. 95.569118b +3.366%
H1 Total operating income 4.075819b vs. 5.803853b -29.774%
H1 Loan loss provision [235.256m] vs. [1.617029b] -85.451%
H1 Total operating expenses [3.818930b] vs. [5.365406b] -28.823%
H1 Profit before tax and exceptional items 256.889m vs. 438.447m -41.409%
H1 Profit after tax and exceptional items 179.822m vs. 311.294m -42.234%
EPS 0.58 vs. 1.01 -42.574%
Gross NPL and Advances 29.396477b vs. 27.302184b +7.671%
Total NPL and Advances 26.110919b vs. 24.836104b +5.133%
Liquidity Ratio 35.2% vs. 25.7% +9.500%
No interim dividend
Cash and cash equivalents at 30th June 3.558763b vs. 839.080m +324.127%

Conclusions

sharp reduction in Loan Loss Provision.

FY Investment securities 34.782839b vs. 27.315111b +27.339%
FY Loans and advances to customers (net) 59.339225b vs. 67.803990b -12.484%
FY Total assets 115.292392b vs. 125.440316b -8.090%
FY Customer deposits 96.966522b vs. 110.622469b -12.345%
FY Total shareholders funds 11.150739b vs. 11.053549b +0.879%
FY Loans and advances interest income 9.020708b vs. 8.934150b +0.969%
FY Government securities interest income 3.256451b vs. 3.201903b +1.704%
FY Total interest income 12.327782b vs. 12.248203b +0.650%
FY Customer deposits expense [3.517980b] vs. [5.112772b] -31.192%
FY Total interest expense [4.308945b] vs. [5.850664b] -26.351%
FY Net interest income 8.018837b vs. 6.397539b +25.343%
FY Other fees a d commissions income 1.386308b vs. 1.744555b -20.535%
FY Other income 1.039938b vs. 0.464853b +123.713%
FY Total non interest income 3.015739b vs. 3.157554b -4.491%
FY Total operating income 11.034576b vs. 9.555093b +15.484%
FY Loan loss provision [2.697895b] vs. [3.719128b] -27.459%
FY Staff costs [3.642344b] vs. [3.620758b] +0.596%
FY Other operating expenses [3.264415b] vs. [2.853593b] +14.397%
FY Total operating expenses [10.851922b] vs. [11.193078b] -3.048%
FY Profit before tax and exceptional items 0.182654b vs. [1.637985b] +111.151%
FY Profit after tax and exceptional items 0.162190b vs. [1.153477b] +114.061%
EPS 0.53 vs. [3.86] +113.731%
Total NPL and advances 26.768991b vs. 9.963684b +168.666%
Liquidity ratio 29.7% vs. 30.7% -1.000%
No interim dividend
Total Non performing Loans 29.987342b versus 11.762498b

Conclusions

Better results but look at NPL numbers

National Bank H12016 Earnings here

Loans and advances to customers (net) 64.782208b vs. 71.435361b -9.314%
Total assets 116.522007b vs. 124.427662b -6.354%
Customer deposits 95.569118b vs. 97.151395b -1.629%
Total shareholders funds 11.364843b vs. 13.252745b -14.245%
H1 Loans and advances income 5.454979b vs. 4.605358b +18.449%
H1 Total interest income 6.971227b vs. 6.414571b +8.678%
H1 Customer deposits expense [1.969748b] vs. [2.366761b] -16.775%
H1 Total interest expenses [2.534586b] vs. [2.617851b] -3.181%
H1 Net interest income 4.436641b vs. 3.796720b +16.855%
H1 Total non-interest income 1.367212b vs. 2.359032b -42.044%
H1 Total operating income 5.803853b vs. 6.155752b -5.717%
H1 Loan loss provision [1.617029b] vs. [0.332779b] +385.917%
H1 Total operating expenses [5.365406b] vs. [3.673288b] +46.065%
H1 Profit before tax and exceptional items 0.438447b vs. 2.482464b -82.338%
H1 Profit after tax and exceptional items 0.311294b vs. 1.732024b -82.027%
EPS 1.01 vs. 5.62 -82.028%
Gross NPL and advances 27.302184b vs. 6.793635b +301.879%
Net NPLs exposure 19.904115b vs. 5.755802b +245.810%
Liquidity ratio 25.7% vs. 25.8% -0.100%
No dividend

Conclusions

you will have to make your own.

National Bank of Kenya Limited FY 2015 results through 31st December 2015 vs. 31st December 2014
FY Loans and advances to customers net 67.803990b vs. 65.641491b +3.294%
FY Customer deposits 110.622469b vs. 104.733709b +5.623%
FY Total assets 125.440316b vs. 123.091996b +1.908%
FY Loans and advances income 8.934150b vs. 7.562961b +18.130%
FY Total interest income 12.248203b vs. 10.697180b +14.499%
FY Customer deposits expense [5.112772b] vs. [3.620665b] +41.487%
FY Total interest expenses [5.850664b] vs. [3.899729b] +50.027%
FY Net interest income 6.397539b vs. 6.797451b -5.883%
FY Non interest income 3.157554b vs. 3.136743b +0.663%
FY Loan loss provision [3.719128b] vs. [0.525307b] +607.991%
FY Staff costs [3.620758b] vs. [3.710219b] -2.411%
FY Other operating expenses [2.853593b] vs. [2.282967b] +24.995%
FY Total operating expenses [11.193078b] vs. [7.502509b] +49.191%
FY Profit before tax and exceptional items [1.637985b] vs. 2.431685b -167.360%
FY Exceptional items vs. [1.128554b]
FY Profit after tax and exceptional items [1.153477b] vs. 0.870702b -232.477%
EPS [3.75] vs. 3.11 -220.579%
Total Non performing loans and advances 9.963684b vs. 7.048129b +41.366%
Net NPL exposure 6.724977b vs. 4.784720b +40.551%
Cash and cash equivalents at 31st December 12.036461b vs. 8.701584b +38.325%

The bank attributed the loss to heavy provisions and loan impairment charge which increased by Sh3.2 billion over the period.
The banks non performing loan portfolio is said to have skyrocketed in the final quarter of 2015.
NBK acting managing director Wilfred Musau said the reduction in profits resulted from heavy bad debt provisions and higher interest expenses.
Increasing provisions is a prudent practice in accounting. We have further put elaborate steps in place to manage the recovery of this position, Ms Musau said.

Conclusions

Well we knew this was coming.

National Bank reports First Half 2015 Earnings here

Group H1 Total Assets 124.427662b versus 109.284516b +13.85%
Loans and Advances to Customers [Net] 71.435361b versus 54.717166b +30.55%
H1 Total Interest Income 6.414571b versus 4.831549b +32.76%
H1 Total Interest Expenses 2.617851b versus 1.634969b +60.11%
H1 Net Interest Income 3.796720b versus 3.198580b +18.700%
Total Non Interest Income 2.359032b versus 1.581176b +49.19%
H1 Total Operating income 6.155752b versus 4.777756b
H1 Loan loss Provision 332.779m versus 125.663m
H1 Total Operating expenses 3.673288b versus 3.529758b
H1 Profit before Tax 2.482464b versus 1.247998b +98.91%
H1 Profit After tax 1.732024b versus 776.366m +123.09%
H1 EPS 5.62 versus 2.77 +104.33%
Gross Non Performing Loans 6.793635b versus 5.129935b
Insider Loans and Advances 5.510853b versus 4.784476b

Conclusions

Strong Results but see Tweets from Sunil Sanger below

@Sang252 @alykhansatchu The rise in profits in Q2 is from writing back NPL provisions. Ratio of Provisions to NPLs at 11.2% v 32.5% in Q1.
https://twitter.com/Sang252/status/625934506038591488

@Sang252 @alykhansatchu Risk Weighted Assets down from 88.6 Bn to 80.6 Bn despite increase in lending.
https://twitter.com/Sang252/status/625935202670542848

@Sang252 @alykhansatchu Banking industrys ratio of Provisions to NPLs is 41.3%. Ratio of 11.2% far below all other listed banks.
https://twitter.com/Sang252/status/625935966168055808

National Bank reports FY 2014 Earnings versus FY 2013 Earnings
Full Year Loans and Advances [Net] to Customers 65.641491b versus 39.566678b
Full Year total Assets 123.091996b versus 92.555717b
FY Total Interest Income 10.697180b versus 8.165790b
FY Total Interest Expenses 3.899729b versus 2.527676b
FY Net Interest Income 6.797451b versus 5.638114b
FY Other Fees and Commissions 1.725152b versus 11.76033b
FY Total Non Interest Income 3.,136743b versus 2.857038b
Full Year Total Operating Income 9.934194b versus 8.495152b
Full Year loan Loss Provision 525.307m versus 287.640m
Full Year Total operating Expenses 7.502509b versus 6.682984b
Full Year Profit before Tax 2.431685b versus 1.812168b
Full Year Profit after Tax 870.702m versus 1.112803b
Full Year EPS 3.11 versus 2.32

Special Business
9. Approval of Bonus Issue To consider and, if thought fit, to pass the following resolutions as special resolutions
(a) THAT subject to receipt of requisite regulatory approvals, the sum of Kenya Shillings one hundred and forty million (KShs 140,000,000) being part of the amount standing to the credit of revenue reserves be capitalised and accordingly that such sum be set free for distribution amongst the shareholders of existing ordinary shares in the capital of the Company in the share register as at 27th March 2015, to be allocated on or about 27th April 2015, on the condition that, the same be not paid in cash but applied in paying up in full at par twenty eight million (28,000,000) of the unissued ordinary shares of KShs 5.00 each in the authorized share capital of the company, and that such twenty eight million (28,000,000) shares credited as fully paid up be accordingly allotted to such shareholders in the proportion of one (1) of such new share for every ten (10) of existing issued and paid up two hundred and eighty million (280,000,000) shares then held by such shareholders respectively (fraction of a share to be disregarded), and that, the shares so distributed shall be treated for all purposes as an increase of the nominal amount of the capital of the Company held by each such shareholder and not as income and further that such shares shall rank pari passu for all purposes with the existing shares in the capital of the Company, and the directors be and are hereby authorised and directed to give effect to this resolution and (b) THAT should any of the said twenty eight million (28,000,000) bonus shares not be issued by reason of fractions of a share being disregarded the same be retained as unallocated in the Companys reserves .

The bank spent Sh1.1 billion to retrench 190 employees as part of its plans to cut its operating expenses which still increased 12.2 per cent to Sh7.5 billion.

National Bank reported FY 2014 Earnings where the net profit declined to Sh870.7 million compared to Sh1.1 billion in 2013. The Profit suppression was characterised by the CEO Munir Ahmed

We have supplemented that with the voluntary retirement for 190 staff where we paid 1.1 billion shillings.

We are changing the wheels of a moving car, Ahmed said to Reuters

Conclusions

I am still struggling to understand how EPS has risen when profit after Tax is down.
However if you strip out the effect of the 1.1b retrenchment charge it was a commendable performance
FY Earnings through 31st December 2013 versus 31st December 2012
FY EPS earnings per share rose to 2.32 shillings versus 1.52 shillings in 2012 +52.63%
FY dividend per share was raised to 0.33 shillings from 0.20 shillings +65%

Commentary via Reuters
http://www.reuters.com/article/2014/03/26/kenya-nationalbank-idUSL5N0MN0UB20140326

National Bank of Kenya posted a 57 percent jump in pretax profit to 1.81 billion shillings ($20.88 million) last year and its plans to raise capital from shareholders are on track, it said on Wednesday.
Munir Ahmed, the bank's managing director, told an investor briefing the bank plans to add seven new branches, to appoint 1,400 agents across the country and to launch new cash points as well as Internet and mobile phone-based banking.
We are increasing our capital by way of a rights issue (by) 10 to 13 billion shillings. he told an investor briefing.
The bank said its provisions for bad debts dropped to 288 million shillings during the year from 726 million shillings.
During the year under review, National ventured into new business segments like bancassurance, investment and corporate banking, Ahmed said.

FY 2012 versus FY 2011
Total Interest Income 8.430119b versus 6.457997b
Total Interest Expenses 3.665325b versus 1.376887b
Total Non Interest Income 2.835524b versus 2.714029b
Total Operating Income 7.610318b versus 7.795139b
Staff Costs 3.110702b versus 2.635180b
Total Operating Expenses 6.462910b versus 5.351289b
FY PBT 1.147408b versus 2.443850b
FY PAT 0.729752b versus 1.546113b -52.800%
FY EPS 1.49 versus 3.19 -53.291%
Total Non Performing Loans 2.196072b versus 1.154675b
Final Dividend 20cents a share

Conclusions

The Bank is arguing they did not pass the High Interest Rate Structure through.
I am unclear as to the Speed and the Timing of the Snap Back.

H1 2012 versus H1 2011
Total Interest Income 4.494099b versus 3.090828b
Customer Deposits 2.006911b versus 0.397578b
Total Interest Expenses 2.025561b versus 0.422814b
Net Interest income 2.468538b versus 2.668014b
Other Income 0.801072b versus 0.182044b +340.04%
Total Operating Income 3.859491b versus 3.785444b
Total Operating Expenses 2.947716b versus 2.682375b
Profit Before Tax 0.911775b versus 1.103069b -17.341%
Profit After Tax 0.575227b versus 0.640329b -10.166%
Total Insider Loans Advances and Facilities 3.106817b versus 2.628710b
No Interim Dividend

Conclusions

I do not have Visibility on Other Income and its +340.04% Acceleration.
Its a Cheap share on a PE Basis and the Price to Book is 0.5195
The Absolute Number around Insider Loans and the Fact that is so higher than Customer Deposits remains noteworthy.

FY 2011 versus FY 2010
Loan Loss Provision 692.423m versus 362.653m
Total Operating Expenses 5.351289b versus 4.402093b
Profit Before Tax 2.44385b versus 2.697823b -9.413%
Profit After Tax 1.546113b versus 2.021919b -23.532%
EPS 3.19 versus 4.18 -23.684%
Dividend of 40 cents a share

Conclusions

Year on Year PBT -9.413% PAT -23.532% EPS -23.684%

FY DEC 2010 versus FY DEC 2009
PBT 2.697823B versus 2.159441B +25%
EPS 4.18 versus 4.00 +4.5%
0.60 Final Dividend
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
 
  30-NOV-2017 ::  UN-AUDITED RESULTS FOR THE PERIOD ENDED SEPTEMBER 30, 2017
  UN-AUDITED RESULTS FOR THE PERIOD ENDED SEPTEMBER 30, 2017

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  30-NOV-2017 ::  Changes in Equity for the period ended September 30 2017
  Changes in Equity for the period ended September 30 2017

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  26-JUL-2017 ::  HALF YEAR RESULTS
  Interim Un-audited Results for the Period Ended 30th June 2017.

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  20-JUN-2017 ::  Cautionary Announcement
  Cautionary Announcement on Alleged Purchase/Takeover Of National Bank Of Kenya Ltd By KCB Group Ltd.

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  30-MAY-2017 ::  Quarter 1 Results
  Un-audited Financial Statements for the Period Ended 31st March 2017.

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  23-MAY-2017 ::  AGM Resolutions
  AGM Resolutions of the 48th Annual General Meeting.

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  08-MAY-2017 ::  Notice of AGM & abridged financial results for the year ended 31 December 2013
  Notice of AGM & abridged financial results for the year ended 31 December 2013

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  27-APR-2017 ::  Notice of AGM
  Notice of the 48th Annual General Meeting for National Bank of Kenya Limited.

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  03-APR-2017 ::  Full Year Results
  Audited Results for the Year Ended 31st December 2016.

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