18th August 2017
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Company Data
 
NIC Bank Ltd.
http://www.nic-bank.com
Par Value:                  5/-
Closing Price:           36.25
Total Shares Issued:          639945603.00
Market Capitalization:        23,198,028,109
EPS:             6.77
PE:                 5.355
 

Well established Kenyan commercial bank.

NIC Bank FY 2016 Results through 31st December 2016 vs. 31st December 2015
Kenya Government securities 23.795496b vs. 19.703042b +20.771%
Loans and advances to customers (net) 114.466274b vs. 116.009302b -1.330%
Total Assets 169.58985b vs. 165.788268b +2.214%
Customer deposits 111.824685b vs. 112.364637b -0.481%
Total Equity 30.345364b vs. 26.346142b +15.180%
FY Loans and advances interest income 15.150632b vs. 13.958009b +8.544%
FY Total Interest income 19.020675b vs. 17.014132b +11.793%
FY Customer deposit expense [5.368231b] vs. [5.836231b] -8.019%
FY Total interest expense [6.852078b] vs. [7.271599b] -5.769%
FY Net interest income 12.168597b vs. 9.742533b +24.902%
FY Foreign exchange trading income 1.105147b vs. 1.431231b -22.783%
FY Total non interest income 4.019559b vs. 4.032160b -0.313%
FY Total operating income 16.188156b vs. 13.774693b +17.521%
FY Loan loss provision [3.749530b] vs. [1.652475b] +126.904%
FY Staff costs [3.222493b] vs. [2.816867b] +14.400%
FY Total operating expenses [10.021207b] vs. [7.377418b] +35.836%
FY Profit before tax and exceptional items 6.166949b vs. 6.397275b -3.600%
FY Profit after tax and exceptional items 4.330396b vs. 4.485125b -3.450%
EPS (Basic diluted) 6.77 vs. 7.00 -3.286%
FY Total dividend 1.25 share vs. 1.25/share
Net NPL and advances 7.861743b vs. 10.451907b -24.782%
Liquidity ratio 38.74% vs. 29.22% +9.520%
Excluding provisions, pre tax earnings were actually up 23% yy largely supported by NIMs expansion (+120bps yy to 7.3%)
Yield on interest earnings assets rose (+90bps yy, -40bps qq) as cost of funds declined (-30bps yy to 5.2%, -10bps qq)
Loan book contracted 1% yy (+4% qq) to KES 114.4bn as customer deposits flat-lined yy at KES 111.8bn (+3% qq)
Non funded income remained flat as forex income decreased 23% yy
OpEx inflated 10% yy mainly on account of staff costs (+14% yy), cost to income ratio improved by 280bps to 38.7% due to faster income growth (+18% yy)
Loan loss provisioning increased 127% yy, raising the coverage ratio to 42.1% from 27.2% the comparative year and edging the cost of risk 170bps higher yy to 1.7%
NPL ratio therefore reduced to 10.6%(-40bps yy, -80bps q/q) as GNPLs declined 113% yy

Conclusions

Its a cheap share, well managed and for those looking at a Tier 2 position NIC is probably the one.

Loans and advances to customers (net) 112.150830b vs. 108.303620b +3.552%
Total assets 169.058335b vs. 153.207087b +10.346%
Customer deposits 112.000727b vs. 105.149982b +6.515%
H1 Loans and advances income 7.991572b vs. 6.413626b +24.603%
H1 Total interest income 9.855982b vs. 7.733245b +27.449%
H1 Customer deposits expense [3.093957b] vs. [2.551469b] +21.262%
H1 Total interest expense [3.780868b] vs. [3.207143b] +17.889%
H1 Net interest income 6.075114b vs. 4.526102b +34.224%
H1 Total non interest income 2.157086b vs. 1.994392b +8.158%
H1 Total operating income 8.232200b vs. 6.520494b +26.251%
H1 Loan loss provision [2.109668b] vs. [0.573377b] +267.937%
H1 Total operating expenses [5.013518b] vs. [3.308606b] +51.530%
H1 Profit before tax and exceptional items 2.305102b vs. 2.240978b +0.212%
H1 Profit after tax and exceptional items 2.305102b vs. 2.240978b +2.861%
EPS 3.60 vs. 3.50 +2.857%
Interim Dividend 25cents a share
Gross NPL and Advances 12.565456b vs. 8.812449b +42.588%
Net NPL and Advances 8.059105b vs. 3.531712b +128.193%
Liquidity Ratio 38.63% vs. 29.61% +9.020%

NIC Bank reported net profit of KES 2.3bn (+2.8% ) for H16, this was 6.1% behind our annual estimate of KES 4.9bn. This decreased growth was attributed to bad debts increasing by 42.5% to KES 12.5bn and loan loss provisions increasing by 3.6x to KES 2.1bn. Total interest income increased by 27.4% to KES 9.8bn, mainly driven by loan book growth to KES 112.0bn (+6.5% ), while interest expenses grew by 17.8% to KES 3.7bn. Noninterest income grew by 8.1% to KES 2.1bn. Total operating expenses (including loan loss provisions) increased by 51.5% to KES 5.0bn due to branch expansions, 6 new branches were opened in the given period. The Company Board of Directors have announced an interim dividend of KES 0.25 per share payable to shareholders on the share register as at 22nd September 2016. via Kestrel Research

Conclusions

This is a cheap stock on a PE of 4.

NIC Bank FY 2015 through 31st December 2015 vs. 31st December 2014
FY Loans and advances to customers (net) 116.009302b vs. 102.042135b +13.688%
FY Customer deposits 112.364637b vs. 100.434954b +11.878%
FY Loans and advances income 13.958009b vs. 11.369024b +22.772%
FY Total interest income 17.014132b vs. 13.711068b +24.090%
FY Customers deposits expense [5.836296b] vs. [5.062509b] +15.285%
FY Total interest expense [7.271599b] vs. [5.712948b] +27.283%
FY Net interest income 9.742533b vs. 7.998120b +21.810%
FY Foreign exchange trading income 1.431231b vs. 1.142181b +25.307%
FY Fees and commissions on loans and advances 1.202807b vs. 1.073526b +12.043%
FY Total non interest income 4.032160b vs. 3.573179b +12.845%
FY Total operating income 13.774693b vs. 11.571299b +19.042%
FY Loan loss provision [1.652475b] vs. [0.329133b] +420.069%
FY Staff costs [2.816867b] vs. [2.340544b] +20.351%
FY Other operating expense [1.829898b] vs. [1.646230b] +11.157%
FY Total operating expense [7.377418b] vs. [5.340649b] +38.137%
FY Profit before tax and exceptional items 6.397275b vs. 6.230650b +2.674%
FY Profit after tax and exceptional items 4.485125b vs. 4.116674b +8.950%
FY Other comprehensive income for the year net of tax [658.528m] vs. [36.820m] +1,688.506%
FY Total comprehensive income for the year 3.826597b vs. 4.079854b -6.208%
EPS 7.00 vs. 7.07 -0.990%
Final dividend per share 1.00 vs. 1.00
Gross non performing loans and advances 14.351893b vs. 6.899672b +108.008%
Total non performing loans and advances 13.228534b vs. 4.032008b +228.088%
Loan loss provision [2.776627b] vs. [2.680360b] +3.592%
Net non performing loans and advances 10.451907b vs. 1.351648b +673.271%

Conclusions

home market still accounted for 97.9 per cent of its net profit in the review period.
Big Jump in Net Non performing Loans
Tier 2 Banks also got crimped because of the Big Surge in Interest rates in Q3 Q4

NIC Bank Group managing director John Gachora. FILE | DIANA NGILA | NATION MEDIA GROUP
http://www.nation.co.ke/business/corporates/NIC-net-earnings-rise-9pc-to-Sh4-5bn/-/1954162/3100638/-/pmuvspz/-/index.html

The bank rolled out an ambitious strategic plan in 2015, to target more retail and SME business and we have started reaping the fruits of our investments. Of our various business lines Retail Banking experienced the biggest growth in profitability,Mr Gachora said.

The bank attributed the slow rise in profitability to the increased loan loss provisions which jumped four fold from Sh329 million to Sh1.6 billion in the year.

First Half Earnings through 30th June 2015 versus through 30th June 2014
H1 Total Assets 153.207087b versus 129.603862b +18.2%
H1 Loans and Advances to Customers 108.303620b vs. 91.517322b +18.3%
H1 Interest Income 7.733245b vs 6.658873b +16.3%
H1 Interest Expense [3.207143b] vs. [2.881134b] +11.3%
H1 Net Interest Income 4.526102b vs. 3.777739b +19.8%
Loan Loss Provision [573.377m] vs [198.656m]
H1 Total Non Interest Income 1.994393b vs 1.615089b +23.5%
H1 Total Operating Income 6.520494b vs. 5.392828b +20.9%
H1 Operating Expenses [3.308606b] vs. [2.484349b] +33.2%
H1 Profit Before Income Tax 3.211888b vs. 2.908479b +10.4%
H1 Profit After Tax 2.240978b vs. 2.041436b +9.8%
H1 EPS 3.50 vs. 3.42 +2.3%
Interim Dividend of 25 cents a share

Conclusions

+18.3% Growth in Loans and Advances.
+33.2% advance in Operating Expenses
Trades on PE of less than 7

Group Full Year through 31st December 2014 versus 31st December 2013
FY Loans and Advances to Customers [net] 102.042135b versus 83.493313b +22.215%
Full Year Total Assets 145.780504b versus 121.062739b +20.4173%
Full Year Customer Deposits 100.434954b versus 91.565005b +9.687%
Full Year Total Interest Income 13.711068b versus 11.642416b
Full Year Total Interest Expense 5.712948b versus 4.374437b
Full Year Net Interest Income 7.998120b versus 7.267979b
FY Total Non Interest Income 3.573179b versus 3.218319b
FY Total Operating Income 11.571299b versus 10.486298b
FY Operating Expenses 5.340649b versus 5.476726b
FY Loan Loss Provision 329.133m versus 1.092873b sharply lower
FY Other Operating expenses 1.646230b versus 1.317571b
Full Year Profit before Taxation 6.230650b versus 5.009572b +24.374%
Full Year Profit After Taxation 4.116674b versus 3.237302b +27.163%
Full Year EPS 7.07 versus 6.12 +15.522%
Final Dividend 1.00 versus 0.75 [+0.25 Interim last time]

Conclusions

Very solid results and now on a single digit PE
There have been persistent rumours around a possible merger with CBA.

1st Half Earnings through 30th June 2014 versus through 30th June 2013
H1 Total assets 129.603862b versus 121.062739b
H1 Loans and Advances to Customers 91.517322b versus 83.493313b
H1 Interest income 6.658875b versus 5.573025b +19.5%
H1 Interest Expense [2,881134b] versus [2.141362b] +34.5%
H1 Net Interest Income 3.777741b versus 3.431663b+10.1%
Credit Impairment charges [198.656m] versus [342.573m]
Net Impairment 3.579085b versus 3.089090b
H1 Net Fee and Commission Income 678.616m versus 488.796m
Net Trading Income 666.740m versus 706.426m
H1 Net Operating Income 5.169225b versus 4.673047b
H1 Operating Expenses [2.260746b] versus [2.045459b]
H1 Profit before Income Tax 2.90479b versus 2.627588b +10.7%
H1 Profit after Tax 2.041436b versus 1.866727b +9.4%
H1 EPS 3.38 versus 3.12 +8.4%

See Segment Breakdown here
http://www.rich.co.ke/media/docs/NIC%20Bank%20-%20Half%20Year%20Results.pdf

Conclusions

Better than solid.
FY Earnings through 31st December 2013 versus through 31st December 2012
FY Loans and Advances to customers [net] 83.493313b versus 71.540092b +16.708%
FY Total Assets 121.062739b versus 108.348593b +11.734%
FY Total Interest Income 11.642416b versus 11.467574b
FY Total Interest Expense 4.374437b versus 5.983706 -26.894%
FY Net Interest Income 7.267979b versus 5.483868b
FY Total Non-Interest Income 3.218319b versus 2.896530b
FY Total Operating income 10.486298b versus 8.380398b
FY Loan Loss Provision 1.092873b versus 0.297485b
FY Staff Costs 2.150877b versus 1.814769b
FY Total Operating Expenses 5.476726b versus 3.862431b
FY Profit Before Tax 5.009572b versus 4.517967b +10.885%
FY Profit After Tax and Exceptional Items 3.237302b versus 3.036794b +6.602%
FY Earnings Per share 6.12 versus 5.50 +11.272%
Interim Dividend 0.25
Final Dividend 0.75 versus 1.00
The Directors recommend subject to regulatory approvals and that of the shareholders, to make a bonus issue in the proportion of 1 new
ordinary share for every 10 held.

Conclusions

relatively inexpensive, a low base Effect and NIC Bank is always talked of as a Potential Acquisition target.

H1 2013 Earnings versus H1 2012
H1 Loans and Advances to Customers Net 71.006628b versus 62.395414b +13.801%
H1 Total Assets 103.693055b versus 88.693900b +16.911%
H1 Customer Deposits 79.991713b versus 72.719455b
H1 Total Interest Income 5.573025b versus 5.597247b -4.32%
H1 Total Interest Expense 2.141362b versus 3.078387b -30.43%
H1 Net Interest Income 3.431663B versus 2.578890b
H1 Total Non Interest Income 1.613438b versus 1.530566b +5.4144%
Total Operating Income 5.045101b versus 4.049456b
Total Operating Expenses 2.417511b versus 1.772003b +36.428%
H1 PBT 2.627590b versus 2.277453b +15.374%
H1 PAT 1.866729b versus 1.593369b +17.156%
H1 EPS 3.44 versus 2.93 +17.4061%
Interim Dividend 0.25 a share

Conclusions

Predictably robust H1 Earnings. The Operating Expenses Spike at +36.428% is worth watching going forward.

Its well organised, has a regional presence and is inexpensive on a PE Basis.

FY 2012 Earnings versus FY 2011 Earnings
Assets
Kenya Government Securities 9.194971b versus 3.077723b
Government and Other Securities held for Dealing Purposes 7.165969b versus 4.406496b
Loans and Advances Net to Customers 71.540092b versus 56.624621b
Total Assets 108.348593b versus 78.984005b +37.177%
Liabilities
Customer Deposits 83.739576b versus 66.293053b +26.317%
Total Liabilities 92.866971b versus 68.461052b
Total Interest Income 11.467574b versus 6.831581b +67.8612%
Total Interest Expense 5.983706b versus 2.552093b +134.46%
Net Interest Income 5.483868b versus 4.279488b
Total Non-Interest Income 2.896530b versus 2.381644b +21.6181%
Total Operating Income 8.380398b versus 6.661132b +25.81%
Loan Loss Provision 297.485m versus 258.151m
Staff Costs 1.814769b versus 1.480668b +22.564%
Other Operating Expenses 1.099046b versus 0.863465b
Total Operating Expenses 3.862431b versus 3.056184b
FY Profit Before Tax PBT 4.517967b versus 3.604948b +25.326%
FY PAT 3.036794b versus 2.707136b +12.177%
FY Earnings Per Share 6.03 versus 5.54 +8.844%
Final Dividend 1.00 versus 0.25 +400%

NIC, which also operates in Tanzania and Uganda

Conclusions

This is a Well Managed Bank.
On a Trailing PE of 7.545 its fairly valued with Head Room.

H1 2012 versus H1 2011 Earnings here
Profit Before Tax 2.277458b versus 1.601081b
Profit After Tax 1.593375b versus 1.095806b +45.406669%
Earnings Per Share 4.03 versus 2.77
No Interim Dividend versus 25 cents last time
Bank is issuing 98,724,391 Rights @ 21.00 shillings a share
Group is in Kenya, Uganda and Tanzania

Conclusions

A Cheap share on a PE Basis and Earnings Momentum continues to gain Traction.

Swot Analysis FY 2011 versus FY 2010 NIC Group
Loans and Advances Net 56.624621b versus 40.754979b
Foreign Exchange Trading income 946.41m versus 547.568m
Total Operating Income 6.661132b versus 5.268185
Profit before Tax PBT 3.604948b versus 2.604392b +38.418%
Profit after Tax 2.707136b versus 1.863918b +45.239%
EPS 6.72 versus 4.58 +46.724%
Interim 0.25
Dividend 0.25
Rights Issue to raise 2b
1 for 10 Bonus Issue

Conclusions

NIC trades on a PE of 3.7202 which leaves a great deal of Head room. They have retained their Earnings as evidenced by a 7.44% Dividend Pay out Ratio.

Swot Analysis FY 2010 versus FY 2009
PAT 1.86392b versus 1.085718b +71.67%
EPS 5.06 versus 3.01 +68.106%
Interim Dividend 0.25
Final Dividend 0.25
1 for 10 shares held Bonus

All the banks subsidiaries were profitable in 2010. In particular, the banks maiden foreign acquisition NIC Bank Tanzania recorded a significant turnaround in performance, the banks Managing Director, James Macharia said.

Swot Analysis FY 2010 versus FY 2009

PAT 1.86392b versus 1.085718b +71.67%
EPS 5.06 versus 3.01 +68.106%
Interim Dividend 0.25
Final Dividend 0.25
1 for 10 shares held Bonus

All the banks subsidiaries were profitable in 2010. In particular, the banks maiden foreign acquisition NIC Bank Tanzania recorded a significant turnaround in performance, the banks Managing Director, James Macharia said.

Conclusions

Strong Results and an inexpensive share at a PE of 10.117.
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 Aug 2017
 
Downloads
 
  04-MAY-2017 ::  Un-audited Results of the Group & Bank for the Period Ended 31st March 2017
  Un-audited Results of the Group & Bank for the Period Ended 31st March 2017

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

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

Download N.S.E Announcement
   
  08-MAR-2017 ::  Full Year Results
  Audited Results for the Year Ended 31st December 2016.

Download N.S.E Announcement
   
  23-NOV-2016 ::  Quarter three 2016 financial results
  Quarter three 2016 financial results

Download N.S.E Announcement
   
  11-OCT-2016 ::  EGM Resolutions
  Results of the Extra-ordinary General Meeting

Download N.S.E Announcement
   
  13-SEP-2016 ::  Circular to Shareholders
  Circular to Shareholders

Download N.S.E Announcement
   
  13-SEP-2016 ::  Notice of EGM
  Notice of Extraordinary General Meeting

Download N.S.E Announcement
   
  26-AUG-2016 ::  Medium Term Note Tranche 1 4th Interest Payment
  Medium Term Note Tranche 1 4th Interest Payment

Download N.S.E Announcement
   
  18-AUG-2016 ::  Half Year Results
  Unaudited Financial Results of the Group & Bank for the Period Ended 30th June 2016.

Download N.S.E Announcement
   
 
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